Deutsche Bank Cash will be Eliminated in 10 Years. newsbtc John Cryan, CEO of Deutsche Bank AG, a German global banking and financial services company, predicted that cash will not exist in the next ten years. Cash is inefficient and expensive, he explained, while mentioning fintech as a possible substitute to replace fiat money.
Since the beginning of 2015, an increasing number of banks and financial organizations have proposed the implementation of a cryptocurrency or a centralized blockchain-based token to potentially replace cash as the official currency of the central bank.
By integrating a certain set of technical rules that would provide authorities to revoke, regulate, and restrict transactions on the network, governments and commercial banks may use a blockchain-based network to facilitate cheaper yet robust international transactions and transfer of assets.
Deutsche Bank, which publicly announced their view towards a fiat-based economy, is one of the founding members of the R3 consortium, a global group of multi-billion dollar banks and financial institutions established to build their own blockchain network.
The R3 consortium has developed a product which Deutsche banks and other institutions in the organization envisions it to become the forefront of global evolution of finance. Thus, Deutsche Bank CEO John Cryan may have considered a bank-backed blockchain network whilst searching for alternative currencies or digital tokens that could replace cash in 10 years time.
However, a centralized blockchain network has various limitations and disadvantages. For example, the blockchain that is currently being developed by the R3 consortium has no consumer benefit. The banks claim that their blockchain can used between many banks and institutions to settle international transactions and settlements. Nevertheless, what the R3 consortium describe as a centralized blockchain technology could merely be considered a shared database technology, which connects many users and institutional clients in one single platform to settle […]
