I thought I would share with my readers a selection of the points mentioned in the book (modest disclaimer: it is a non-comprehensive, and personal, quick summary that does not replace the reading of the book)
– The author is an independent commentator in the financial industry.
– Summary in a sentence: There is a network transformation of how we exchange value.
– This network transformation is linked to our secure digital identities.
– The author describes the blockchain technology also as an authentication technology.
– He touches also upon the history of money and how farming created money as an instrument to keep value.
– A detail: It was China inventing paper-based money.
– An interesting thought: “Simplification comes from kids and complexity comes from incumbents”
– Clear statement: Banks don’t trust each other anymore.
– Interesting story of an attempt to regulate: https://en.wikipedia.org/wiki/BitLicense
– The author sees banks more than as money stores as value stores. His stance: value stores need regulation.
– Three different roles played by fintech players in the banking industry: wrappers, replacers and reformers (vis a vis traditional banking).
– How free apps can make money? By creating additional (not currently existing) value and by being relevant.
– The potential to re-invent banking (rather than to disrupt banking)
– However: Let’s be realisitic. In the UK 62% of the population still prefers face to face in a branch as preferred channel to access bank services.
– Banks already require a digital core, a platform. So that channels are replaced by access. In the digital era, they talk about access (to that digital core) and not channels anymore.
This is a Security Bloggers Network syndicated blog post authored by itsecuriteer. Read the original post at: Security and risk