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Tuesday, October 23, 2018

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CU Ledger
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Can Blockchain Fix Banking?

As Featured Forbes.com

A pair of ex-Google employees believe their version of Blockchain can fix banking. That fix is long overdue, since banking is suffering a real crisis at this time.

Indeed you may be surprised to learn that banking is one of the last parts of the global economy largely untouched by modern technology. Sure, banks aretalking about nifty customer facing technology like iris scans. Some even want to let us use our smart phone sensors to log into automated teller machines. While cool, these efforts are really just lipstick on a pig. The problem is bank infrastructure. That infrastructure consists of decades-old hardware and software that is patched together like Frankenstein meets The Mummy. And it’s broken, badly.

In February, cyber-thieves siphoned $81 million from a Bangladesh bank using malware to hack the ancient Society of Worldwide Interbank Financial Telecommunication system. Once they had a set of SWIFT codes they simply asked that monies be rerouted from the New York Federal Reserve Bank in New York to their own accounts in Asia. It wasn’t sophisticated. And it could have been much worse: They were trying to steal $951 million.

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