Blockchain Will Be Adopted by Every Bank – Frank Abagnale
Frank Abagnale, a master forger and the real-life character of the popular movie “Catch Me If You Can,” recently stated at the Blockchain Nation Miami Conference that he believes blockchain technology is the future of secure information processing and data settlement.
“I think you would have to be pretty ignorant not to realise that blockchain is the way for the future, it is the best way to secure information 100 percent, so I think you will see banks, especially accounting practices and accounting firms, all move to the blockchain, keeping records through blockchain. It will be the best way to do so because you cannot break the blockchain, you cannot hack into the blockchain, you can’t change anything in the blockchain.”
Noteworthy Coming From Abagnale
Although Abagnale has worked as a security consultant in the later stages of his career, between the ages 15 and 21 years old, he was acknowledged as a master forger, creating fake checks and stealing large sums of money.
In his speech, Abagnale revealed that he observed major airlines and car rental firms like United Airlines and Hertz leaving large sums of cash in zip-up bags into a drop box in a specific area within an airport. Abagnale purchased a security guard costume, placed a sign that read, “Out of Service, Place Deposits With Security Guard on Duty” and collected millions of dollars.
Throughout his early career as a forger, Abagnale forged checks to cash out money from big banks and financial institutions, committing bank fraud. Eventually, Abagnale served his sentence in Miami and subsequent to his release; he started his career as a consultant.
Abagnale’s viewpoint on the blockchain and cryptocurrency is noteworthy because Abagnale generated millions of dollars in profit by breaking into the broken financial system and structure of banks, by forging checks, stealing cash, and redirecting funds.
With the blockchain, bank fraud which Abagnale had committed is not possible. Bitcoin, for instance, can be used to send money from one person or business to another, without the involvement of security boxes, armoured cars, and third-party service providers. It is also not possible to forge or create more bitcoin without running a 51 percent attack against the network, which is virtually impossible given its computing power.
“One would have to be incredibly foolish not to see that [blockchain] is an incredible technology and that will be eventually adopted by all types of governments, businesses, and corporations. A cyber currency [cryptocurrency], just like anything else, it will take time to get people to understand how it works and I tell people all the time, and they say “is it safe?” I say every financial transaction has a risk. The only financial transaction in the world that exists that has no risk is a credit card because federal law takes total liability away from you,” added Abagnale.
Blockchain Adoption Curve
As Abagnale emphasized, cryptocurrencies like bitcoin and Ethereum are still at their infancy. Ethereum was created less than three years ago and for disruptive technologies to be adopted, it could take well over a decade, as seen in the case of the internet.
Author – Joseph Young
Source – CCN