LSE Group Draws Up Plans for Blockchain-based Digital Assets … – Slashdot

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Wait, that won’t work… “Give me your money because BLOCKCHAIN!”
Takes a special kind of stupid to be announcing in 2023 that blockchain is efficient or the answer to anything.
If you are in a position to make business decisions about it, it’s taken a special kind of stupid since day one, unless you were looking at the profit potential of providing hardware and intermediary services to the special kind of stupid.
> Why do they think blockchain buys them anything …because the LSE has seen a gradual decline in the number of listed companies over the last few decades (not helped at all by Brexit I don’t suppose). Exchanges (as a general rule) don’t really make a lot of money, and what they do make depends on how “popular” they are – the LSE just ain’t popular.
They’ve tried to diversify somewhat, by integrating AIM into their “mix”. It’s a sub-exchange with easier rules for getting listed, and could just be called
Someone help me understand why the /. comments are hating on this idea.
This is a fantastic idea for proof of ownership, chain of custody, and a number of other things. As it stands, paper and digital records can be (and often are) fraudulent. This would prevent that.
Or here’s another scenario: I have a vehicle I simply can’t get title for. No state will give me title, despite me possessing the vehicle for the past decade, no criminal/theft history, and so on. The prior registered/titled owner is deceased some 30 years.
Having a digital registrar based on the blockchain would mitigate this problem going forward.
Blockchains were just a hype for investors to invest in a ‘ledger of everything’.
Any idea how many stocks are traded per day?
Over a million times per day.
The reality is that most public blockchain can’t handle such volumes and it becomes very costly.
Private blockchains are just a joke and give no additional security over storing records in a normal database.
In most application blockchain technologies don’t serve any purpose other than for the sake of using it so an investor can give you more money.
How would blockchain help ? Presumably the transfer of the title you speak of was never properly recorded, Failure to record things on the blockchain is similarly useless.
Or are you saying that the transfer was recorded and the records lost ? I’m pretty sure auto titles have been stored in computers for more than a decade, or is your contention that ordinary computers don’t work or can’t be checked ?
Blockchain tech is the LEAST efficient way to do all of that though. It brings nothing to the table in all of those cases, because we are talking about things that need to be private. Your private blockchain is no more secure than a private database, after all. The only thing blockchain is good for is systems where there is insufficient trust, so you build trust through consensus. So, who are we getting consensus from in the cases you mention? We can’t allow the blockchain to be public (violates privacy/law
“why the /. comments are hating on this idea”
The problems presented in the scenarios do not align with problems that can be solved by a blockchain.
A blockchain is useful when there is not central trusted authoritative store of transactions. For the LSE’s case the LSE itself is the central trusted authoritative store. If you did not trust the LSE, you would not be trading instruments on the LSE in the first place.
For your digital records scenario, you are just asking for better recordkeeping. You have presen
We’re all doing crypto and AI now so why bother joining the party with a technology from a decade ago?
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