Immutable ledger for inter-branch bank transaction synchronization.
This is already in use at multiple financial institutions with significant value. It has increased the speed at which transactions can be verified and distributed across large networks of bank branches so that, for example, when you deposit your money at one bank branch it becomes available elsewhere on the network immediately without waiting for the end-of-day ledger reconciling. Previously, banks had to send just the transaction details and trust that it would be valid during reconciling (the “pending” status).
Want some more?
EDIT: Took the liberty of adding a bunch of examples to my original reply 👍
Sweet, genuinely thank you, my question came from a place of genuine curiosity and honest skepticism, so I appreciate the detail. I have a follow up question though. Most of those use cases seem like they’d require linking a specific identity to a given blockchain transaction. How does one go about doing that?
Blockchain itself is just, at its core, a method of cryptographically proving the authenticity of a ledger history. That’s it. What you DO with that technology is fairly boundless. You can embed anything in a block on the chain. We have lots of existing ways to handle proof of identity that can be inserted into a block (imagine if blocks contained the public key of block’s creator and then the entire block (including the public key) is signed with the private key)
Sure, you could do that, but all that would prove is that a block was signed with the private key associated with the included public key. That doesn’t necessarily say anything about someone’s identity though does it? It just says they know how to generate a public/private key pair and a digital signature. Maybe I’m misunderstanding your example?
Sure do! Quoting my other reply:
EDIT: Took the liberty of adding a bunch of examples to my original reply 👍
Sweet, genuinely thank you, my question came from a place of genuine curiosity and honest skepticism, so I appreciate the detail. I have a follow up question though. Most of those use cases seem like they’d require linking a specific identity to a given blockchain transaction. How does one go about doing that?
Blockchain itself is just, at its core, a method of cryptographically proving the authenticity of a ledger history. That’s it. What you DO with that technology is fairly boundless. You can embed anything in a block on the chain. We have lots of existing ways to handle proof of identity that can be inserted into a block (imagine if blocks contained the public key of block’s creator and then the entire block (including the public key) is signed with the private key)
Sure, you could do that, but all that would prove is that a block was signed with the private key associated with the included public key. That doesn’t necessarily say anything about someone’s identity though does it? It just says they know how to generate a public/private key pair and a digital signature. Maybe I’m misunderstanding your example?