3 ms·
The biggest use would be for Automated Clearing House (ACH) funds transfers. Right now, banks receive and send money by sending flat files through a distribute
by GartzenDeHaes 6y ago
The biggest use would be for Automated Clearing House (ACH) funds transfers. Right now, banks receive and send money by sending flat files through a distributed processing system with no database transactions, verification, or transfer history. Some big bank robberies were committed a few years ago by compromising the banking systems that create and process these files. Once the file is sent to the ACH network, reversing transactions is a manual process and is nearly impossible after the funds leave the destination to a 3rd party.
- quesera 6y agoWouldn't it be simpler for the ACH file creator to cryptographically sign the contents of the file? Attaching a signature to the end of the file (a la PGP) after the padding rows seems workable.
- GartzenDeHaes 6y agoThe goal of using block chain here would be to reverse individual transactions (a row in the file) after then money has moved through several files/institutions.