Resistance is Futile
We live in a world of Distributed LEDGERS... each Financial Institution has its own and the maintenance of accurate books and records is a core activity of each.
There is a propensity to believe that centralised alternatives to distributed systems are more efficient. This is a strange instinct, as few would agree that their office building would be more efficient if only there was a single master bathroom facility.
The notion of a single centralised alternative to distributed Financial Institution LEDGERS is a non-starter.
Then Distributed LEDGER Technology (DLT) came along. Now the notion that each institution needs its own books and records is considered quaint by the cognoscenti.
This is the same attitude that The Borg have to humans. What, each individual human has its own brain? How backward, how inefficient. Come and join our hive mind, we will add your biological and technological distinctiveness to our own.
The Borg are terrific sci-fi baddies, technologically superior and undoubtedly more efficient than the messy Federation.
The Borg use blockchain for record keeping, no doubt about it. For those in search of a DLT use case, there it is. Looking forward to seeing that press release.
Financial Institutions, try to keep your own brains and your own books and records as long as you can.
We are the Borg. You will be assimilated. Resistance is futile.
Regulatory Affairs, CSV Expert, QAIT Software Program Development
6 年Tremendous potential! Each group of ledgers can have their block. However, creating a long chain of ledger holders may prove difficult. I am assuming that companies love strong synergies. Once the synergies cease to exist, there is no incentive to form a chain. Oh ....one last thing. New marketplaces are created as a result of changes in technology. Centralization and distributiveness is a result of developing opportunities via new technologies and who is in control. It is an illusion. What we think of as distributive was once considered centralized. Assimilation into the Borg community was not voluntary. So, if assimilation is not voluntary than it is not true oneness. Oneness has to be a consciousness enlightenment. It is derived not imposed. Oneness is when one voluntarily commits their essence to the community.?
Swift | Global Product Management | Payments & Trade | Digital Currencies | New Economy | ICC | Correspondent Banking | Managing Director
7 年Enjoyed this! But, where is the fun in that... So much better to have a hammer think that everything is a nail, rather than to have to do the un-sexy work of finding the right nails to solve for... Sometimes we do need a jet plane to cross the street :) ... i dream of Unimatrix Zero!
Investor (vc) in startups/scaleups, buyout, SaaS, content syndication, impact, longevity, AI, deeptech. Venture Capital, M&A
7 年Hahaha. Don't think becoming a Borg is a happy outlook ??
Dip your hands in the Khukhi jar with khukhi and earn khukhi dough. Real time and digital assets professional operating with legacy and digital networks to create real outcomes.
8 年Tony you already have a distributed ledger: it's called flexcube. The only problem is that you have to build worldlink to get them to talk to each other, a tremendous achievement and put Citi far in advance of other FIs which kept data in discrete systems. DLT offers a synchronous alternative to the asymmetrical custom systems.
HANSdb is in development, consolidating features on prototype 0.3.1 and preparing for validation testing.
8 年Great analogy, because I see Hue, Seven of Nine and Locutus of Borg as prime examples of why distributed, whole copy ledgers will inevitably fail, exposing the history if not the mechanism of the system to unwelcome eyes and hands. Of course, everyone thinking about that is already backing segregated witness and off chain transactions. There's a good chance they might save blockchain for business and enterprise. (Let's not forget the Borg Queen, the very concept is parallel to blockchain, since the decision making process for updates and upgrades to a BC network are decided upon by the smallest committee and then result in total compliance (like the Borg), or the redistribution of power and balance of consensus, as the network forks and splits subscribers. - see ST: Voyager and the Borg virus) Oh, just saw it, BC, blockchain, Borg Collective. Gold! Finally, if nobody else will say it, Private Blockchain is an oxymoron, if you can't overcome the obvious 51% violation, where a majority of the operators on the network are able to communicate with each other (because of familiarity), allowing them to influence the consensus on the network. Would such an institution trust a majority of that network out to its customers? You and me? - see first conundrum, re: "I have the whole copy and will eventually figure out how to decode it." Thanks for reading, this has been highly interpretive analogy of characters who were liberated form the Borg and how those flaws threaten the foundation that blockchain stands on. Special thanks to the creators of Star Trek and the Borg story line. That's quite a vision of the future.