And indeed, this is likely to be one of the most important developments in payments, but also in banking more broadly. Blockchain technology, which enables something called decentralized finance, even puts into question the very need for traditional payment systems and key functions of banks, at least in theory.
To understand this, let's take a small detour and do a 1 minute crash course, or at least fresh-up, on banking. What is a bank? Of course there is a building, there are bank employees, there are ATM'sc, etc. But in theory, you could all do without these, and in fact banking is less and less about bricks and banknotes.