does not require a license , yet at the same time the blockchain lowers the entry barrier . New entrants no longer need to build a global network of intermediaries and partners , but can move money with using one of the exiting blockchain protocols . Various offers of Blockchain-as-a-Service ( BaaS ) even enable smaller players to profit from the technology without the excessive significant investment that goes into building an application from scratch . Instead , they can rent it from one of the large tech companies .
For banks , the blockchain idea has evolved from representing an alternative financial system to enhancing the current one . This journey from threat to tool is typical for much of groundbreaking innovation , yet which incumbents will ride the wave of success will be determined by who understands the new competition and the new arenas of competition . Above all , they must understand the fatal consequences of losing grip of the payments realm .
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