What Would Happen If Your Credit Card Doesn't Run On BLOCKCHAIN
Even CBDC the Central Bank Digital Currencies are running on blockchain. Do you know why blockchain prevails in the FinTech space? Because these blockchain features appeal to the utmost sensitive financial information:
- Distributed Ledgers
- Data Immutability
- Enhanced Security
In previous post, I talked about how a failed credit payment would potentially screw up my company. It's the backstory of this post, learn more at: Moment of Life or Death for Aero Wong LLC?! Caused By the HSBC?!
I'm unable to pay the annual report fee with my HSBC credit card for Aero Wong LLC still. I'm contacting Anne, the associate director from the relations department. She made a promise to give me an email reply in the same month, on or before Apr 26. In other words, it might take as long as 20 days to process my easy inquiry: Why can't I pay the annual report fee to a U.S. government website via my credit card? I just want my 15 bucks issues settled and move on, I have lots of other business issues to deal with, and I don't want to communicate with her but she doesn't give a shit. She's supposed to be the relationship person of the company and she doesn't have any empathy to the customers. The sad fact is I've already got used to it.
Two years ago, I dealt with the same woman at the Financial Dispute Resolution Centre, located near the International Financial Centre. It was on the fourth floor of Justice Place. It's the building of the Department of Justice of HKSAR, but I didn't feel any justice at all. HSBC accused me of purchasing books and some educational stuff from an unknown company overseas worth more than 200k.
Not an associate director. Anne was the senior manager of the relations department at the time. I wonder if she got the promotion after my fraudulent transaction case. She successfully helped her company save 200k+, pushing all the fraudulent transaction amounts to me by merely giving me a 60-month no-interest loan. With all the money given, I still haven't read a single book or received any education from any merchants until today.
It's a long rectangle table, the classic negotiation table you can watch in a movie. The lawyer sitting in the middle on one side between me and Anne, I was confronting Anne from the opposite end of the table, three of us discussed how to resolve the fraudulent transaction that happened on my credit cards. I handed in monthly statements that presented information about two of my different credit cards, "Can you tell me why my home address appears differently on my credit cards?" pushing them toward Anne. The lawyer had a quick glimpse of the statements. ROOM, FLOOR, and BLOCK on the Master card's statement; And RM, /F, and BLK on the Visa card's statement. She let our conversation unfold naturally.
"I've consulted our I.T. guys," Anne said, "they said it's normal."
"What the fuck?" It's my internal dialogue.
I couldn't lay blame on any one of them though. I was the only one who could understand all of the technical complexities. It's a big flaw in HSBC's I.T. system. I've never updated my residential address. It's a fuckin' abnormal behavior to present my home address in two different fashions. Even they meant the same thing. What could happen to the data I've inputted in the HSBC's system? How do the database administrators handle my data? Is there any database operation that massages my data in a way that makes sense to them but doesn't make sense to the customer? Can they even update my account's ledger in whatever way they want? Will my account balance accidentally be deleted by multiple zeros and I go broke? Hundreds of seemingly technical questions but customer questions raced through my head.
Now you know why blockchain has become a mainstream protocol to process financial information. Your financial data is not a single copy in the bank; it's distributed with a network of computers. Your financial data is immutable once they are in the system; it cannot be altered by anyone not even the bank database administrator. Your financial data is secured because of the blockchain nature; not because you trust the bank.