RE: Banks and Blockchain Linkage - iTechCrypto
Dear @flash07
Thanks for sharing link to your recent publication with me buddy.
You must have heard that the blockchain and banking sector are born to be against each other.
Definetly banking sector is being threatened by this technology and those banks that will stay behind with current "infrastructure" will struggle in the future with operating costs way higher than those banks who would implement blockchain into their daily life.
The way I see it is that majority of banks out there cannot even afford to make a "switch" and they will struggle in the future, since some other major banks (With solid resources) would be way ahead of them. So for many this technology is a real threat.
This helps minimizing the risks associated with scams and money laundering.
KYC on the other hand does maximize our data collection/harvesting and our data being leaked or sold left and right. Right now most of those crypto require KYC, but how can anyone be ensured that they store it in safe manners? There is absolutely no regulations forcing companies to maintain some security standards.
Solid read. Upvoted already.
Yours
Piotr
I agree with your point. I think if they try to adopt early it will be beneficial. Because in starting many projects will support them to implement those solutions. There is a possibility that they get help in terms of resources as well.
For sure they have to make sure that data is safe. As they are mentioning this is in their terms that they will not leake any kind of users data. If they are not maintaining or keeping that promise then it's another issue.
People should have not sign up for the platform where they have not mentioned terms regarding KYC in their policies. If they are mentioning that they will not give it to any third party and even they do then surely anyone can challenge them legally.
After facebook's data leake hope some of the companies stopped doing it.
Thank you for your kind support as always @crypto.piotr.