Blockchain Technology

It is always a battle between morality and majority - Chandrababu Naidu

                 

Is the answer to our banking woes - Technology?

And better still - Is it Blockchain?

Indian public sector banking is usually in a deep mess due to frequent frauds like Nirav Modi, Vijay Mallya.etc. The frauds usually come to light at the time of elections.

People say that it is difficult to moniter each person for being uncorruptable,its difficult have zero political interference in the allocation of loans etc….So guys should it not be replaced with technology.

People will always have an argument that technology is not foolproof.Let it not be, but still it won’t be corrupted like humans. If technology is more honest than humans then I believe it is a more optimal solution.

So let see what are how these frauds go undetected.

For example, a decision on a loan application can be generated based on inputs of customers’ personal information. When a user intends to apply for a loan through an online application system, he/she may falsify some of the personal financial information, such as a fake repayment history, thus increasing the possibility of acceptance. Consequently, financial institutions have suffered tremendous losses due to loan fraud (Kim et al. 2012). As blockchain systems can keep historical transactions records, applicants cannot falsify information to obtain a favorable decision.

May be this is just a drop in the ocean but still it would be a step in the progressive direction for the country.

So the next question - So would humans be redundant? No not at all.

There are many areas where human discretion needs to be applied-may be till we are able to get an appropriate AI-like Amazon echo or Sirri.

I believe human discretion would be required in cases arising of genuine business failures. Also cases like steel and cement sectors, situations where input costs going high.

Solve a real problem. If the blockchain is the best tool, then use it. But never force it. Too many founders love the blockchain and then search for a problem to stick it.- Brayton Williams