Post
Topic
Board Press
Re: [2017-10-21] Five ways banks are using blockchain
by
GetBABB
on 24/10/2017, 16:22:21 UTC
You forgot to mention what those 5 ways are:
Quote
1. Clearing and Settlement
2. Payments
3. Trade finance
4. Identity
5. Syndicated loans

Most ways are obvious, but I wouldn't want to use any bank that uses #4:
Quote
Dozens of start-ups are working on building blockchain systems for customer identification, including Cambridge Blockchain, Tradle, Credits and Blockstack.
This would mean my personal information is stored forever, which isn't allowed by privacy regulations anyway.

Regarding sharing one's identity with corporations (Facebook or Google) or banks, the current system allows them to do whatever they want with our information since they are the owners of the data.

But with BABB, the blockchain based bank, you own your personal data, so this is controlled by you. And this may only be shared with regulated institutions and with third parties with your consent.