Large, bureaucratic, highly regulated industries like banking and finance generally do not evolve with the pace of technological innovation unless they are confronted with a new competitive challenge. “Crypto winter” or not, blockchain continues to represent precisely such a transformative force.
WASHINGTON, DC – Without Uber, would many taxi services have developed their own ride-hailing apps or started accepting credit cards when they did? In static industries with little competition, it takes new competitors and technologies to drive change. And, if managed well, this change need not even threaten incumbents, because they can adopt the new technologies and business models to keep pace with what consumers have come to expect from the new entrants.
WASHINGTON, DC – Without Uber, would many taxi services have developed their own ride-hailing apps or started accepting credit cards when they did? In static industries with little competition, it takes new competitors and technologies to drive change. And, if managed well, this change need not even threaten incumbents, because they can adopt the new technologies and business models to keep pace with what consumers have come to expect from the new entrants.