Can Blockchain Solve Open Bank Issues?

Can Blockchain Solve Open Bank Issues?

According to Tearsheet:

hey thank you for a thought provoking post, @ikuchma! quick follow up question on the statement you make in your intro—

> In other words, Open banking is an online bank that promises to revolutionize the finance industry and give consumers more access and control over their finances.

—how exactly does open banking benefit the end user? In an ELI5 kinda way?

Also, we can’t really talk about open banking in abstract anymore without exploring the looming (though now somewhat lesser…?) threat of Facebook’s Libra, right?

If Calibra’s mission is to build financial institutions on top of the currency and centralize all of the things I’m not surprised the top two consumer concerns about open banking are “data falling into the wrong hands” and “invasion of privacy”, blockchain or no blockchain