The rise of cryptocurrencies presents a significant challenge to traditional monetary policy. If cryptocurrencies achieve widespread adoption as a global payment system, central banks will face diminished control over monetary policy, especially those in smaller economies. This is because cryptocurrencies operate outside the traditional banking system and are not subject to the same regulatory mechanisms.
Reduced control over money supply: Central banks typically influence money supply through interest rate adjustments and reserve requirements. Cryptocurrencies, however, bypass these mechanisms, potentially making it harder to manage inflation and economic growth. The decentralized and often algorithmically governed nature of cryptocurrencies makes them less susceptible to central bank interventions.
Increased volatility and market instability: The inherent volatility of cryptocurrency markets poses a significant risk to financial stability. Large-scale adoption could amplify price swings, potentially triggering cascading effects on traditional financial markets and impacting overall economic confidence. The lack of robust regulatory frameworks exacerbates this risk.
Challenges to financial inclusion: While cryptocurrencies aim to enhance financial inclusion, the reality is more nuanced. Access to digital assets and the technological literacy required to utilize them can exclude vulnerable populations, potentially widening the existing financial gap rather than closing it. The inherent complexity of blockchain technology and cryptocurrency security considerations are significant barriers.
Potential for illicit activities: The pseudonymous nature of many cryptocurrencies facilitates illicit activities like money laundering and tax evasion. While blockchain technology provides a transparent record of transactions, the anonymity features can be exploited by criminal actors. The lack of centralized oversight makes it challenging to effectively track and prevent such activities.
Competition with fiat currencies: A successful transition towards cryptocurrency dominance could significantly impact the demand for fiat currencies, potentially diminishing the influence and power of central banks globally. This shift could have profound geopolitical implications, reshaping international financial relationships and altering global power dynamics.
How does cryptocurrency benefit society?
Cryptocurrencies offer a revolutionary decentralized monetary system, fundamentally altering the power dynamic inherent in traditional finance. This decentralization mitigates the risks associated with single points of failure and centralized control, offering a potential hedge against government manipulation and inflation. The inherent transparency of the blockchain, while not absolute privacy, provides a verifiable audit trail of transactions, fostering trust and accountability.
Beyond disrupting established financial institutions, cryptocurrencies are driving innovation in several sectors. For example, decentralized finance (DeFi) is building entirely new financial instruments and services, accessible globally without intermediaries. Moreover, the underlying blockchain technology itself is being applied to supply chain management, voting systems, and digital identity solutions, promising increased efficiency and security across various industries.
However, it’s crucial to acknowledge the risks. The volatile nature of crypto markets presents significant challenges for investors, and the regulatory landscape remains largely undefined in many jurisdictions. Furthermore, the anonymity afforded by some cryptocurrencies can facilitate illicit activities. Despite these challenges, the potential for positive societal impact remains significant, driving further exploration and development in this rapidly evolving space.
How does cryptocurrency affect financial institutions?
The rise of cryptocurrencies forces traditional financial institutions to adapt or become obsolete. The inherent speed and efficiency of blockchain technology directly challenge established banking systems. This isn’t just about faster transaction speeds; it’s a fundamental shift in how value is transferred and stored.
Increased Competition: Cryptocurrencies offer decentralized alternatives to traditional financial services, attracting customers seeking lower fees, greater transparency, and increased control over their assets. Banks must compete by offering similar features or risk losing market share.
Regulatory Uncertainty: The evolving regulatory landscape surrounding crypto presents both challenges and opportunities. Banks need to navigate this complexity while mitigating risks associated with crypto-related activities, including money laundering and illicit finance.
Innovation and Integration: Forward-thinking institutions are exploring ways to integrate blockchain and cryptocurrency technologies into their existing infrastructure. This includes offering crypto custody services, facilitating crypto payments, and developing new financial products based on blockchain’s capabilities.
New Revenue Streams: While posing a threat, crypto also presents opportunities for revenue generation. Banks can leverage blockchain for improved efficiency in back-office operations, reducing costs and streamlining processes. They can also explore developing new financial products built on blockchain technology, creating innovative solutions for customers.
Security Concerns: The security of cryptocurrency exchanges and wallets is a crucial consideration. Banks must understand the vulnerabilities and implement robust security measures to protect both their own operations and customer assets involved in any crypto-related initiatives.
