Blockchain technology is far superior in many instances to the legacy technology.
When the markets were moved from paper-based to digital it created several layers of intermediaries all using mainframes, siloed databases, and Swift messages for banking and financial instruments clearing and settlement.
Since the creation of the double-entry journal in the “Renaissance”, the need for reconciliations and audits has created friction, costs, delays, and many opportunities for fraud and corruption. Those who don’t embrace the new paradigm shift that is disruptive to the current reality, will find themselves replaced by a cheaper, faster and more reliable technology. Most importantly, where any user is empowered to increase its wealth without relying on trusted third parties.
The internet of value with its open-source codes and the collaboration of many developers from around the world in pursuit of a better future will stop at nothing to bring this idea to reality. Data privacy can be programmed into the solution to whatever level the user wants.