This article was written by our Guest Writer, Nilesh Agarwal.
Blockchain is a simple concept but arduous to implement. It has the potential to radically revamp governance, money, agriculture and pretty much everything else especially in developing countries.
The advent of every new technology creates and eradicates some predicaments. The internet did solve the problems related to information, distribution and communication but hasn’t been able to resolve trust and intermediary related problems.
Let’s talk about blockchain resolving these issues around the ambit of Banking. What is money? Economists do not define money as a tangible asset but an entry on a ledger.
Your money is debt on a bank’s balance sheet. Now a bank is an intermediary and a centralized authority. Does being a centralized authority give them the rights to tamper with balance sheets? Some auditors wouldn’t let fabrications happen in the system, yet we had the Lehman crisis or the collapse of Washington Mutual or the recent PNB scam. Cryptocurrencies using blockchain can act as a stairway to replace Trust with Mathematics.
If we weigh the pros and cons of a technology like Blockchain, it’s undoubtedly heftier on the former side.
Mr. Jaspreet Bindra, (ex-Chief Digital Officer at Mahindra group) is confident that blockchain is going to bring an “Honest to Goodness, Peer to Peer Economy.”
As far as I am concerned, it is a plea all the Bankers, Regulators and Governments of the world to
“Listen very hard,
The tune will come to you at last
Blockchain is certainly a Stairway to Heaven and not a Highway to Hell”
This article was originally published on blog.bankofhodlers.com on September 20, 2018.
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