ABN Amro: Services like brokers and bankers are becoming redundant due to blockchain

Bart Versteek, director of the Civil-Legal Notary and the Royal Notarial Association, did not believe that blockchain would make his work unnecessary. “Blockchain records what it says but whether it’s true or not. We check what’s put into action, and we also provide legal support to our clients.

Transferring money internationally can be done very efficiently and cheaply without an intermediary. This is already happening, for example in EL Salvador. Salvadoran President’s Argument The recent embrace of bitcoin is the largest Salvadoran region in the United States. They need more expenses to send money home.

A less popular example is when banks issue stocks or bonds that make a lot of money as advisors. This is also possible through blockchain applications. Including World Bank Has been testing this for many years.

One of the conditions for an ethical economy is that data is easily accessible, distributed and stored securely. This requires good terms, the bank writes.

According to Wessels, it is very difficult to say how long it will take for the ‘ethical economy’ to actually become a factor. In addition to the rules, it depends on how fast the technological development progresses. So there is still time to come up with alternative services, says Wessels. “You can make sure you accept it and approach your services differently.”

Digital money

In the report, the bank also discusses digital money, which works with various central banks, such as the ECP, which, according to Wessels, is not a precursor.

It remains to be seen how such digital money can be planned to be spent on only a few things. In such a case, the government subsidy for housing or tuition can only be planned to pay rent or tuition fees.

The subsidy can also give a time limit for spending. Otherwise, the money for the user will lose its value.