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AFAIK, the fundamental purpose of Blockchain is to create a decentralized ledger that will not be forced into a "unified approach" by any centralized authority. And here comes Microsoft trying to do exactly that. In CoCo, I see a repeat of what has happened several times with many "open standards" initiatives over the decades. Going by the outcomes on those occasions, I'm very confident that CoCo will be a game-changer for enterprise adoption of Blockchain but only at the cost of being a "game-crusher" of the basic principle of the technology.

Kudos to BankAm. Hope this solution solves the pesky RECON problems I described in Enhanced Remittance Data Could Multiply Electronic Fund Transfer Volumes and takes EFT usage to new heights.

@StephanKotze:

Oh, yes, I remember you said IaaS before. For IaaS, the Google CSEK and AWS KMS extracts cited by you make it amply clear a PaaS provider can't even access Bank 1's data - let alone use Bank 1's data to provide insights to Bank 2.

@StephanKotze:

I'm copying / pasting my comment from another Finextra post entitled The Cloud is ready for Banks but are Banks ready for the Cloud?:

If I understand this and this FORTUNE magazine articles correctly, Salesforce and Oracle are planning to do something like this. Nature of insights include:

• Is there a major client that you haven’t heard from in awhile or who has been name-dropping your competitor in email or on social media? It’s time to reach out.
• If you have hundreds or thousands of sales prospects on a list, how do you tell the potential winners from the duds?
• Detect if a competitor is mentioned on an email thread.

@JonathanCharley:

TY for your reply.

If I understand this and this FORTUNE magazine articles correctly, Salesforce and Oracle are planning to do something like this. Nature of insights include:

• Is there a major client that you haven’t heard from in awhile or who has been name-dropping your competitor in email or on social media? It’s time to reach out.
• If you have hundreds or thousands of sales prospects on a list, how do you tell the potential winners from the duds?
• Detect if a competitor is mentioned on an email thread.

Whenever a cloud provider says "security", it means keeping customer's data secure from unauthorized third parties. But what about keeping customer's data secure from first party i.e. itself? IOW, what if a cloud provider uses Bank A's data to provide insights to Bank B? How many banks are ready for this? 

PS: I've posted a similar comment below Why migrating to the cloud offers more security than you might think

@StephanKotze:

TY for your kind words.

Since you liked that, here's another one: Whenever a cloud provider says "security", it means keeping customer's data secure from unauthorized third parties. That's the popular notion of security. But what about keeping customer's data secure from first party i.e. itself? IOW, what stops a cloud provider from using Bank A's data to provide insights to Bank B? How many banks will accept this? This surely can't happen in onprem.

@BryanClagett:

I thought "banks want to be tech companies". By pushing towards cloud services, won't they push back to being banks?:)

@MelvinHaskins: 

"outside of the USA" - what is there? You mean there are actually other countries outside the USA?? Jokes apart, I thought Citi is quite popular in UK / EU.

@StephanKotze:

IMO, the challenge is slightly different. The principles (i.e. PaaS / SaaS product vendors) are the ones creating the excessive hype. If implementation partners - who are agents of the principles - try to inject a dose of reality into customers, they'd be ones risking rejection by customers drunk on the Kool-Aid supplied by the principles.