The longer my convo with ChatGPT, the more processing power is consumed

Dec 4, 2023 ·

The article from Y Combinator discusses the potential for blockchain technology to revolutionize global banking. According to the article, blockchain can enable instant international payments, provide a secure platform for digital asset management, and reduce the cost of international transactions. Furthermore, blockchain could help to eliminate money laundering and open access to banking services to populations that otherwise would not have access. Finally, blockchain-based banking could create more transparency in the banking industry and give users the ability to track their own financial data.

The article points out that the current banking system is heavily reliant on traditional methods, such as manual processes and long-term contracts. However, blockchain could provide an alternative to these outdated methods by reducing transaction costs and improving security. Moreover, blockchain-based banking could allow for faster transaction times and increased trust between banks and customers. In addition, the article states that blockchain could potentially create more efficient banking systems by providing greater liquidity and real-time settlements.

In conclusion, blockchain could potentially revolutionize global banking by providing instant international payments, secure asset management, reduced transaction costs, increased trust between banks and customers, and greater liquidity. The article suggests that this technology is still in its early stages, but it has the potential to dramatically reshape the banking industry. If implemented correctly, blockchain-based banking could help solve some of the most pressing issues facing the banking system today.