Computers changed the world because we were able to write more efficient software. Computers have automated many tasks that were previously performed by humans, especially in areas such as accounting, science, and other fields that involve large amounts of data processing. In many industries, we didn’t mind, and greater efficiency was seen as an advantage. Technology is now getting into areas where we are becoming more vigilant. Even though banks are using modern software and the internet, now is the time when technology can take the next step and replace other financial services processes. Could decentralized technologies be the next step that fundamentally changes the financial sector? And what role can Cardano play in this?
TLDR
Banks have never failed because of a software bug. It is time to reflect on whether decentralization can improve the functioning of banks. We can certainly write software better than we can put responsible and reliable people in key positions. So far, people have mostly failed us. Software can’t do that and does exactly what it’s programmed to do. It’s time to trust the code more than the people. We will always need people to make risk assessments or investment recommendations. So we need to look for the right connection between people and a decentralized bank. Decentralization can solve some of the problems of banks and better protect depositors’ assets. Smart contracts can form a key part of banking software and all assets will be on the blockchain.
This article was prepared by Cardanians with support from Cexplorer.
Read the article: https://cexplorer.io/article/why-are-banks-failing-and-how-can-cardano-help