(first published on bankinnovation.net)
A new wave of technological change is right beyond the next hill, really in the next couple of years. Its most visible symptom is the hyper-connectivity to the Internet, which fuels the evolution of:
- bitcoin-inspired distributed systems,
- open APIs (application programming interface) as a new way to consume business services on the internet,
- crowd-sourced identity schemes, and
- open source hardware and applications.
How can the traditional industry players prepare for such changes? How can we leverage these changes to make low cost, secure and reliable financial services available for everyone on the planet?
Imagine yourself being an electro-mechanical engineer back in the late 1940s. This was a period of vacuum tube electronics, and the appliances using this technology were widely used from the household to the heavy industry. it was a time where the technology was mastered. This vacuum tube “castle”, a safe and predictable technology…
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