Bitcoin: Another Banking Headache
Summary
A recent flurry of media reports and surveys have touted that some banking and financial services sector players are undertaking interesting projects with blockchains and decentralized ledgers in particular. It’s a looming tsunami, and the big question is whether the banks will fail to reinvent themselves as they did with the Internet, or if they will dare to induce a self-inflicted shake-up and embrace the future. Based on the early activity that I’m seeing, it appears that the banks are taking a narrow minded view of the opportunity being presented to them. If you’re a CEO or senior executive at a big bank or large financial institution, you will remember the advent of the Internet and its subsequent entry into the world of finance. But we would be hard pressed to see real innovation coming out of that huge spending, because the bulk of those budgets are for keeping the lights on and infrastructure running.
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