Two Thoughts on Fintech and Blockchain

1) As much as people’s initial hope of how decentralized internet should be when it was first invented, we see very centralized services over the years for various reasons (convenience, efficiency, human nature, need for trust) at the same time when it flattens the world as humanity has never seen before.

2) The past 20 years of information decentralization didn’t render NY Times obsolete, but the whole news business is hugely transformed with new big players (facebook) as well as a lot more smaller players enabled by this technological capability. If this can be of any reference in the era of trust/money decentralization, perhaps bank will not be obsolete just as NY Times is not. But if an average Joe could set up a bank and you don’t need to trust him but the underlying tech, then we will see many average Joes in banking business competing/collaborating with HSBC just as many bloggers are in news business competing/collaborating with New York times.

It is interesting to see how this could shake up different aspect of the game in the next decade.

Written on November 23, 2017