Finance is essentially a system that tracks the ownership of value. Whether that value is money or an asset or whatever. According to Weiss Crypto Sunday Special host Chris Coney, this system is becoming more abstract.
We’ve already experienced a shift like this before. Once upon a time, we bartered for goods and services directly with other goods and services. Then, we introduced currency as a stand-in, abstracting the process.
Now, we have fintech — financial technology. According to Chris, it’s the third evolution of our financial system, abstracting it even further to the point of dematerialization.
“Instead of messing about with these very basic electronic systems like ATMs and so on, we’re now using the internet so the consumer can connect directly to the online financial system and send requests for statements, logins, internet banking, apps on mobile devices, etc. instantly,” explains Chris.
In this special interview, Chris and Alex Benfield discuss:
• The history and evolution of our financial system.
• The benefits of dematerialization.
• How decentralized finance (DeFi) can push dematerialization into hyperdrive.
And more!
It’s a truly fascinating topic. I highly recommend you watch the full interview now.
Best,
Beth Canova
Managing Editor
