We see four problems with modern accounting. First, the current regime relies upon managers to swear that their books are in order. Dozens of high-profile cases—Enron, AIG, Lehman Brothers, WorldCom, Tyco, and Toshiba—show that management doesn’t always act with integrity .. Greed too often gets the best of people. Cronyism, corruption, and false reporting precipitate bankruptcies, job losses, and market crashes, but also high costs of capital and tighter reins on equity.

If you look at retail banking, there are 3 or 4 things that retail banks do. One is that they provide a place to store value, they provide some kind of payment utility. Beyond that, they extend credit and provide a place for you to store wealth and generate potential income… All of the above can now be done on blockchain without an intermediary…. Question is then … of what use are banks ? How long will it take us to start doing away with banks ? #facts