Please note, this is a summary to the article previously published in Forbes.
- Author David Burke makes the analogy that Bitcoin blockchain is “the kind of steamship that shows that steamships work and sets off a chain of innovation that triggers a final burst of innovation from the sailing ships and indicates the direction of sustainable change in the way that the world works.”
- Burke infers that the traditional institution advantage is threatened.
- Banks are constrained where non-financial services players are not: the real challengers can use open banking as a means to get the data that they need and deliver new products and services to consumers.
- One of the outcomes of the fintech revolution will undoubtedly be to unbundle and unlock value as the dreadnoughts of big tech overwhelm the stately galleons of consolidated, utility banking.