Blockchain by Harvard Business Review

Author:Harvard Business Review [Review, Harvard Business]
Language: eng
Format: epub
Publisher: Harvard Business Review Press
Published: 2019-09-17T00:00:00+00:00

TAKEAWAYS

The U.S. dollar and other reserve currencies have historically performed well both as a medium of exchange and as a store of value. Cryptocurrencies don’t do well at either of these yet, but they’re still going to usher in a lot of disruption to the financial system.

People are using cash less and less often, and new entrants that are digitizing money are bypassing the established financial system. In East Africa, for example, mobile phone companies leapfrogged banks as payment intermediaries.

Blockchain has an advantage as a digitized currency because it offers a complete, self-contained alternative to the traditional payment transfer system; it is as if all bitcoin users are banking with the same bank.

Using cryptocurrency presents challenges. Users need to worry about an exchange rate and uncertainty around the storage value of cryptocurrency.

New regulations may enable a separation of the exchange and storage functions of money. Commercial banks may continue to hold our money balances in traditional currencies and make loans to businesses with those balances, but transactions may be intermediated by separate payment technologies.

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