Impact on financial services

We have already seen how blockchain is disrupting financial markets through the rise of thousands of cryptocurrencies. (As of September 2018, more than 1,910 currencies are registered with coinmarketcap.com). The top 100 cryptocurrencies together have a market cap of $70 million or more. This list is led by Bitcoin, with a market cap of $127 billion and rising. Only a handful of currencies can be used online or even in some retail stores, and most only hold a virtual value based on supply and demand, which can be influenced by many factors. Millions of people already own one or more cryptocurrencies, and as the adoption of cryptocurrencies increases, there will come a time when you can actually buy something with it.

The growth of cryptocurrencies has already had an impact on the country of Venezuela, as it became one of the biggest crypto markets in the world due to the hyperinflation of its national currency, the Venezuelan bolivar. The bolivar's value had depreciated...