Is it technically possible to implement such a system by eliminating trusted 3rd parties in trading (similar to how central banks/banks were eliminated in bitcoin)?
double spending is a big problem, interesting idea though, getting rid of taxes and brokers is pissing in a lot of people's wheaties though..this Chris Ellis cat is extremely bright. see vid below.
Absolutely. A decentralized solution like that is the only true way to keep manipulation out of the system. The only part about a blockchain solution in financial services that I don't fully understand is what happens when a transaction needs to be edited or changed for some reason due to human error, or some other type of mishap that occurred after the time of transaction acceptance into the blockchain? Because with bitcoin, there's no going back and fixing things. Banks can roll back transactions in the database if necessary, but with a blockchain, that's not happening. You accidentally fat fingered the keyboard and sent someone 55 BTC instead of 5 BTC? Too bad. There's no recourse whatsoever. Once that transaction is accepted into the blockchain, it's there forever. So I'm just wondering how that would be handled with an exchange or bank-supported blockchain.
I understand your point, but manipulating time isn't the way to go (it has collateral damage as well). Instead, man should accept that unwanted things can and will happen, but can be countered by taking precautions, failsafes and insurances. Look, if you take a hike in the mountains, you take a risk to slip and fall down. You can and should take precautions by wearing special shoes, use a walking stick, attach ropes. As well as having a good peril and health insurance.
The biggest problem with Blockchain/bitcoin is the scaleability. Each transaction has to be verified by 3 other nodes so that each transaction has to be broadcast to at least the nearest nodes, for verification, and then to the rest of the network to keep the blockchains in sync. https://en.bitcoin.it/wiki/Scalability This is one reason that new developments that are centered on the blockchain itself seem to be a better fit for trading exchanges. In the article and graphic below you can see the interest in broker/exchange startups is well underway. http://startupmanagement.org/2015/1...f-blockchain-companies-in-financial-services/ There is a lot of movement in this space and a clear race to win a leadership role. A LOT of money on the table.... My guess is that Bitcoin will continue to grow, and alternatives that are 'problem-specific' solutions emerge.