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Author Topic: [2016-09-05] MIT Report: Blockchain for Banks - New Era or Lipstick on Pig?  (Read 275 times)
Karartma1
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September 06, 2016, 09:39:33 AM
 #1

This is a must read!  Wink

Could rapid innovation in the fintech space lead to the end of banks as we know them? A recent report from Massachusetts Institute of Technology (MIT) titled Digital Banking Manifesto: The End of Banks explores these possibilities.

As Mark Mullen, the Chief Executive of Atom, said in 2015:

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“Banks are trying to be cool and hip and build super cool digital front ends. But it’s like putting lipstick on a pig - ultimately it’s still a pig and the new front end is still running into an awful digital back end."

Read more here
https://cointelegraph.com/news/mit-report-blockchain-for-banks-new-era-or-lipstick-on-pig

I am not interested in preserving the status quo; I want to overthrow it. Niccolò Machiavelli
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panju1
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September 06, 2016, 04:05:24 PM
 #2

Banks are the dinosaurs of our times.
They have a very cozy relationship with regulators and have kept out competition so far.
But as Jamie Dimon said long ago... "Silicon Valley is coming... "  Grin

pitham1
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September 07, 2016, 04:39:59 PM
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Definitely lipstick on pig.
Banks are trying to do just enough to stay relevant in today's world. The banking world is ripe for disruption.

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