The modern financial system is usually traced back to the Bretton Woods accords, which were negotiated in the shadow of World War II. It was a system designed for great power politics to solidify alliances and prevent another World War through shared financial incentives. Beginning with the financial crisis of 2008, and again after 2020, global leaders have called for a second Bretton Woods. But in the blockchain industry, we think that moment already happened when Satoshi Nakamoto published the Bitcoin whitepaper in 2008.
If we are going to create a new system that banks the unbanked, works across borders, and treats everyone fairly, it needs to come from the ground up. We can’t rely on great power politics in the modern era—businesses and individuals need access to an open system with clearly defined rules and logic that they can understand and trust.
Public blockchains, like Bitcoin and Ethereum, are the first truly fair and open global financial system that’s proven to be safe and effective for trillions of dollars worth of transactions across every nation in the world. The next phase of this evolution is decentralized finance (DeFi) technology—rebuilding banking functions like lending, borrowing, and market-making as smart contracts that anyone can use.
Continue reading: https://www.fastcompany.com/90715501/how-blockchain-can-become-the-financial-system-the-world-needs
If we are going to create a new system that banks the unbanked, works across borders, and treats everyone fairly, it needs to come from the ground up. We can’t rely on great power politics in the modern era—businesses and individuals need access to an open system with clearly defined rules and logic that they can understand and trust.
Public blockchains, like Bitcoin and Ethereum, are the first truly fair and open global financial system that’s proven to be safe and effective for trillions of dollars worth of transactions across every nation in the world. The next phase of this evolution is decentralized finance (DeFi) technology—rebuilding banking functions like lending, borrowing, and market-making as smart contracts that anyone can use.
Continue reading: https://www.fastcompany.com/90715501/how-blockchain-can-become-the-financial-system-the-world-needs
