Say Goodbye to Banks? Blockchain Tech Threatens Further The Financial Middlemen
Just listened this recent clip from Radio Sputnik on challenging the status quo and a nice detailing of how the intermediaries and the large consortium of banks(particularly in Europe) are now turning to IBM for blockchain technology.
The flippening is definitely happening in front of our eyes.
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I am in financial industy myself and i could definitely see this coming. We have been seeing alot of lay off in banks and i am not surprised it will be more. Think about you do need to need pay heavy commission, and no need bank staff to handle the process and no need to wait the swift to complete in 3 days. I can easily see blockchain be replacing part of that process.
many 3rd world countries like my own country Pakistan getting payments from online jobs was really difficult before cryptocurrencies...
Imagine world without banks ...
Wouldn't necessarily be a better world. Banking solves real problems. Do not make the mistake of associating the negative aspects of our financial system to the concept of 'banking'.
Well, banks used to solve some problems (holding deposits, lending money for interest) and create some too (fractional reserve tax). The thing is this old concept of banking should end. It's inefficient and unfair. Banks will give you interest like 0.5% a year on your deposited money, while they will lend it to someone else on 10% or more. Of course they will lend more than they have so inflation will hit your savings as well. Sadly, storing money in banks is almost mandatory in most countries in the world.
There is a place for more transparent banking build on top of blockchain where no fractional reserve is possible.
This new type of banking is exactly what banks are building, I think. So banking won't go away but adapts, just like everyone else.
Good post
really that will be super one currency will rule the world
Good post!