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Would you say that we have a "a single centralized system that works for everyone" in banking now? It seems more like a patchwork of a lot of systems to me.
by SideburnsOfDoom 6y ago
Would you say that we have a "a single centralized system that works for everyone" in banking now? It seems more like a patchwork of a lot of systems to me.
- picardo 6y agoNo, we don't. That's why it's slow and expensive to trade across borders, especially if the counterparties have never done business before. It's an arduous process of proving creditworthiness through letters of credit. You often see document fraud where someone can tamper with a letter of credit, which is hard to detect.
- SideburnsOfDoom 6y ago> That's why it's slow and expensive to trade across borders, ... document fraud Would you say that blockchains make this faster, cheaper and less prone to fraud?
- picardo 6y agoSure. Here is a story from 4 years ago. [1] Barclays says blockchain cut this process from 10 days to 4 hours. [1] https://www.reuters.com/article/us-banks-barclays-blockchain/barclays-says-conducts-first-blockchain-based-trade-finance-deal-idUSKCN11D23B https://www.reuters.com/article/us-banks-barclays-blockchain...
- SideburnsOfDoom 6y agoI don't see a lot of news on that since 2016. Are they still using it?
- bydlocoder 6y agoWell, I'd rather provide a letter than put all my transactions in public eye.
- picardo 6y agoIt's not in the public eye. The blockchain is only accessible to trusted parties, like banks and merchant representatives.
- SideburnsOfDoom 6y agoWho manages access to the blockchain, and how do you trust them?