Will a truly transparent market for credit benefit small borrowers?
Originally shared by Singularity Hub
How Blockchain Is Helping Democratize Access to Credit http://suhub.co/2F0wKCE
Will a truly transparent market for credit benefit small borrowers?
No, it will not. The transaction costs for the major blockchain currencies currently are roughly equivalent of $60, so those blockchain transactions are not affordable to the average person even in North America. There is certainly some flexibility in how much work is needed to verify a transaction so a custom currency can lower those costs, but lowering the amount of work carries increased risk of forgeries.
There’s a great deal of flim-flam and buzzwordery around blockchain, it seems.
theverge.com – ‘Blockchain’ is meaningless