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I have only heard of one good use-case and I have been in fintech for the past 6 years. Swift GPI allows banks to credit the receiving parties' account in 10 m
by cynusx 6y ago
I have only heard of one good use-case and I have been in fintech for the past 6 years.
Swift GPI allows banks to credit the receiving parties' account in 10 minutes rather than overnight.
It's an example where the existing party (swift) already had accumulated all the trust necessary and the consolidated ledgers were updated overnight.
Swift GPI allows a bank to track any inbound payments and recognize it to clients before it is formally received by the batch process.
In my mind it also sets the only way to successfully launch a blockchain solution... by the incumbents who already have the trust centralized and are interfacing with a very large amount of parties (8k banks in the swift network).
The best solutions in my opinion should come from governments as they often act as notaries often act as trust providers.
Examples here are real-estate titles, assets and potential liens on those.
Hell, we should require the whole federal budget to be spend in crypto-dollars so citizens have full transparency of what happens with their taxes.
Governments that grasp cryptocurrency could remove so much transaction inefficiencies caused by the current registration processes and uncertainties around ownership.
Other potential solutions would be for multinationals their accounting. Their accounting of every subsidiary is in a different system and creating consolidations is usually done periodically (and expensively).
Allowing an open accounting architecture for multinationals could boost innovation and kill companies like SAP who really is the only player in town that can handle the complexities multinationals face.
A company like facebook or google could develop this and open-source it
- sam_lowry_ 6y agoA centralized messaging platform using blockchain? You may be kidding. SWIFT has been playing with blockchain for years, always backing off. They had a partnership with Ripple once, some hackatons, a lab dedicated to blockchain. Former CEO even bragged about making bitcoin transactions himself. There was one corner use case around GPI and R3 Corda announced in 2019, but I doubt it ever was used in production.
- cynusx 6y agoHmm, my impression was that it was blockchain based. Well, I guess that brings the useful applications I know of to 0
- jkepler 6y agoIf one already trusts a centralized party, why bother with a blockchain? A regular database would be cheaper & simpler.