BLOCKCHAIN vs. CENTRAL BANKING..!!
THE BATTLE FOR NORMALITY
In the left corner we have CENTRAL BANKING, an antiquated, centralised, out-of-date, obsolete, archaic, old-fashioned, outworn and slow system..!!
In the right corner we have BLOCKCHAIN, a cutting edge De-Centralised Technology that cannot be hacked, manipulated, controlled, influenced, rigged, orchestrated or owned..!!
CHALLENGING TIMES
Global Banking and Finance are currently in extraordinary and challenging times as Monetary Policies set out in the 1970’s are struggling to keep pace with the advances in TECHNOLOGY.
These antiquated systems put in place in the 1970’s have finally come to the end of their life expectancy and BLOCKCHAIN is set to bring these BANKING SYSTEMS and MONETARY POLICIES kicking and screaming into the 21st Century..!!
DECENTRALISED BANKING
BLOCKCHAIN is set to Decentralise Global Banking, and something that cannot come quick enough.
The interconnected Global Banking System is in a serious risk of SYSTEMIC FAILURE without a system in place that can measure this RISK in REAL TIME..!!
Without such a system Global Banking and Finance will simply create an ongoing Super Boom / Super Bust Cycle as the Systemic Risk continues to contracts and expands over time..!!
SERIOUS MESS
Global Banking is in a serious mess and the application of BLOCKCHAIN must be accelerated in order to mitigate an even larger tsunami of Global Financial Events that is heading our way..!!
Thanks for reading and please feel free to share.
Stephen
Makes perfect sense to me.
My reply to @maarnio I doubt it would be a bloodshed type of fight but the banks are/were fighting it pretty hard by trying to convince the world crypto currency wasn't real.
But gov issued money is equally as unreal and the world can see that and more people, such as myself, are opening our eyes to it.
Anything has value if people give it value i think i understand it to work. People used to trade seashells for goods.
I also heard banks are starting to mine crypto currency as well now in a last ditch effort to get on the next wave cause they missed the first on big time.
"I also heard banks are starting to mine crypto currency as well now in a last ditch effort to get on the next wave cause they missed the first on big time." Now here is someone who has done their homework. Watch CryptoCurrency explode from a $15 billion industry into a +$10 trillion..!! That isn't a typo it does say $10 TRILLION..!! Stephen
everything i learned about crypto currency i learned from steemit. ^^
Following. Cheers. Stephen
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Will it happen without a fight?
I doubt it there will be a fight. There is no choice. This is a generational thing. Look at those in Central Banking they are barely just getting through the day. Most look haggard, worn out, tired and exhausted attempting to keep the '70's illusion alive. Anyway, most will be retired soon..!! The new guys coming through the ranks don't want the responsibility for continuing the lies from the '70's, they much prefer a system in place that "does their job for them"..!! This is more than Central Banking fighting their corner, this is a GENERATIONAL TECHNOLOGICAL SHIFT for the new generation of CENTRAL BANKERS..!!
Here is the latest from XBT provider:
"We are seeing accelerated research into blockchain technology by the major financial institutions. Now, almost all major banks have announced either their own blockchain projects or co-operations together with blockchain focused startups in an effort to create new ways to transfer value.
Looking at the key innovation that blockchain technology brings, we are inherently sceptical towards projects trying to use blockchain technology to create improvements in centralised models.
You can easily build something centralised, like a bank, on top of a decentralised platform. For example, you can build a bank that follows customer protection laws, on top of bitcoin. However, you cannot take something centralised, like a bank's database, and build something decentralised on top of it.
This results in a situation where bitcoin can be used as the backbone for a global financial infrastructure where centralised solutions built on top can provide the needed legal security to satisfy both regulators and consumers. However, just rebuilding databases with blockchain technology while still adhere to the regulatory requirements of a financial services provider does not provide the same benefit since the backbone is still centralised."
Source: http://www.xbtprovider.com/lang_en/
And also:
15 percent of banks to adopt blockchain by 2017
"IBM claims, in a recently published report, that they expect 15 percent of major banks to have implemented blockchain technology by 2017. The estimate is the result of a survey IBM performed on 200 banks and financial institutions, on their progress on blockchain technology."
https://www-01.ibm.com/common/ssi/cgi-bin/ssialias?htmlfid=GBP03467USEN&
"15 percent of banks to adopt blockchain by 2017" ... i wouldn't be surprised if it was more. It's not that hard to implement if there is a desire. Most banks would have been thinking about this in 2014/2015 and begun to prepare their IT to receive it. By the end of 2017 I would imagine this would be more likely to be near 30% than 15%. Thanks for the comments I appreciate the support. Stephen
I agree blockchain and transparent transactions are the way to go. Several banks have been looking at the technology for the past few years, i believe Santander is working on a payment system through ripple's blockchain.
DNB Norway's biggest bank is also looking at the technology, but to end this corrupt banking we have today we need this implemented..fast.
Many people have lost their faith in banks and bankers because of the events that have occurred the past 20 years, where corruption is blooming and the lower/middle class is left with the bill.
"Many people have lost their faith in banks and bankers because of the events that have occurred the past 20 years, where corruption is blooming and the lower/middle class is left with the bill." I could not have said it better myself. Thanks for the support. Following. Stephen
Here is the latest from JPM:
JP Morgan is Quietly Developing a Private Ethereum Blockchain
http://www.coindesk.com/jpmorgan-ethereum-blockchain-quorum/
I had read a report that quantum computer can breach blockchain. Any views on it!
Thats right they can. But not today. Quantum computer will always be playing catchup to the Blockchain. So as process power increases so does the Blockchain. Blockchain will always take the lead no matter how fast or powerful computing gets. Stephen