Don't confuse alt and title they have very different purposes.
In IE title will override alt for the tooltip. title was meant to provide additional information in the form of a tooltip, it can be used in images, links and form elements (and more).
Alt means alternative. It came out way back in the earlier days of HTML to provide a alternative for the images in non-graphical browsers. Speech browsers will also read the alt to the site visitor.
So, you might have alt="logo" title="My wonderful online business name". Alt should describe the image, title can give additional information to the site visitor.
Having said that alt="" is just perfectly fine and leave the title="" out you shouldn't have a blank title attribute.
Hope that helps a bit!
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