In an interview with David Lin Report, Hoskinson said that traditional financial systems would “die out” due to his own inefficiency. They have many shortcomings and make high demands on users, which complicates the process of money transfers for people, causing irritation in them, the businessman said.
Sending a bank transfer requires multiple disclosure of information and passing fraud checks. Sometimes financial institutions can make calls to the sender of funds so that he confirms the transfer. Despite the strengthening of safety measures, traditional financial systems are still vulnerable to fraud, Hoskinson complained. He claims that sending funds through blockchain -based solutions is much cheaper and safer.
According to the founder of Cardano, it is easier to make transfers from the wallet with a multi -signature. Thanks to biometric identification with the Android or iOS device, the system instantly confirms the user’s identity. Traditional payment systems are already outdated, therefore, due to the appearance of alternative solutions based on blockchain, they will completely cease to be viable.
The opinion of Hoskinson is shared by the son of US President Donald Trump, Eric Trump. He recently stated that if traditional banks do not introduce blockchain into their activities, they risk disappearing in the next decade. Teucrium CEO Sal Gilbertie also suggested that the system can replace the payment solution of Ripple and its XRP cryptocurrency.
Source: Bits
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