I agree with the thesis of this article by William Mougayar. However, in my view, a definitional point is in order to be fair to all involved. Financial firms have innovated, or at least evolved their product lines. As someone old enough to have had his tongue gummed up with stamp glue from mailing checks, things have indeed come a long way.
What is incompatible with regulated enterprises, though, is disruption. Regulators and their charges can hardly destroy their business model, after all. As Shumpeter had pointed out way before we entered this current age of acceleration, creative destruction is not a gradual, but a traumatic phenomenon. As for permissioned blockchains, I struggle to find parallels from the past, but I have this image of chariot makers adding speedometers to their horse drawn vehicles to compete.
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