When most people think about computers and robots taking the work of humans, the images that usually come to mind are robots that move around inventory in an Amazon store or customers of McDonald that they made their order via Tablet instead of a cashier.

However, robots now are qualified to perform much more sophisticated jobs. For example, blockchain technology can easily replace the work of some professionals in the traditional financial system.

In a recent event focusing in blockchain – in Toronto, Peter Todd collaborator of Bitcoin Core explained the reasoning behind the increased interest of Wall Street in blockchain technology. During his initial response, Todd said the mistrust that exists in the current financial system:

“The dirty secret is that banks really don’t trust their databases. That is, they don’t trust their own employees…” and added “if they have confidence in all of this, why is there so many Auditors? Why is there this massive infrastructure of humans sitting there studying carefully the transactions and trying to figure out where the money is… where the money disappears? Who moved what and where? Was it all legit?”

Many financial institutions are interested in the concept of the creation of new systems of record-keeping, which would replace the system of closed current ledger with an alternative so much more open, similar to Bitcoin. Many people think that this open system would allow for more efficient and transparent financial activity audit.

How blockchain helps? Todd spoke about the perceived advantages of blockchains about the current way that how things work, which is based on the placement of database administrators and people trust with the keys to the system. From this perspective, a blockchain simply looks like a strong audit record.

He also noted that this is something that the banks were already looking at until technology blockchain began to receive much attention. He explained: “I think that they were thinking, naturally, it looks like the blockchains, so when they learn all this from the blockchain was like, ‘Oh, Yes. ‘ This is more or less what we were looking for to do anyway.”

The implementation of blockchain technology in the finances is getting closer, obviously the banks know the power of it and they openly recognize it. But you think that even taking this technology the effect of banks and finance would change for better? Should it be a safer system? They could gain more confidence? Let us know your opinion about it.

Source: Nasdaq



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