How Blockchain Could Disrupt Banking

Over the past 10 years, blockchain technology has attracted a lot of attention, moving past the acclaim of a small group of Bitcoin enthusiasts and into the mainstream discourse of financial specialists and investors.

In reference to the Dutch tulip market boom of the 17th century, JP Morgan Chase CEO Jamie Dimon mocked Bitcoin in September 2017 by saying, "It's worse than tulip bulbs." It won't work out nicely. It will result in the death of someone. That idea was mirrored by Goldman Sachs Senior Chairman Lloyd Blankfein, who said, "Something that fluctuates 20% [overnight] does not seem like a currency. It serves as a means of deception.

The topic of whether blockchain and decentralised ledger technology (DLT) will replace or change components of the financial system still exists in spite of the pessimism.