By Tim M. Zagar, Co-founder and CEO, ICONOMI The financial industry is buzzing about how blockchain will change the world, but many don’t realize that the transformation has already begun. Much as Uber revolutionized the private-transportation industry and Airbnb the travel industry, blockchain is revolutionizing finance.
Digital assets are reinventing traditional financial and social structures while connecting the world’s billions of “unbanked” individuals with a new global economy. This new technology combines the peer-to-peer approach to computing developed in Silicon Valley with the traditional money-management techniques of Wall Street.
The unprecedented openness and accessibility of blockchain technology are extremely attractive to “digital natives”, Millennials who grew up during or after the explosion of digital technology. These “re-wired investors” want to play a more active role in the services they buy, and banking and fund management are no exceptions.
The Internet-based development of cryptocurrencies and the resulting huge store of publicly available information allow these do-it-yourself-oriented investors to be much more personally involved than they can be when working with traditional fund managers. This self-determination—combined, of course, with expert investment advice—is what this generation craves; and if the world of finance wants to thrive, it should give it to them.
Blockchain makes this more achievable than ever before. Europe: a native blockchain environment If the financial industry is going to get ahead of the tech curve, it must do so in a considered and collaborative way. Read more from internationalbanker.com…
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