It's the Blockchain that Alters Business
Bernhard Keim, Business Consultant, Germany, Premium Member
Bitcoin is only an early adoption of a blockchain protocol. Blockchain protocols will alter the way we will do business in some significant ways. The main advantage of cyber currencies is that you do not need an intermediary (like a bank) anymore to process payments. With cyber currencies (CC) everyone becomes his own bank. With one click, money can be transferred from A to B. Example: Right now there are up to 40 intermediaries to forward and secure payments abroad. This takes time and costs money. With CCs this will change. Payment becomes an instantaneous matter.
The lack of current CCs is that many of them are just hot air. There is no true intrinsic value. Most are not backed by real assets, and the ones who claim to be backed are not regulated. This will change.
You can expect that ECB or FED start to issue Euros or Dollars on a blockchain basis in a couple of years. When this happens, the current payment business models of commercial banks will pass a fundamental change. Are they prepared?