Transactions are validated and confirmed within the mechanism of the
vault, but they are recorded only on an individual level, not a global
That doesn’t sound like a solution to the double spending problem. They’ll have to centralise validation quite a bit then, some parties will have to be all-knowing and will thus be targets for attacks.
the transparency offered up in bitcoin and ethereum was an absolute deal-breaker for banks.
Something tells me it won’t be long until Concord is ditched for Zcash or another solution using zk-SNARKs.
By hiding the blockchain, aren’t they undoing a necessary* feature of blockchain technology?
* A necessary part of solving the Byzantne Generals problem, of signalling across hostile territory. So they must be really confident that their communications channels are absolutely trustworthy. Hmmm… Those channels will be attacked by absolutely everyone including insiders in the banks themselves, intelligence agencies, you name it. A disaster waiting to happen.
The consortium does not need to worry about double spend. The banks dont operate in the wild west like bitcoin. Their private blockchains work they way they agree they will work and regulators watch for bad actors in realtime. Bad actors do perp walks regulary. We have no (real) regulators in bitcoin, hence the need for double spend protection from public blockchains.