CHRIS SKINNER TECHNOLOGY'S WATERFALL EFFECT

摘要

As the banker celebrates its 90th birthday, I'm often asked how quickly the changes I outline in technology will take to become mainstream. Well, it won't be 90 years, but it will be somewhere between 10 and 20 years. The building of a real-time, almost free financial network on the internet, using blockchain and mobile, will take a decade at least before it becomes mainstream. Some say: "That's a long way off! Can we talk about something happening sooner?" That's an interesting reaction. Sure, we could talk about how Apple Watch payment apps or Chase Pay will develop. But, I am not talking about incremental innovations here, but fundamental ones. The rebuilding of the whole financial market using shared ledgers. The inclusion of 7 billion people in the financial network through mobile. Those are the big-ticket items. Another user signing up to internet payment solutions PayPal or Stripe may be interesting, but it is not the massive change we can see coming downstream.