Google Is Moving Into Banking

Google is moving into banking. This is not surprising anyone but still happening fast. Like all changes we should ask ourselves where are we going with this? Cooperation of banks with a player like google is inevitable. But what are the banks plans to bring best value in the future? Imho the way for the bank is to enter the data game. Money is just a piece of data but #data is everything and everything is data. If we can store our data, media, data trails in the bank and get #monetization then we would do it. If 5 big tech will hold the data there will be no competition over the #interest rate. #blockchain can help us manage our identity and monetize our data.
The problem is that the public blockchain doesn't scale (yet?).

On the other side of the public-private equation there will be the big tech private chain that will scale. Big tech plan to liberate (#libra) themselves from the current financial system. While Facebook, Google, Amazon , Apple and IBM will have their own private blockchain, the public blockchain will not scale.

The public and the governments cannot rely on the private companies. The regulators will need to cooperate globally with a public blockchain to sustain trust. And the public will need a global regulation to keep the big tech out of the dark side.

So on the public blockchain will be many trusted companies white listing accounts, scaling with side chains and other technologies, while working with the regulators. This is where the banks can and should be.

This is not just about monetization but also a question of ownership

Posted Using LeoFinance ^Beta