Why I Think A Decentralized Bank Will Fail
Where there is money, there is fraud.
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You may have heard of Bitcoin and cryptocurrencies. If there is anything more exciting than the recent meteoric rise of the price of Bitcoin, it is the invention of Decentralised Finance or DeFi for short.
While the word “decentralised” may immediately propel your newest tech project into the realm of other exciting and novel tech developments, it does not necessarily make the tech the better way of doing things.
For one, DeFi lending may be the latest victim of this decentralizing craze. I think that loans and credit should not be decentralized.
Is Security Obsolete?
If DeFi is immutable, secure, and transparent, does it mean that the security operations of conventional banks are going obsolete? For that matter, is the SOC as we know in banks no longer needed?
SOC stands for Security operations center, and it is an integral part of banks in maintaining security and event response.