How can cryptocurrency impact the economy’s future?
Cryptocurrency, specifically Bitcoin, offers a compelling hedge against systemic risks threatening the current fiat system. Its decentralized nature and limited supply create a fundamentally different asset class, unlike government-issued currencies susceptible to inflationary pressures and political manipulation.
Diversifying foreign reserves with Bitcoin isn’t just about managing shocks to the dollar; it’s about mitigating the inherent vulnerabilities of a system reliant on a single, centralized currency. Imagine the implications: reduced reliance on volatile commodities like gold, a smoother response to geopolitical events, and a potentially more stable global financial landscape.
The inherent scarcity of Bitcoin, capped at 21 million coins, contrasts sharply with the potentially unlimited supply of fiat currencies. This scarcity acts as a powerful inflation hedge, potentially safeguarding the value of reserves even during periods of significant monetary expansion in traditional markets.
Furthermore, the transparent and verifiable nature of the Bitcoin blockchain enhances auditability and accountability, fostering trust and reducing the risks associated with opaque financial systems. This transparency could strengthen the confidence not just in the dollar, but in the global financial system as a whole.
Beyond diversification, Bitcoin’s potential to facilitate faster and cheaper cross-border transactions could revolutionize international trade and finance. This efficiency gain would translate to significant economic benefits globally.
Will cryptocurrency be the future of money?
Crypto is poised to revolutionize finance! Its potential to create faster, cheaper, and more transparent payment systems is undeniable. Think about borderless transactions, reduced reliance on intermediaries, and increased financial inclusion for the unbanked.
However, the current landscape is still developing. We’re seeing growing pains. While Bitcoin showed the path, many altcoins haven’t lived up to the hype. Scalability remains a significant hurdle for widespread adoption – transaction fees and processing speeds are key factors limiting mainstream use. Regulatory uncertainty also plays a huge role in hindering growth.
But, the innovation continues! Layer-2 solutions like Lightning Network are addressing scalability issues. New consensus mechanisms and smart contract platforms are creating more efficient and versatile systems. The evolution of stablecoins aims to reduce volatility, a major concern for everyday transactions. The space is dynamic, with constant improvements and exciting new projects emerging.
The key takeaway? It’s not a question of *if* crypto will become a significant part of the future of finance, but *how*. It’s a marathon, not a sprint. Careful consideration of project fundamentals, technological advancements, and regulatory developments is crucial for navigating this exciting, albeit volatile, asset class.
What is the role of cryptocurrencies in modern finance?
Cryptocurrencies challenge the established financial order, offering a compelling alternative to centralized systems. Traditional finance, dominated by intermediaries, often concentrates risk, leading to systemic vulnerabilities and bailouts where losses are socialized while profits remain privatized. This inherent asymmetry is a key target for crypto’s disruptive potential.
Decentralized cryptocurrencies, championed by the seminal work of Nakamoto (2008), aim to mitigate these issues through several mechanisms. Transparency, inherent in blockchain technology, enhances trust by making transactions auditable. This combats the opacity often associated with traditional financial institutions. Furthermore, cryptographic security protects assets from fraud and manipulation, reducing counterparty risk.
Beyond trust, cryptocurrencies improve transaction efficiency. By eliminating intermediaries, they reduce processing times and associated costs. Cross-border transactions, notoriously slow and expensive in traditional systems, become significantly faster and cheaper using crypto. This enhanced efficiency fosters financial inclusion, particularly benefiting underserved populations.
Finally, the decentralized nature of many cryptocurrencies aims to bolster stability. While volatility remains a feature of the crypto market, the lack of a single point of failure mitigates the risk of systemic collapses seen in centralized systems. The potential for increased resilience and reduced vulnerability to manipulation represents a significant advantage.
However, it’s crucial to acknowledge that the cryptocurrency landscape is still evolving. Regulatory uncertainty and scalability challenges remain significant hurdles. Yet, the potential to reshape the future of finance, fostering greater transparency, efficiency, and stability, is undeniably compelling. The ongoing innovation within the space suggests a dynamic and potentially transformative role for cryptocurrencies in the financial systems of tomorrow.
How can cryptocurrency change finance?
