Is the premise here a public or private/permissioned blockchain?
How would automatic bill payments work with a blockchain? How do lost wallets work? KYC and AML?
I do agree that blockchain like technology will become the foundation for banks and other financial institutions, probably even government finances. I have serious doubts that they will be public blockchains. Very few want their financial history on a public ledger for all to see. It will also be hard to get them all on the same chain internally, but there is probably a consortium that will merge to handle inter-chain transfers.
public is the best one as you don't need any permission to build on it, but applies just as well to private/permissioned
People have started to do billing on chain, and KYC/AML is also in progress, lost wallets are being worked on, maybe our internet banks will just handle those, I have no clue.
There are a lot of things to do before everything is using the tech, but a lot of people are building, and chains are getting better.
There is something called ZK proof, that would allow you to have the data on public chain but not advertise your financial history, in theory. But I'm rather ignorant of that topic
There is a fundamental assumption in the blockchain space that a permissionless system is superior. It is only a hypothesis at this point, and one which I think is likely to be false. The biggest "hacks" in blockchain have been exploits of bad contracts (humans are fallible) because anyone can invoke them with arbitrary inputs. Even worse, once you deploy that bad code, there is no way to remove it.
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[ 4.5 ms ] story [ 24.2 ms ] threadHow would automatic bill payments work with a blockchain? How do lost wallets work? KYC and AML?
I do agree that blockchain like technology will become the foundation for banks and other financial institutions, probably even government finances. I have serious doubts that they will be public blockchains. Very few want their financial history on a public ledger for all to see. It will also be hard to get them all on the same chain internally, but there is probably a consortium that will merge to handle inter-chain transfers.
People have started to do billing on chain, and KYC/AML is also in progress, lost wallets are being worked on, maybe our internet banks will just handle those, I have no clue.
There are a lot of things to do before everything is using the tech, but a lot of people are building, and chains are getting better.
There is something called ZK proof, that would allow you to have the data on public chain but not advertise your financial history, in theory. But I'm rather ignorant of that topic
This is so much funnier when read out of context