5 Reasons because a “internet of money” will vanquish centralized finance

The thought of a fully decentralized financial complement still sounds like a utopia. Or maybe not anymore, according to Spain’s second largest bank, BBVA. The establishment seems to be ready to welcome financial disruption and believes that “the stream complement where financial institutions record individuals’ accounts in a centralized conform and a banks’ pot are stored by a executive bank” could be transposed by “a entirely decentralized financial system.”

The Spanish bank, result of a combine between Banco Bilbao Vizcaya and Argentaria in 1999, expelled a news titled Blockchain Technology: The Ultimate Disruption in a Financial System, analyzing the creation of an “internet of money” or “internet of finance.”

bbva bitcoin blockchainAccording to BBVA, a initial stairs have already been taken. “The initial levels of intrusion seem some-more expected in a payments space where normal exchange such as income transfers, credit and withdraw label payments, remittances, unfamiliar banking and online payments, need an surrogate such as a clearing residence or a financial institution. In these cases a transaction would start directly between a customer and a seller but any surrogate and a validation of a transaction would occur in a decentralized approach or

Read more ... source: