The Future Of Banking: Is It All Bitcoin And Blockchain?

Story by: Darryn Pollock

At the beginning of July, news broke of Deutsche Bank staff being sent home as 18,000 job cuts began unraveling before our very eyes. This news was brought to life with an iconic image of two suited men carrying their possessions past the doors of a Deutsche Bank branch in London along with a bag branded “Bitcoins.”

Unfortunately, that image turned out only to be an incredible piece of timing and coincidence as the men were not now out-of-work bankers hoofing it from their formal institutional workplace brandishing the ‘future of money,’ on their bags, instead they were tailors walking past at the right time.

Still, that near-perfect latent image of the finance’s future did spark a few questions in my mind, and the minds of others. Just how far are we from a future predicated on Bitcoin and blockchain in banking?

The beginning of the end for banks

To answer this question, I had to look at what is happening in the world of banking that has led to job cuts and the concerns for the traditional way of doing things in finance. Living in the United Kingdom, London is a historical hotspot for banking and the seat of power for some of the world’s biggest banks.

However, beyond the high-rise glass structures in the city center, there are signs – usually in the tube stations and bus stops – of a new way of managing and controlling your money on a day to day basis. No, it is not Bitcoin – yet – it is the challenger banks.

Original story: https://tinyurl.com/y6eftn4u

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