The current global financial system is outdated and desperately needs an overhaul, demands Facebook’s head of blockchain services, David Marcus, in his blog post dated Sep 25. The blog details why the existing financial services system needs to be revamped using blockchain technology to make it more relevant to current needs. The underlying problem of global financial system According to him, the “money networks” are highly fragmented, all working independently. Besides the regional payment networks, there are central and interbank networks, most of which were built as per the demands of the 1960s and 70s. Because the underlying framework is
