2-3% CC fees are a waste. But you don't need blockchains to fix that. You need someone to legislatively force the CC companies to stop playing the cashback bull

2-3% CC fees are a waste. But you don't need blockchains to fix that. You need someone to legislatively force the CC companies to stop playing the cashback bullshit game, which is the real cost driver (much more than fraud) as it funnels money from cash and debit card users to high-reward CC users, while burning a lot of it on the way for managing all of that overhead that is of no help at all when it comes to making financial transactions. It happens to be that the EU is such a "someone". In EU countries, CC interchange fees are limited to 0,3%, debit fees to 0,2%, effectively resulting in much cheaper rates to be paid by merchants (whether big or small) for card acceptance. Thoughtful legislation and an effective, fair and trusted executive branch, both with the necessary checks and balances, trump any blockchain, at least as long as we are talking about legal transactions.