Banking without Banks:
Traditionally we have needed banks to store our money and invest our savings. This system created a large cash flow, where even savings are not dormant in the economy. The prosperity and the oppertunity afforded to society by this system is significant.
However for the system to work, we need to trust the banks and the governments (whom print additional currency). The risks of this centralization include, unpredicatble currency devalution, corruption and limited accessiblity to serve or use financial services.
Through distributed ledgers, we can replace the banks with a trustless digital network. Individuals can create a secure account to send and receive funds without any third party. Allowing anybody with a computer or smart phone to bank, without ID’s or home addresses. Beyond this, further services such as credit and investment can be unlocked through additional decentralized applications.