The Coming Cataclysm
Author: Alex Tapscott
Release Date: September 30, 2019
This research explores the disruptive effects of blockchain technologies on central banking and the financial services industry. Its author discusses Facebook’s proposed cryptocurrency Libra, and how the other FAANG companies—that is, Amazon.com, Apple, Netflix, and Google—might respond with their own digital tokens. He introduces five transformations—cryptoassets, the tokenization of everything, blockchains as state machines, a new model for identity, and the nine forms of decentralized finance. He examines the challenges that incumbents and innovators face during this transition; and he previews the world of financial services in the year 2030, so that readers get a clear sense of the unintended consequences of uncoordinated efforts and the potential costs of inaction.