What if we didn’t have banks?

I’ve been leading blockchain training lately for my team and a frequent question is what would be the ultimate, logical outcome of digital currencies, crypto currencies, and blockchain. A world without banks as we know them today, I would reply.

Looks like the team at Mic we’re thinking the same! Their article on a world without banks is pretty interesting, and I would agree – it’ll take a while longer before we really see this futuristic, bank-less world.

What if we didn’t… have banks? (James Dennin, Mic)

Blockchain Roundup

I was recently asked to explore Central Bank stances on the use of blockchain. As you imagine, Central Banks really don’t seem to mind blockchains or distributed ledgers. They care tremendously what you do with them, though! Digital cash is quite scary, for one. The right to be forgotten is another.

I have pulled together some research from across the internet what Central Banks think of blockchain, distributed ledgers, and crypto currencies. Have fun going down the rabbit trail!

Why are Central Bank policies on blockchain solutions important?

  • For established, traditional banking institutions, there are many use cases for blockchain solutions, but few business cases.
    • Blockchain solutions create dis-intermediates distributed networks of untrusted participants.
    • The fundamental reason for the existence of a bank is to be a central trusted intermediary.
  • Existing bank back office functions, while slow, cumbersome, and error-prone, still work
  • So, truly industry changing solutions most likely must be instigated by Central Banks

Central Bank stances on digital currencies

What if a Central Bank issues digital money?

Central Bank perspectives on bitcoin or other crypto currencies