Cryptocurrencies have revolutionized finance by offering a decentralized, transparent, and potentially faster alternative to traditional systems. This disintermediation bypasses traditional intermediaries like banks, reducing transaction fees and processing times. The inherent programmability of blockchain technology allows for the creation of sophisticated financial instruments like decentralized finance (DeFi) protocols, enabling peer-to-peer lending, borrowing, and trading without centralized control. This opens doors to previously inaccessible financial markets and services, particularly for the unbanked population globally.
Increased liquidity and accessibility are key benefits. Crypto markets operate 24/7, providing constant trading opportunities and enhanced liquidity compared to traditional markets. This enhanced liquidity, however, also introduces volatility, a double-edged sword requiring sophisticated risk management strategies. Furthermore, the rise of stablecoins aims to mitigate this volatility by pegging their value to fiat currencies, enhancing the usability of crypto in everyday transactions.
Smart contracts automate agreements and transactions, minimizing the need for intermediaries and improving efficiency and security. This automation extends to areas like supply chain finance, allowing for greater transparency and traceability. However, the legal framework surrounding smart contracts is still evolving, creating potential regulatory challenges.
Security and anonymity, while often touted benefits, are complex issues. While blockchain’s inherent security is significant, crypto exchanges remain vulnerable to hacks and exploits, highlighting the need for robust security measures. Concerns around anonymity also raise questions regarding regulatory compliance and the potential for illicit activities.
Despite the challenges, the disruptive potential of cryptocurrencies is undeniable. Their impact on traditional finance will continue to evolve, shaping the future of financial markets and services.
Will cryptocurrency replace money?
While mainstream adoption is growing, with more businesses accepting crypto, the idea of Bitcoin entirely replacing fiat currencies like the dollar is premature. Its volatility presents a significant hurdle. The inherent price fluctuations make it impractical as a reliable medium of exchange for everyday transactions. Imagine trying to buy groceries with something that could lose 10% of its value in a single day!
However, that doesn’t mean crypto is irrelevant. It offers unique advantages:
- Decentralization: Unlike fiat, crypto isn’t controlled by a central bank, offering potential resistance to censorship and inflation.
- Transparency: All transactions are recorded on a public blockchain, enhancing accountability.
- Global accessibility: Crypto transcends geographical boundaries, facilitating cross-border payments more efficiently.
Furthermore, the crypto landscape is evolving rapidly. Second-layer scaling solutions like the Lightning Network aim to address Bitcoin’s scalability issues, potentially enabling faster and cheaper transactions. Meanwhile, stablecoins, pegged to the value of fiat currencies, are attempting to mitigate volatility concerns. Altcoins, offering unique functionalities beyond simple store of value, are also exploring various use cases.
Ultimately, a complete crypto takeover is improbable in the short to medium term. However, cryptocurrencies are likely to play an increasingly significant role within the global financial ecosystem, coexisting with and potentially complementing traditional fiat currencies. The future might see a blended system where both coexist and interact, rather than complete replacement.
Consider diversification. Holding a mix of crypto and traditional assets can help mitigate risk. Always do your own research before investing in any cryptocurrency, given the associated volatility and potential for scams.
How does cryptocurrency affect traditional banking?
Crypto’s disruption of traditional banking is nothing short of revolutionary. It’s not just a niche trend; it’s a fundamental shift in how value is transferred and stored. We’re seeing the erosion of legacy systems built on outdated, centralized models.
Key areas of impact:
- Cross-border payments: Crypto offers significantly faster and cheaper international transfers, bypassing slow and expensive correspondent banking networks. This is a game-changer for remittances and global commerce.
- Decentralized finance (DeFi): DeFi protocols are challenging traditional lending and borrowing models, offering higher yields and increased accessibility. The lack of intermediaries leads to greater efficiency and potentially lower fees.
- Blockchain technology integration: Banks are starting to explore the potential of blockchain for improving security, transparency, and efficiency in various operations, from KYC/AML compliance to trade finance.
- Central Bank Digital Currencies (CBDCs): The rise of crypto is prompting central banks globally to explore issuing their own digital currencies, potentially leading to a more efficient and inclusive financial system. This is a key area to watch.
Challenges for traditional banks:
- Increased competition from decentralized alternatives.
- The need to adapt to new technologies and regulatory frameworks.
- Potential loss of market share to crypto-native businesses.
