BT issue 16 VF - Flipbook - Page 13
ISSUE 16
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We’re witnessing the rapid evolution
of blockchain technology into the new
financial solution, offering a cheaper, more
accessible, more secure way to transact.
And it’s available to all, from the fat cats in
the lofty heights of corporate business to the
everyman (or woman!) on the street.
Blockchain is breaking down the barriers
that have previously existed when it comes
to accessing financial services, instead
providing an experience that removes the
middleman and delivers a secure, supposedly
transparent experience.
BUT WHAT DOES THIS MEAN FOR
TRADITIONAL FINANCIAL INSTITUTIONS?
When we think of evolution, and particularly
technological evolution, we consider it
to be the development and refinement of
technology that serves the same function.
For example, back in the day, music was
listened to live, as it was played. Until
technology evolved to the point Edison
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invented the mechanical phonograph
cylinder and it could be recorded. A decade
later the gramophone was invented, and
live performances could be listened to over
and again on vinyl. Vinyl gave way to the
cassette tape, which was usurped by the
compact disc, whose demise at the hands of
the mini-disc seemed inevitable until digital
streaming became the norm.
All of these advancements are based on
different forms of technology, comprise
different components, and have a different
appearance, yet they all involved imparting
sound on a physical thing, until suddenly
they didn’t.
SUDDENLY, MUSIC WENT VIRTUAL.
Blockchain and fintech are doing for finance
what digital streaming did for music; taking
the conversation into the virtual world.
In this case, the metaverse.
