AlleghenyCrypto

Yes, it is much cheaper than training once employed; however, the company should view training employees in new technologies as something that gives the company a competitive advantage. Technology ages pretty quickly, and if you want to stay at the forefront of technology as a company, then it might be a good idea to encourage your employees to use some of their work time to invest in learning the new tools that will push the company forward. Yes, they might leave once they have "leveled-up"; however, one alternative is that they come to the company and never really grow beyond the skills you initially required but may no longer need.

Maybe I don't fully understand the technology here. Couldn't it work like the following?

You have an identity entity off-chain (say a government body) that you get some kind of cryptographically signed piece of information that doesn't relay any of your personal information on-chain but allows entities on-chain to know that you are in good standing with the off-chain identity service? Couldn't it even be a one-time use type of thing?

I've just started digging into the space, so maybe my question is way off base. I'm hoping someone will at least give me some insight though. Would it be possible to source the same level of credit data in a decentralized manner and use (e.g. send a loan to collections) all in a decentralized manner? If so, what is legitimately preventing the migration of all functions of a modern bank to a decentralized model?

I've really just started digging into decentralized finance, and a lot of what I see does seem like nonsense; however, I realize that things are still in a very primitive state.

With some of the largest financial institutions in the world having a net interest margin between 250 and 300 basis points, I cannot help but think there is some potential for decentralized finance to somehow give at least a portion of that margin back to people. It's going to take time though. When you are moving money around, you cannot break things and then ask for forgiveness later. Good engineering practices will need to be brought to the space. Good risk management will need to be brought to the space. I'm curious as to what this will all look like when things mature. Will we be able to transfer the entire functionality of a bank into a smart contract someday with all of the regulatory metrics currently attached to traditional banks fully intact?