There's also a large network effect associated with some platforms. For example, according to Autonomous Research, card networks currently process around 2,000 transactions per second and do so very cheaply, meaning that merchants have little incentive to switch.
Finally, one unintended consequence of full automation is the lack of circuit breakers. The current settlement process provides more opportunity to hit the brakes if something goes wrong.
According to the DTCC, the blockchain not only has fundamental technology challenges related to scalability, latency, performance, and security but many operational problems as well. For example, logging and monitoring are essential for enterprise environments, but have not yet been addressed.
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