FINANCIAL INNOVATION: THE IMPACT OF BLOCKCHAIN TECHNOLOGIES ON FINANCIAL INTERMEDIARIES

The world around us has become increasingly digital in recent years, from the quick adoption ofmobile phones to the emergence of the Internet and, more recently, social media and big data.With profound e®ects on all productive sectors, the \digital revolution," considered as thewidespread use of digital technology, has fundamentally changed the ̄nancial sector. This ispresently in the midst of a profound and unheard-of change known as FinTech, which is thedirect outcome of the application of technology to ̄nance. Among other things, blockchain hasrecently gained popularity in the ̄nancial services industry. Therefore, a greater comprehensionof how this novel technology could a®ect the ̄nancial industry is necessary. In this paper, weexplore how blockchain may impact on ̄nancial intermediaries and banks.