In an interview with a publication, blockchain specialist Nick Szabo has said that the banks would need to abide by the same principles as are followed by the Bitcoin, if they want to get more out of blockchain. For that, he said, the banks will have to accept the system of ‘permissionless blockchain.’
He also said that if the banks decided to go on the path of permissionless blockchain then they will not only do as good as the current companies but also may end up surpassing them.
However the cryptocurrency specialist was quick to point out that since the bureaucracies are keenly focused on the importance of regulations hence, it would be extremely difficult for the banks to break-free of them.
He further struck a cautionary note when he said that the blockchain would be rendered vulnerable if the banks kept trying to insert points by which they could get more control.
In the interview, Nick also gave the example of stock trade on the Wall Street where several people are involved in checking and re-checking the work.
Earlier Nick was in the news when he had criticized Bitcoin core developer Gavin Andresen for proposing an alternative version of Bitcoin software called