# kaal:claim:3406323-029

**Claim.** Decentralized banking substitutes blockchain transparency, a permanently uneditable record, and equal access for the governmental fiat that traditionally created public confidence, building slowly toward the higher confidence equilibrium that raises economic efficiency.

**Type.** mechanism  **Support.** argued

**Holds when.**

- banking systems whose efficiency depends on public confidence equilibria

**Source quote.**

> Decentralized banking uses blockchain technology's property of complete transparency, a permanently uneditable record, and equal access to all, in order to provide a continually auditable system to slowly and stably build toward this higher equilibrium of public confidence.

**From.** Wulf A. Kaal, *Decentralization - A Primer on the New Economy* (2019), VI. Evolution, page 15

**Cite as.** Wulf A. Kaal, Decentralization - A Primer on the New Economy (2019). SSRN: https://ssrn.com/abstract=3406323

**Verify.** sha256 of source PDF `6293780b57a1ae1de17ec00f99cc94295d4f72ea4d08b17a5c08c44772b221db` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202019%20-%20Decentralization%20-%20A%20Primer%20on%20the%20New%20Economy.pdf

**Topics.** decentralization, systemic-risk, disclosure

**Keywords.** decentralized-banking, public-confidence, multiple-equilibria, transparency, fdic

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