What happened to all the so called technological wizards who work in the banking industry? The financial sector often boasts that it only employs the best of the best, so that said, why didn't one person within that sector design, develop and conceive an electronic cash or distributed ledger system? What have all these technological wizards been doing within the banking industry all these years?
Why would a bank want a distributed ledger system when they can just have their own ledger?
With their own ledger system they can:
- make changes immediately
- rollback any fraud
- not have to deal with others when upgrading or running the system
There is zero reason for any banking system to have a distributed ledger. The fully electronic cash and computerized banking system in the U.S. works fine as it is.
All my recurring bills are paid automatically and electronically and 99% are paid without any additional fees. The only one I have a fee for is my pool guy who doesn't have a computer so my bank mails him a physical check once a month at the additional service cost of $1.
All my daily purchases are done via credit card. I get (about 3%) cash back on my purchases and the merchant pays the fees. My balance is paid in full each month, with no fee, from my checking account.
