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How are banks actually going to use blockchains and smart contracts?

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On a private chain with no cryptocurrencies, there is nothing that lives entirely on the chain. There is no asset whose existence is defined only by what's written on the chain. What you are actually transacting on the chain is a promise, for some recognised entity to give you something in exchange for that on-chain token.

"You don't need complex computation to move the asset around because you are not directly moving the asset anyway.

From How are banks actually going to use blockchains and smart contracts?

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