DO WE STILL NEED THE TRADITIONAL BANKING SYSTEM?

With the emergency of the credit crunch in 2009, its aftermath made the introduction of block-chain technology which is used in crypto currency transactions. Banks and accounting systems used ledgers to track and time-stamping transactions. The difference is that the block chain is completely decentralized and open source to every one who wishes to track his/her transactions can access it without bureaucracy. this means that people do not have rely on or trust the central banks to keep track of the transactions any more. Block chain is peer to peer block chain technology which do keep track of all the transactions without the fear of being erased or lost. More so, the block chain because of its open source nature is more versatile and programmable than the central banking ledgers. If programmers need new functionality on the block chain, they can simply innovate on top of the already existing software through consensus. this is difficult for the central banks because of all of their negotiations and central points of failure. Central banks have now reached at the point of heading no further. They can no longer produce creative and innovative ideas of banking going with the already introduced technology on the board. This explains the connotes why IMF has already urged central banks to adopt the block chain technology as this will help the central banks to be on the same wave of the ongoing technology. This may act as a help being given to the stagnant water by the running water in order to start a new life.

in the nutshell, central banks do not need to think that they completed everything in "BANKING LIFE" they need to change before the change changes them.