How can multichain be implemented to replace the current banking system ?

+2 votes
Since blockchain mainly focuses on the finance sector, how do you think one could acheive such thing. For e.g if i would want to link my node address or multichain wallet address with my bank account or any other wallet like paytm from where i could transfer the money to other multichain wallet.


My bank account --> My multichain wallet --> other multichain wallet --> Other bank account.

Just like what paytm does but with blockchain technology rather than traditional banking method. ?
asked Jul 10, 2017 by kishanvikani
This question is too broad for us, but we'll leave it for anyone else who wants to answer.

1 Answer

+1 vote

This can already be done with bitcoin type systems. Bitcoin seems to have intermediate folks aka companies that handle those transactions and payments.

If you would attempt such a thing, then your going to need serious programmers  and serious finacial backing. Many people or someone. Like litecoin, feathercoin, bitcoin, ether, dodge, dash, montero many others.

Seems there are middle man contracting companies handeling the finance exchanges. Sorta like a credit union connection to a coin.

People selling platforms with coins backed off other coins etc..

It comes down to that coin from my experience. The Coin or Currency validity. 

Who or what makes that coin valid? aka currency valid in the banks eyes? 

answered Oct 15, 2017 by muslimsoap
edited Oct 15, 2017 by muslimsoap