Dave- I agree. Indeed you would have written much the same thing 25 years ago in a much less complex world of web1.0 when the banks could have owned the entire "data/money" space via the Trust Network.... constructed replete with a liability model, dispute resolution process and so on.
That said the absence of bank CEO's at President Trumps Inauguration Day Ceremony speaks volumes.There is much to be done
Fascinating perspective. The idea that banks should evolve into broader enablers of digital trust resonates strongly. But perhaps the real challenge isn’t expanding their role—it’s shedding the institutional inertia that keeps them confined to legacy trust models. What if, instead of banks owning trust, they became participants in a decentralized trust network where trust is earned through verifiable actions, most of which include settlement of a business transaction? That shift could redefine not just their role, but the architecture of digital trust itself.
Fun fact: In order to leave the above comment, I had to become a paid subscriber. No problem with that. However, to do that, I had to give my credit card number. Big problem with that. I've had my card frozen twice over the last few months because of online payment frauds and getting a new one takes more than a week. I need my card in two weeks, because I'll rent a motorbike.
One might argue, that a principal technology strategist of a bank should be able detect the online frauds. That may have been true earlier, but it is not true any more. It is not about me getting older but about the fraudster getting much better, with the help of AI. Fighting fraud requires a proper digital trust solution for the internet. Banks must be the key contributor to that. Period.
Dave- I agree. Indeed you would have written much the same thing 25 years ago in a much less complex world of web1.0 when the banks could have owned the entire "data/money" space via the Trust Network.... constructed replete with a liability model, dispute resolution process and so on.
That said the absence of bank CEO's at President Trumps Inauguration Day Ceremony speaks volumes.There is much to be done
BW JohnB
Fascinating perspective. The idea that banks should evolve into broader enablers of digital trust resonates strongly. But perhaps the real challenge isn’t expanding their role—it’s shedding the institutional inertia that keeps them confined to legacy trust models. What if, instead of banks owning trust, they became participants in a decentralized trust network where trust is earned through verifiable actions, most of which include settlement of a business transaction? That shift could redefine not just their role, but the architecture of digital trust itself.
https://timohotti.substack.com/p/introducing-the-internet-trust-layer
Fun fact: In order to leave the above comment, I had to become a paid subscriber. No problem with that. However, to do that, I had to give my credit card number. Big problem with that. I've had my card frozen twice over the last few months because of online payment frauds and getting a new one takes more than a week. I need my card in two weeks, because I'll rent a motorbike.
One might argue, that a principal technology strategist of a bank should be able detect the online frauds. That may have been true earlier, but it is not true any more. It is not about me getting older but about the fraudster getting much better, with the help of AI. Fighting fraud requires a proper digital trust solution for the internet. Banks must be the key contributor to that. Period.