The benefits of blockchain are well-established – trust, transparency, immunity to fraud among many others. Cryptocurrencies like bitcoin have existed since 2009 and despite its advantages, banks and governments have resisted the technology. The Indian Finance Minister, Mr Arun Jaitley denounced the use of cryptocurrencies as legal tender in 2017. My question is…how do we overcome the traditional control of established institutions in our current monetary economy?
Any solution that is proposed has to keep this in mind. Perhaps a gradual incorporation of blockchain technology in the form of private blockchain [which would allow some control to be exercised by banks] would be more welcome than a demand for total abolition of banks? For example, one of the major disadvantages of bitcoin is that if money is sent to the wrong account, there’s little that anyone can do to reverse the transaction. Traditional banks on the other hand, provide better handling in such situations [in the form of intervention]. So, maybe a new, ‘establishment-friendly’ cryptocurrency could be devised keeping this in mind.
Mr Mukunda Madhava
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