Providence Blockchain, what I will call a layer two blockchain similar to Hive-Engine, but in the Cosmos Blockchain Network system, is operating under a very different narrative then most blockchain communities: It is operating under the premise that cryptocurrency tokens which declare themselves as securities, follow all existing securities laws and the requisite KYC, qualified investors rules and exchanges limited to securitiy tokens and qualified investors are allowed to operate with the grace of the SEC, and this allows the blockchain to interface with banks in a legal and seamless manner.
Additionally, they have created a token, which is a stablecoin equivalent, which banks operating on that blockchain can use as a dollar equivalent, conduct instantaneous payment transactions with later dollar-token settlement if and when the bank desires, or no dollar-token settlement as the token just keeps circulating between banks as a utility token to execute transactions.
The banks use this open blockchain to settle transactions, and individiual run nodes to maintain the integrity of the blockchain ledger.
In otherwords this is a blockchain, which is operating a decentralized stablecoin, which banks are using as a digital dollar and which in the future people could use as a blockchain based banking system.
Are there banks using it?
There are over 50 banks, which settle over 52 billion dollars in transactions in the first year of it's existence.
The future isn't waiting for permission or concensus
I offer up this information as an example of peaceful, so far, co-existance between cryptocurrency, banks and the SEC.
I offer this up as a functional example of a blockchain integrated into the US Banking System, and used by banks to conduct transactions at the speed of blockchain.
It's amazing to me, how so much is being created, and how much business is being conducted in the world of cryptocurrency that most of us aren't aware of..
The world of technology, finance, science, and progress continue to advance despite peoples disagreements over how it should be done, and whether it shold be done, their are people who are just doing it.
Capitalism, love it or hate it, is still one of the strongest forces for progress in the world.
Blockchain technology and cryptography are smart technologies which are being adopted by people who find a way to get stuff done, despite roadblocks.
What some view as roadblocks, others view as opportunities.
@shortsegments