Digital Currency Perspectives
October 21, 2021

The Sailing Ship Effect In Financial Services

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.

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