They are doing it for good reasons, presence of malicious agents (money launderers, etc.) exploiting trust requires it. (In fact, I’d argue banks are getting away with not doing it enough with very moneyed customers.)
Blockchain does not eliminate this need in current age—either equivalent institutions would have to be reproduced all anew, or we need to end the motivations that make people want to exploit financial system in the first place.
And if we do address the latter (the only sustainable solution in the long run), then what is the benefit of blockchain and all? Isn’t it just pure overhead then?
