US Banks Collapse To Spike In Stimulus Interest, Can Blockchain Come to Rescue?
On Wednesday, significant US banks, including the US Bank, PNC, Citi, and Capital One, experienced severe technical setbacks after being hammered by a massive wave of a spike in motive interest as people thronged to their websites to review the status of their much-awaited stimulus payouts.
The coronavirus outbreak has caused extensive devastation in America, with over six hundred and fifty thousand confirmed cases in the country. A broken public health system and a flailing economy, coronavirus is displaying some notable weaknesses of an otherwise advanced state.
Prior this month, the government opened its eyes to the ticking time bomb. It started a large stimulus payout to help its citizens endure the far-reaching consequences of the pandemic.
Approximately eighty million Americans are definitely about to earn their eagerly-anticipated, one thousand two hundred dollars ($1200) worth, economic impact payouts. Nevertheless, the process is anything but fast and smooth.
US banks unable to cope with increasing demand
NBC News reported on Wednesday that with people speeding on to the banks’ websites to review the status of their payouts, it is collapsing their complete system. Various banks, including Chase, SunTrust, and Fifth Third Bank, announced problems of website slowdown, interruptions, and outages.
Can blockchain come to rescue?
Furthermore, while we keep extracting Bitcoin to pieces for its lack of scalability, banks have revealed that they, too, are incapable of scaling with rising demand. Although the government is arranging everything it can to assure that no one is left out because of the banking system incompetence by actually printing out the checks, it goes to explain that we aren’t executing the most of what technology has to contribute.
When everything is friction-free and seamless, the US banks will be incapable of charging their consumers higher rates. The US government needed to assure that the complete process of stimulus payouts is carried out without any hiccups; it could’ve fostered a notion similar to Libra or JPMCoin. So, the problem isn’t with technology though with the antiquated opinion, which will necessitate changing in the future.
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