Parts of the capitalist economy’s structure has become rusty. Incumbent organizations in the financial sector are being challenged across various segments, such as payments, lending or wealth management. Innovation is on the rise.
The FinTech revolution
Much of this innovation finds its roots in technological advances in peer-to-peer networking, cryptography, cloud computing, mobile apps, and big data analytics. Thousands of so-called “FinTech” startups are now offering innovative services and stealing market share from large banks, insurance companies, and payment processing firms. Often less constrained by regulation, more reactive, and able to design beautiful customer interfaces, these startups have a real chance at changing profoundly how the financial system has structured our world for many decades.
Bitcoin and the rise of crypto capitalism
Of particular interest is the rise of bitcoin, a decentralized cryptocurrency relying on blockchain technology to facilitate transactions. Blockchain-based innovations are paving the way for a decentralized form of capitalism. And this is not just about new technology. Shifting social norms and expectations play an essential role in the emergence of what we could call crypto capitalism—a new age in history where transactions between people can be done seamlessly, digitally, securely and without the need for pre-existing trust, thanks to public-key cryptography.
An industrial revolution is underway. And it is one that has the potential to render many traditional organizations—from government agencies to business corporations—inefficient or redundant.
The Crypto Capitalism Center
It was created in 2014 at Western University’s Ivey Business School (Canada) to research the rise of FinTech with a special focus on the bitcoin economy.
Our mission is threefold:
- Collect and analyze data to publish high-quality research papers that will provide a neutral and objective knowledge source on FinTech
- Interact with entrepreneurs, incumbent firms and regulators to lead the discussion, inform policy makers and the general public
- Develop cutting-edge educational material for students and executives in order to build expertise in FinTech
Funded by the Ontario Government, the Social Sciences & Humanities Research Council of Canada, and Ivey Business School, the Crypto Capitalism Center is on a mission to study one of the most exciting tranformations that our modern societies have ever experienced