The article discusses the misconceptions surrounding traditional finance (TradFi) and the evolving landscape of blockchain technology. It argues that despite blockchains being technically less efficient than centralized systems for payment processing, intense competition and innovation in the blockchain sector drive down costs and enhance features beyond the capabilities of legacy financial services. Transaction costs on blockchains like Solana and Ethereum’re significantly lower than traditional banking, with potential savings exceeding $100 million annually for firms migrating to on-chain transactions. However, adoption is slow due to inertia, lack of regulatory compliance, and privacy concerns. The author emphasizes the risks for traditional banks, drawing parallels to the telecom industry's transformation during the internet boom, suggesting that banks must adapt rapidly to avoid obsolescence. The coming decade is pivotal for the finance sector as competition heats up from the blockchain ecosystem.

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