Looking at it pragmatically, we interact much more with the grocer down the road than we do with our banks, however, the only way we can commercially interact with our grocery store is through our banks.
The question that needs to be asked is: If my grocer offered me an option to bank with him, would I?
Why the hell would I not, for at least the value that I would spend at that store in that coming month?
If a bank account is just a digital representation of value, that is kept somewhere, why can’t we store that value where we use it most. So if my grocer were to incentivise me to preload value into his digital representation of my value, would there be enough trust in my grocery store to keep my value with it?
The unique facet that a grocery store offers, if it were to be my bank, is that it would have a product that I really need on a daily basis that can act as a hedge against the counter party risk of it holding my money. If there is a run on a bank, I get nothing.
So what is the benefit for the grocery store?
Well, it gets liquidity upfront, it ensures future revenue and enhances loyalty with its customers. To name only three…
For the grocer it is a no brainer to want to bank his customer’s money. For the customers , it will depend on their trust in the grocer and the added value they will receive.
Blockchain now allows grocery stores to interact directly with customers and value can transfer directly between the store and its customers. It will be up to the grocer to determine whether his customers trust him enough with at least the value that they will spend in groceries for the coming month. If that answer is no… the grocer probably has some bigger questions to answer.
If it is yes, what are enterprises waiting for? The technology is available for them to act. If they don’t… their competitors will.