The long-term picture is clear: Banks that fail to adapt to this new landscape risk obsolescence. Those that embrace crypto technology and integrate it strategically will be the winners. This isn’t about crypto *versus* banking; it’s about crypto *and* banking – a collaborative evolution toward a more efficient, transparent, and inclusive financial future.
How will blockchain impact the financial industry?
Blockchain’s impact on the financial industry is transformative, poised to revolutionize legacy systems. It drastically improves efficiency and security across various financial services.
Streamlining Operations: Blockchain enables near-instantaneous cross-border payments, slashing settlement times from days to seconds. This speed translates directly into reduced costs and improved liquidity for both institutions and individuals. Smart contracts automate processes, minimizing human error and the need for intermediaries, consequently reducing operational expenses significantly.
Enhanced Security and Transparency: The immutable nature of the blockchain creates an auditable trail for all transactions, significantly mitigating fraud and counterparty risk. This enhanced transparency builds trust and accountability within the financial ecosystem. Moreover, decentralized systems are inherently more resilient to single points of failure, reducing systemic risk.
Improved KYC/AML Compliance: Blockchain facilitates secure and efficient Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. Shared, encrypted KYC data across institutions reduces duplication of effort and improves compliance accuracy. Real-time verification of identities and transactions significantly streamlines onboarding and reduces the risk of regulatory penalties.
Unlocking New Financial Instruments: Beyond improving existing processes, blockchain opens doors to innovative financial products. Security tokens represent fractional ownership in real-world assets, offering enhanced liquidity and transparency. Decentralized finance (DeFi) applications are creating new lending and borrowing models, bypassing traditional financial institutions.
- Reduced Costs: Automation and reduced intermediary fees lead to significant cost savings.
- Increased Efficiency: Faster transaction processing and streamlined workflows boost operational efficiency.
- Improved Security: Immutable ledger and cryptographic security enhances data integrity and fraud prevention.
- Enhanced Transparency: Publicly auditable transactions increase trust and accountability.
Specific applications include:
- Supply chain finance: Tracking goods and payments throughout the supply chain, ensuring authenticity and timely payments.
- Trade finance: Streamlining letters of credit and other trade finance instruments, reducing delays and costs.
- Insurance: Automating claims processing and fraud detection.
What is the role of cryptocurrency in finance?
Cryptocurrency is like digital cash. Think of it as money you can send electronically, without needing a bank or traditional financial institution.
Key Differences from Regular Money:
- It’s digital: It exists only online.
- It uses cryptography: This is complex math that secures transactions and prevents fraud.
- Decentralized: Unlike regular money controlled by banks and governments, cryptocurrencies operate on a network of computers, making them resistant to censorship and single points of failure.
How it works (simplified):
- Transactions are recorded on a blockchain – a public, shared ledger. This ledger is constantly updated and verified by many computers.
- Cryptographic techniques ensure that transactions are secure and can’t be easily altered or duplicated.
- New cryptocurrencies are often created through a process called mining, which involves solving complex mathematical problems.
Examples of cryptocurrencies: Bitcoin (BTC) is the most well-known, but many others exist, each with its own features and purpose. Some cryptocurrencies are designed for payments, others for decentralized applications (dApps) or as investments.
Important Note: The cryptocurrency market is volatile and risky. The value of cryptocurrencies can fluctuate significantly.
Does crypto actually have a future?
The future of cryptocurrency remains highly uncertain. A stark dichotomy exists: bullish proponents envision boundless possibilities, while bears emphasize the inherent risks. Even seasoned experts like Professor Grundfest, while remaining skeptical overall, acknowledge specific niche applications where cryptocurrencies offer practical solutions.
This uncertainty stems from several factors: Regulatory landscapes are still evolving globally, creating significant volatility and hindering widespread adoption. Scalability remains a considerable challenge for many leading cryptocurrencies, limiting transaction speeds and potentially impacting real-world usability. Security concerns, including the vulnerability to hacks and theft, continue to plague the industry, eroding user confidence.
However, there are potential silver linings: Decentralized finance (DeFi) is gaining traction, offering innovative financial services beyond traditional banking systems. Non-fungible tokens (NFTs) are revolutionizing digital ownership and art markets. Furthermore, the underlying blockchain technology powering cryptocurrencies has potential applications far beyond finance, such as supply chain management and secure data storage. These advancements might eventually outweigh the challenges, shaping a future where crypto plays a significant, albeit potentially niche, role.
