[2016-8-12]Law Experts: Why Banks Are Scared of Blockchain

[Frodomaga]

According to law experts in South Africa, most banks are scared of blockchain for its power to disrupt their sector.

A Senior Associate at Norton Rose Fulbright in Johannesburg, Nerushka Bowan, said the adoption of blockchain among banks has the potential to disrupt the global banking industry.

Using the blockchain technology and its digital distributed ledger to confirm batches of transactions just as it does for bitcoin, it can take over functions such as verifying payments. She added that though banks are a trusted intermediary for the exchange of funds, they will be cut out once the use of blockchain is embraced. Hence the fear in the banking sector.


https://www.cryptocoinsnews.com/banks-scared-blockchain/

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[richardsNY]

Actually, it's quite funny that these so called law experts come up with this conclusion right now as Bitcoin isn't any different from how it was years ago. Having that said, if they use private blockchains, then it at least shows that Bitcoin isn't all that bad.

[botany]

Actually, it's quite funny that these so called law experts come up with this conclusion right now as Bitcoin isn't any different from how it was years ago. Having that said, if they use private blockchains, then it at least shows that Bitcoin isn't all that bad.

It is just that blockchains have evolved and their potential is now visible.
Four years ago, you wouldn't have thought that banks would be experimenting with blockchains.