Within the United States, the US Federal Reserve & the Governor’s of the Federal Reserve understand and are sharing with business leaders that the “advanced cryptography” of blockchain technology will reduce the vulnerability of any organization from cyber attack risk, but the same advanced cryptography in the blockchain technology may make it easier for users to hide their privacy and identity. Recently, another US Federal Governor said, “To the extent we relax strong cryptography to make it easier for authorities to monitor illegal activity, we could simultaneously weaken security.” The traditional finance industry in advanced regions of the world (such as the USA, EU, and AU) partly realize that distributed ledgers could “ameliorate or exacerbate” traditional financial risks (at both ends, for both users AND institutions). This understanding is trust across the entire peer-to-peer blockchain network and the world.
Further, Moody’s credit rating service reported that industry giants are unlikely to be disrupted by blockchain finance technology, due to the barriers of entry and the size of the giants compared to the Bitcoin an blockchain competition. The writers at Moody’s say “We really don’t necessarily see today’s incumbents being displaced or disrupted in the first instance” — Do these seem to be famous last words of an industry that is about to be disrupted?
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