The key takeaway? While widespread mainstream adoption remains uncertain, focusing solely on the speculative aspects of cryptocurrency overlooks its potential for transformative applications in various sectors. The future will likely involve a more nuanced picture, with cryptocurrencies finding their place alongside traditional financial systems rather than replacing them entirely.
What currency will replace the US dollar?
Larry Fink’s concerns about the US national debt impacting the dollar’s reserve currency status are valid. A ballooning deficit weakens the dollar, increasing inflation and potentially triggering capital flight. This isn’t a simple dollar-to-Bitcoin swap, though. Multiple scenarios are possible.
A gradual decline in the dollar’s dominance is more likely than a sudden collapse. We could see a rise in the use of Special Drawing Rights (SDRs) or a basket of currencies as a reserve asset, reducing reliance on the dollar. This would be a slower shift, potentially spanning decades.
Bitcoin’s role is uncertain. While it represents a decentralized alternative, its volatility and scalability challenges make it unsuitable as a primary global reserve currency at present. Other cryptocurrencies or stablecoins, with improved infrastructure and regulation, could emerge as stronger contenders.
Furthermore, the rise of other national currencies, such as the Chinese Yuan, backed by a growing economy and increasing international trade, presents a significant challenge to the dollar’s hegemony. Geopolitical factors will heavily influence this dynamic.
The future of the global reserve currency system is complex, involving macroeconomic forces, technological innovations, and political maneuvering. Investors need to diversify and carefully assess the evolving landscape.
Will cryptocurrency ever replace cash?
Cryptocurrency replacing fiat currency like the dollar is a complex issue. While adoption is growing, Bitcoin’s inherent volatility presents a significant hurdle. Its price swings, driven by speculation and market sentiment, make it impractical for everyday transactions where price stability is crucial. Consider the implications for businesses: fluctuating Bitcoin values directly impact profit margins and accounting. Furthermore, regulatory uncertainty and the lack of widespread consumer understanding and access remain major obstacles. While stablecoins aim to mitigate volatility, they introduce new risks related to collateralization and regulatory oversight. The transition to a crypto-dominated economy would require significant infrastructure changes and widespread public trust, neither of which is currently in place. Therefore, a complete replacement of cash by Bitcoin, or any cryptocurrency, in the foreseeable future is highly improbable.
Beyond Bitcoin, other cryptocurrencies face similar challenges. Scalability issues, particularly transaction speeds and fees, hinder widespread adoption. Furthermore, the energy consumption of some crypto networks raises environmental concerns, creating another barrier to mass acceptance. The development of Central Bank Digital Currencies (CBDCs) also presents a significant alternative, offering a potentially more controlled and stable digital currency alternative to existing fiat systems.
In summary, while cryptocurrencies offer intriguing possibilities, their current limitations make a complete replacement of cash highly unlikely. Significant technological, regulatory, and societal changes would be needed for such a paradigm shift to occur.
What is the role of cryptocurrency in the financial market?
Cryptocurrencies function as digital mediums of exchange, analogous to fiat currencies like the US dollar, but operate independently of central banks and governments. Their decentralized nature, secured by cryptographic hashing and blockchain technology, ensures transparency and immutability in transactions. This transparency, however, also means complete traceability, a double-edged sword for illicit activities. The volatile nature of cryptocurrencies, driven by speculation and technological advancements, presents significant opportunities and risks for traders. Market capitalization fluctuates wildly, influenced by factors like regulatory changes, technological upgrades, and even social media trends. Successful cryptocurrency trading requires a deep understanding of technical analysis, risk management, and the underlying blockchain technology. Diversification across different cryptocurrencies and asset classes is crucial to mitigate risk. Furthermore, the emergence of decentralized finance (DeFi) protocols built on blockchain technology is expanding the role of cryptocurrencies beyond simple payments, enabling novel lending, borrowing, and investment opportunities.
Are cryptocurrencies the future of money?
Cryptocurrencies possess transformative potential to revolutionize payment systems, offering faster, cheaper, and more transparent transactions compared to traditional methods. This potential hinges on robust design and secure implementation, addressing scalability, regulatory compliance, and user experience challenges.
However, the reality is more nuanced. While offering exciting possibilities, current cryptocurrencies face significant hurdles in achieving widespread adoption as a primary medium of exchange.
