Legitimacy does not flow from the barrel of a gun, from the banking industry, nor from governments, or such is the feeling of the average Bitcoiner. However, it’s nice when the technology behind the world’s first cryptocurrency gets some respect in traditional banking sector.
Today it was announced that one of the top banking software providers, Infosys, is considering the implementation of the block chain into its core product, Finacle. Finacle is the front-end to bank databases used by employees to manage accounts, open accounts, and so forth.
Last year, the company was rated as having the best online banking suite in terms of customer experience. Presumably, the integration of blockchain technology into the back-end will make the company more efficient, producing faster, more accurate results than traditional database technologies have been able to produce.
There have widely been murmurings throughout the financial world, now that it appears Bitcoin is here to stay, that the real value of the technology is the block chain. Many Bitcoiners feel sullen about such sentiments, believing them to be counterintuitive, since the reward in bitcoins is what promotes the securing of the block chain by the miners.
It is unclear at present what a private implementation of a block chain would look like, or how it would be secured sans mining. It can be assumed that if the only goal is to keep the ledger as it is meant to be, this can be done without the massive effort that is required to mine bitcoins. Simply having all the computers in the network agree that amounts and totals are correct could be all it would take.
Bitcoin is open-source software, so unless Infosys builds their block chain set up from scratch, their implementation will be available to the world after they implement it later this year.