The Trouble With Fintech (Or Why ‘Now’ is the Time for DLT)

Chris DeRose is a software developer, bitcoin evangelist and the controversial co-host of the podcast Bitcoin Uncensored.

In this opinion piece, DeRose looks at the promotion of blockchain and distributed ledger solutions, arguing that, in many cases, they’re simply a smokescreen for the shallow repurposing of existing ideas. 

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In 2013, ‘fintech’ gained serious steam.

With the rise of the ‘bitcoin bubble’, Silicon Valley began paying attention to finance technology in a new way. An army of talking heads and oracles quickly declared the state of finance technology to be a world of ‘broken’ business models and antiquated ideas ‘ripe for innovation’.

What followed next should come as no surprise: venture capitalists began their plans for ‘disruption’ through the dot-com model of funding aggressive development teams with esoteric company names, and they went full steam for projects such as ‘Ripple’ and ‘Digital Asset Holdings’ – all of which were designed to lubricate the wheels of interbank financial systems.

Two years in, what have we got to show for this exuberance? I would argue not much.

Finance is a difficult industry to disrupt. For one, it’s a highly regulated, and some of the world’s best and brightest minds are working hard

Read more ... source: CoinDesk

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