Since becoming popular, Bitcoin has been hailed as a revolutionary technology that will change the world's financial landscape. Although bitcoin is not as revolutionary as ATM and PayPal, its impact on society is undeniable.
The innovation and innovation of financial science and technology is actually a process that has been going on for decades. It began in 1970. A recent report from Business Insider Intelligence stated that financial technology innovation is a process of continuous development, and its impact can be said to be greater than that of ATM and PayPal, and even greater than Bitcoin's role in the financial system.
ATMS changed the way people interact with banks and achieved a degree of automated trading, and the emergence of PayPal reduced people's dependence on banks for saving and transfer transactions. However, holders of PayPal accounts are still required to use traditional payment methods to deposit funds in their accounts. In this regard, Bitcoin does bring a new level of regulatory breakthroughs, and its characteristics show that banks will be replaced under the general trend of development.
At the moment, Bitcoin may not be able to completely replace banks, but it has shown such potential. The financial development of the new era depends on Bitcoin. More precisely, it depends on its underlying technology blockchain. Now many startup companies are exploring it. A recent report entitled "Financial Technology Ecosystem Report: Measuring the Impact of Technology on the Financial Services Industry" provides a new perspective on the future of financial technology.
It depicts a war between the existing financial powers and start-up companies that have relied on decades of traditional machineries. Like all other wars, there will always be winners and losers, and in the end it will be who wins this war. We will only wait and see.
If we want to give examples, we can also see that the long-running war continues - such as the confrontation between traditional banks and online banking systems, the confrontation between the traditional lending market and the P2P market, and crowdfunding and traditional funds. Management confrontation with robot consultants.
All these cases show that new alternatives, including blockchains, are technology-driven, requiring only minimal manual intervention. According to the forecast of this report, major changes will take place in the fields of banking, lending and finance, payment and transfer, wealth and asset management, markets and exchanges, insurance, and blockchain trade.
"Fintech will soon change the nature of almost all financial activities, from banking to payment to wealth management." For now, there is no real winner in this war. Whether they are traditional financial institutions or start-up companies in the new era, they are all trying to overcome their own challenges and seek out a solution that can win. For both parties, they are now in a state of survival.
This report regards the blockchain as a trump card for financial innovation, and believes that regardless of whether Bitcoin can change the financial system as a digital currency, its underlying technology is also the goal that everyone is aiming for.