The choice should never be, and will never be, between blockchain and banking
When Bitcoin, as a primary example of an established cryptocurrency, started making headlines in mainstream media, a lot of the reporting was about how this magically decentralized form of money could bypass banks and render them obsolete.
Now, with acceptance mostly being the order of the day between banks and cryptocurrencies, there is more prominent research being done into how the underlying technology can aid financial institutions and services. What is undoubtedly true is this experiment from a significant financial institution shows a move towards using the power of blockchain, more than simply just cryptocurrencies, in the financial sector. It may still be experimental, but it shows a trend is developing.is another such FinTech institution that is now looking towards blockchain to aid in some of its services. They are looking to the technology to control and service loans which could become peer-to-peer.
The notion of decentralising lending through the power of the blockchain and instead bypassing the financial institutions in overseeing and actioning it sounds like a scary prospect. Part of the reason lending is such a complicated procedure is banks have to ensure they will receive their money back in the case of a defaulter.“Digital tokens could be considered as collateral for consumer issued loans soon.
“Implementation of blockchain technology into the online lending process could bring a cheaper, more efficient, and more secure way of making personal loans to a broader pool of consumers."
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