Since I was speaking with Douglas Heintzman, host of W3B Talks and Chief Catalyst at the Blockchain Research Institute (BRI), I could dig deeper into the implications of blockchain in finance. I delved deeper into how AI, Web 3, and blockchain are revolutionising financial services. We also discussed the following:
- Challenges Facing Banks: The banking industry is under significant stress as traditional business models become increasingly outdated. We explored the evolving role of banks in an era where peer-to-peer transactions and digital currencies are gaining prominence. The traditional intermediary functions of banks are being questioned, and I provided insights into how banks can redefine their purpose.
- Impact of Digital Currencies: Our discussion also covered the rise of digital currencies and their implications for the future of finance. We talked about the potential of Central Bank Digital Currencies (CBDCs), the shift towards tokenised deposits, and the broader impact on financial systems. The financial landscape is changing rapidly, and banks must rethink their roles and strategies to remain relevant. Emerging technologies like AI, blockchain, and digital currencies offer opportunities for innovation but also pose challenges that need to be addressed. As we move toward a more personalised and open financial system, banks will need to embrace these changes to stay at the forefront of the industry.
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