Summary of The Hutchins Center Explains: How Blockchain Could Change the Financial System, Part 2

Looking for the article?
We have the summary! Get the key insights in just 5 minutes.

The Hutchins Center Explains: How Blockchain Could Change the Financial System, Part 2 summary
Start getting smarter:
or see our plans




  • Analytical
  • Innovative
  • Background


In part 2 of their report on blockchains and distributed ledgers in financial services (click here for part 1), David Wessel and Peter Olson of the Brookings Institution moderate conflicting viewpoints on how users, global financial organizations and government regulators will interact in and forge the long-term future of the disruptive technology. They explore nuanced questions such as whether cryptocurrencies are necessary for the underlying decentralized exchange system, as well as what role state entities and entrenched businesses will play in balancing payment evolution with regulation. getAbstract recommends this highly instructive article to executives interested in discerning the trajectory of blockchain and distributed ledger technologies.

About the Authors

Peter Olson is a research analyst at the Hutchins Center on Fiscal and Monetary Policy, where David Wessel is the director.



Blockchain, the digital information transfer and accounting platform, holds huge potential to transform the existing global payments system. Users could harness the distributed ledger technology, which powers bitcoin and other cryptocurrencies, to disrupt the centralized payment-processing model. Advocates of adopting bitcoin and other digital legal tenders as new payment media stress that cryptocurrencies are essential to making this revolution possible. Proponents believe that bitcoin is a necessary financial incentive for independent users to engage their computing power in ...

More on this topic

Customers who read this summary also read

The Blockchain and the New Architecture of Trust
Blockchain Babel
DeFi: The Hot New Crypto Trend Of 2020
Bitcoin’s Guardian Angel
What Every Investor Needs to Know About Blockchain
The Rise of Digital Money

Related Channels

Comment on this summary