BLOCKCHAIN
having a currency that is not linked to an economy and not managed by a national bank implies multiple serious problems : above all , the high fluctuations in the exchange rate . Using the blockchain to underpin fiat currencies is a silver bullet solution to many problems . Then banks moved to more centralised models , which today are increasingly named Distributed Ledger Technology ( DLT ). Most recently we have another major change in the setup , namely interledger technology that simply uses some principles of the blockchain . Ripple ’ s xCurrent ledger technology is a prime example , on which many banks rely for cross border transactions . Estimates of the potential operational savings are said to be around US $ 20bn annually , starting from 2022 .
It is not all that easy , however . While for most areas of finance the blockchain is clearly a blessing , there is one front that will crumble : payments . Facilitating the movement of money
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“ Another major myth was that cryptocurrencies represent the end of banking ”
— Igor Pejic Head of Marketing BNP Paribas PF AP
MAY 2019