Banks in the next 20 years
Banks in the next twenty years will face adaptation in favor of disruptive new economy ecosystems, such as the emerging crypto economy and other network based economies such as the collaborative economy and the civil economy, which will be the new forces building parallel networked civil infrastructures, to replace the corporate failing ones. The rise of crypto currencies does not only mean having additional currencies, but it means opening entirely new markets, see new players and define new business models. It means creating a crypto stock exchange, trading on crypto digital autonomous entities, new generation commodities such as processing power and re-engineered energy. The banks authority and trust will be substituted by block-chain infrastructures than guarantee trust and a democratized authority. Bank accounts will become wallets and banking corporate infrastructures will disappear in favor of block-chain based services and providers, delivered through the internet and linked to our digital wallet. I see a complete migration toward crypto currencies, going through a period where “crypto gates” will allow us convert real money to crypto currencies like Bitcoin or others. Banks will have to become themselves part of the block-chain system, in order not to collapse. The new crypto economy will allow to create custom and personal currencies on the go. But will the crypto economy and a crypto financial system will finally be the answer to even out wealth on the planet?