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Advisor IBM explained why the blockchain can destroy banks

Senior adviser of international consulting company McKinsey and Advisor to technology conglomerate IBM John Stroh believes that blockchain
threatens traditional banks. This point of view the expert provided during his speech at the meeting organized by the publishing Computing U. K.

“Let’s imagine that someone was able to create a decentralized financial system in the format P2P. It can be built by scaling the credit system. The result will be a complete rejection of the banks,” – commented on his point of view John Stroh.

See also: the Most common myths about the blockchain

The specialist also drew attention to the fact that with the help of the blockchain can be modified system of tax collection. The adjustment of the latter with a new technology adviser to IBM considers unacceptable. However, his logic is as follows:

  • If the banks cease to be in demand, so it will be the Central clearing house.

  • With the help of Central clearinghouses, the state collects funds for a number of organizations. The lack of tax collection will lead to the termination of financing of socially significant services.

In particular, according to him, in case of realization of scenario, it may suffer the national health service in the UK.

Also during his speech, John Stroh spoke negatively against cryptocurrency Facebook. In his opinion, stablein Libra can be a tool by which citizens will be to conceal information from the tax authorities.

Source:cryptofound.com
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