/biz/ - Business & Finance

[Anonymous No.5192223]

Ok homo's listen up, I work in a bank and everyone else who does too knows how game changing thid blockchain technology is. They're all researching on how to implement it and I have some insider news for you :

-They want to use it for identity verification
-They want to use it for international payments
-They are worried about the third party they'll need, so they want to change as little as possible to their current structure
-The guy I talked to said notaries might lose their jobs if this happens, that's how big this is
-Documentary credits will be revolutionised
-compliance departments will lose jobs

Just think for a second, what coin offers this? Which one is closest?

Hint: trustless smart contracts.

See you on the moon /biz/

[Anonymous No.5192340]

nice LARP OP, just bought 100k.

[Anonymous No.5192456]

>>5192340
>LARPing about working at a bank and talking to someone who knows about this stuff
>Just confirming what most people know already

Geeh whiz, guess I am hardcore larping with a totally unbelievable story here.

>Inb4 no one on this board is in finance

[Anonymous No.5192938]

>>5192223
inb4 global banking crisis because of digital cats

[Anonymous No.5193219]

CVC

[Anonymous No.5193263]

>>5192223

Lmfao anyone else hear of zelle that logo looks like btc's symbol!?

[Anonymous No.5193366]

>>5192223
You’d lose your job too senpai, even if you’re a janitor

[Anonymous No.5193482]

>>5193366
I'm not a hot shot, true. I'm a small fish since I'm just about done starting out.

I talk to bigger fish though.

[Anonymous No.5193540]

so what's the coin?

[Anonymous No.5193549]

>>5193366
Also, the janitor is the only black guy here lmao.

[Anonymous No.5193924]

>>5192223
>notaries will lose their jobs

Yeah, that right there tells me this is bullshit because no one is a notary as a career. It's just something you get certified as that's handy to have in your job, and it's not going anywhere because blockchains are shit for confirming signature. It's like anyone who knows your SSN being able to sign for you regardless of the fact they have no other proof.

[Anonymous No.5193967]

>>5193540
They are looking at
>Xrp
>Quantstamp
>Civic
>Request network

But in reality they're hoping for swift to come through (chainlink?).

Nothing has been decided yet.

STET (sepa transfers) already shills they're working on instant payments through token based transactions, no clue as to what they're using.

To be honest they're also hoping to pioneer "the" app that people will use to manage ALL their accounts across ALK banks.

[Anonymous No.5194018]

>>5193924
>Not a career
Nigger, they're among the richest people in Europe. It's a prestigious career.

[Anonymous No.5194060]

>>5192223
>tfw medfag with a $200k crypto portfolio

filthy rich and irreplaceable, what a life.

[Anonymous No.5194088]

>>5192223
Equifax did a fine job of showing why private companies can't be trusted for data security. Using the blockchain for identity verification and for credit reporting is a no brainer.

The only barriers are transactions per second and consumer trust. The tx/s will be solved in less than 3 years. Consumer trust in the blockchain might take 10 years?

[Anonymous No.5194138]

>>5194088
>10 years

Consumers aren't aware. Banks push it on companies, companies push it on consumers.

1-2 years for general use

[Anonymous No.5194249]

>>5194088
>Consumer trust

kek...sheep accept everything that's forced on to them, as long as it isn't a huge disadvantage. the internet, smartphones, electric cars, etc. blockchain won't even be visible for the average consumer in most cases.

[Anonymous No.5194285]

>>5193540
lurk more, newfag

[Anonymous No.5194305]

>>5194249
really this

[Anonymous No.5194358]

>>5194018
Oh, some weird Europoor shit. Of course. Well, today I learned the difference between a public notary in the US and a civil law notary in Eurostan.

Over here we just call them lawyers, and smart contracts aren't going to make them go anywhere.

[Anonymous No.5194403]

>>5193967
Also, the coins listed here weren't mentioned by name, I deducted from his descriptions. Which were basically.

>Identity
>Security
>(International) payments
>Smart contracts
>Compliance
>Accounting
>But they're waiting on swift first

It's pretty obvious which group of fintech tokens they're going for.

[Anonymous No.5194453]

>>5194358
It's not a lawyer though. They exist to verify people's identity and make their statements lawful, they make contracts lawful and earn a shitton while doing it.

Also, they're replacable.

[Anonymous No.5194578]

>>5193967
What a dumb larp, none of this makes sense
>Xrp
>trustless smart contracts
???
>Quantstamp
Security audit of smart contracts, not a platform for smart contracts
>Civic
That's a competitor for identity verification, not something to implement it on.
>Request network
just lol

Banks are indeed using Ethereum but they are building their own tools using zk-snarks.
https://www.coindesk.com/ubs-launch-live-ethereum-platform-barclays-credit-suisse/

[Anonymous No.5195038]

>>5194578
"Hurr durr it doesn't make sense"

What is research? Plenty of banks are considering xrp even central banks. Banks also want end-user apps because that's where they snoop cliënts from other banks. They want identity verification that's fast and secure instead of these hoops people have to jump through when using online banking (it's a hassle and not seemless enough). They want smart contracts that work with real world data to implement in documentary credits (as if you know what that is without googling) instead of paying singaporean chinks to audit the papers. They want to know it's all secure to use and they prefer not jumping infrastructures but upgrading the existing SWIFT network. Get it through your dense skull. Why pour millions into something as a smaller bank when you can use a trustworthy middle man? ING, BNP, Deutsche Bank and Santander have no interest in becoming tech companies themselves. That's why they currently rely on SWIFT, STET and UCV. You're a LARPer if you actually believe they're creating blockchain tech themselves.

Instant payments are due november 2018 in Europe, do the research or stay dumb and poor.