- Scalability limitations: Many cryptocurrencies struggle to handle a large volume of transactions, leading to slow processing times and high fees, particularly during periods of high network activity.
- Regulatory uncertainty: The lack of clear regulatory frameworks globally creates uncertainty for businesses and investors, hindering widespread adoption and potentially creating risks.
- Volatility: The inherent volatility of many cryptocurrencies makes them unsuitable for everyday transactions where price stability is crucial. Fluctuating values create uncertainty and risk for both merchants and consumers.
- Security concerns: The decentralized nature of cryptocurrencies, while a strength, also presents challenges. Security vulnerabilities, hacks, and scams remain a persistent threat.
- User experience: The complexity of using some cryptocurrencies can be a barrier to entry for the average user, hindering mass adoption.
Despite these challenges, ongoing developments offer hope. Layer-2 scaling solutions, improved consensus mechanisms, and advancements in user-friendly interfaces are actively being developed and implemented to address many of these issues. Furthermore, Central Bank Digital Currencies (CBDCs) represent a different approach to digital currencies, potentially leveraging the benefits of blockchain technology while mitigating some of the risks associated with decentralized cryptocurrencies. The future of money likely involves a blend of traditional and digital systems, with cryptocurrencies playing a potentially significant, but not necessarily dominant, role.
Ultimately, whether cryptocurrencies become the *future* of money depends on overcoming these significant technical and regulatory hurdles. The path forward requires collaboration between developers, regulators, and the wider community to foster innovation while prioritizing security, stability, and user experience.
What are the three purposes of money does cryptocurrency fulfill these purposes?
Money’s core functions are a medium of exchange, a unit of account, and a store of value. Cryptocurrencies aim to fulfill all three, but their success varies considerably. As a medium of exchange, adoption remains patchy; while Bitcoin enjoys some mainstream acceptance, many altcoins lack widespread merchant adoption, limiting their transactional utility. Volatility significantly impacts their role as a store of value; price swings can wipe out savings faster than traditional assets. This volatility also affects their function as a unit of account; fluctuating values make them unreliable for pricing and budgeting compared to stable fiat currencies. Furthermore, regulatory uncertainty, security vulnerabilities (like hacks and scams), and the energy consumption of some cryptocurrencies are key limitations. The degree to which cryptocurrencies overcome these challenges will directly determine their long-term viability and ultimately, their price. Successfully navigating this complex landscape requires deep understanding of both technical and regulatory factors, making thorough due diligence crucial before investing.
Will blockchain change the future of financial systems?
Blockchain’s impact on financial systems goes far beyond mere buzzwords. It’s a genuine game-changer with the potential to revolutionize capital markets.
Reduced Operational Risks: Forget lengthy settlement times and reconciliation headaches. Blockchain’s distributed ledger technology (DLT) provides near-instantaneous, transparent transactions, slashing operational risks associated with fraud, human error, and inefficient processes. Think faster trade executions and significantly lower costs – a boon for high-frequency traders especially.
Mitigated Counterparty Risk: Smart contracts, self-executing agreements written in code, eliminate the need for intermediaries and significantly reduce counterparty risk. This is huge. Imagine a world with fewer defaults and dramatically improved trust – a real shift in the risk profile of many investments.
Enhanced Security & Transparency: The immutable nature of blockchain enhances security, minimizing the risk of data manipulation and fraud. This increased transparency also improves auditability and regulatory compliance. For institutional investors, this is a powerful argument for adoption.
Beyond the Basics: The benefits extend beyond these core points. Consider:
- Programmable Money: Tokenization of assets opens doors to new financial instruments and investment strategies, increasing liquidity and efficiency.
- Decentralized Finance (DeFi): Blockchain unlocks the potential for decentralized financial services, bypassing traditional gatekeepers and offering greater accessibility and potentially lower fees. This is where the real disruption is brewing.
- Improved Cross-Border Payments: Faster, cheaper, and more secure cross-border transactions become a reality, a massive benefit for global trade and investment.
However, Challenges Remain: Scalability, regulatory uncertainty, and the need for widespread adoption are hurdles that still need addressing. But the underlying technology and its potential are undeniable. It’s not a question of *if*, but *when* and *how* blockchain will reshape the financial landscape. The smart money is already positioning itself.
