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Not entirely true. Open ledger, Ethereum contracts etc. could have banking applications. We just haven't figured out what. And this whole field of crypto is fes
by manishsharan 4y ago
Not entirely true. Open ledger, Ethereum contracts etc. could have banking applications. We just haven't figured out what. And this whole field of crypto is festering with "crypto bros" and their pyramid schemes.
Applications that I could think of are loan syndication platform, collateral valuation ,auto adjudication etc. Note: I have no direct exposure to crypto and I working in banking (IT not business side)
- lern_too_spel 4y agoAll of those services can be done better without a permissionless distributed ledger. Use a traditional centralized database, and you can process transactions faster, iterate your product faster, and adapt to regulations faster.
- manishsharan 4y agoThe key word is "centralized database". This requires a trusted middleman to facilitate the syndication and manage the lifecycle of the contract. Blockchain could facilitate financial contract between parties without an intermediary.
- lern_too_spel 4y agoThe intermediary is the blockchain, which is more expensive and slower than the trusted centralized database.