There were plenty of systems in place to prevent the Punjab National Bank-Nirav Modi case, but they failed. A blockchain-based system might have been more effective at preventing it.
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The title is completely misleading as the entire content of the article shows how block-chain could NOT have prevented this scam. It is a classic case of demand-and-supply journalism: editors demand a title and journos vomit out whatever they know “or can google” on those keywords.
All solutions mentioned like smart contracts or changing managers are NOT block-chain based.
Block-chain is merely a recording technology which can be described as the “most tamper-proof available today” like an indestructible notebook with indelible ink. If thirteen people who are supposed to check eachother ALL decide to create fraudulent records in that book, I can’t imagine how block-chain could have prevented this scam.
“Smart Contracts are not Blockchain-based” – this is the most ignorant and laughable thing one has heard in crypto space. Do NOT comment if you do not know the basics of the technology. Read history of Smart Contracts from Nick Szabo, the inventor who coined the term smart contracts, and Ethereum white paper by Vitalik Buterin et al. Ethereum is a platform that was created for building Smart Contracts, and Ethereum is the most popular public blockchain with the most volume of transactions today (higher than bitcoin blockchain). Ethereum was not built as a “indestructible ledger” for some players (as banks). There is even info on the number of smart contracts (running into millions) that are currently active on ethereum blockchain. A question for the ignorant commenter – “Where do you think smart contracts are / can be executed, if not on blockchain?” So, how are smart contracts not related to blockchain?
You know nothing Atul Kherde.
It is foolish to think/consider that Nirav Modi and other already exposed and still hidden bank scams/frauds are accidents and not done in connivance with the custodians/authorities/regulators.
No Chain can Block corrupt people as any system will have human interventions at some point, more so if stakes are very high. How many people involved in scams already exposed were punished?
The title is completely misleading as the entire content of the article shows how block-chain could NOT have prevented this scam. It is a classic case of demand-and-supply journalism: editors demand a title and journos vomit out whatever they know “or can google” on those keywords.
All solutions mentioned like smart contracts or changing managers are NOT block-chain based.
Block-chain is merely a recording technology which can be described as the “most tamper-proof available today” like an indestructible notebook with indelible ink. If thirteen people who are supposed to check eachother ALL decide to create fraudulent records in that book, I can’t imagine how block-chain could have prevented this scam.
“Smart Contracts are not Blockchain-based” – this is the most ignorant and laughable thing one has heard in crypto space. Do NOT comment if you do not know the basics of the technology. Read history of Smart Contracts from Nick Szabo, the inventor who coined the term smart contracts, and Ethereum white paper by Vitalik Buterin et al. Ethereum is a platform that was created for building Smart Contracts, and Ethereum is the most popular public blockchain with the most volume of transactions today (higher than bitcoin blockchain). Ethereum was not built as a “indestructible ledger” for some players (as banks). There is even info on the number of smart contracts (running into millions) that are currently active on ethereum blockchain. A question for the ignorant commenter – “Where do you think smart contracts are / can be executed, if not on blockchain?” So, how are smart contracts not related to blockchain?
You know nothing Atul Kherde.
It is foolish to think/consider that Nirav Modi and other already exposed and still hidden bank scams/frauds are accidents and not done in connivance with the custodians/authorities/regulators.
No Chain can Block corrupt people as any system will have human interventions at some point, more so if stakes are very high. How many people involved in scams already exposed were punished?