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RE: Why Blockchains Of The Banks Won't Take Over
Good list and I agree that there are reasons that traditional banks are reluctant to start using blockchains. But for a good discussion I don't think we need to call them corrupt, there are other reasons that the banks are slow. Many industries have problems adapting to new technology, look at the music industry or automotive. I think the banks know that they need to change but they didn't understand the impact of blockchains and they haven't seen technology as their business, their competence was in understanding the traditional financial system. Know they need new competence.
I didn't mean to call banks corrupt, the point I was trying to make is that banks are corruptible because they are controlled by a small group of people where blockchains as we know them are inherently anti-corrupt as the power over the network is decentralized. It is very hard to corrupt a blockchain where it is comparably much easier to corrupt any institution that utilizes a centralized hierarchical structure--think government, banks, corporations.
Another issue for the banks is that their function is replaceable by blockchain technology. The problem is not that they don't understand the blockchain. I'm sure that each organization has several smart and intelligent people who know how the technology works. It is that the blockchain provides a mechanism that removes the necessity of even needing a bank. I'm sure they will find ways to adapt, but they are in a tough spot.