If you’re wondering what all the fuss was about with bitcoin… the intemet protocol allowed you to pay someone you didn’t trust over the Internet without the permission of a third party. This became hugely significant because the transaction was instant and could avoid the existing banking system and by-pass the control of government agencies.

It didn’t stop there. In 2013 a smart version was conceived where a transaction could execute a contract according to the rules the developer programmed, although this protocol, unlike bitcoin, did have a headquarters, marketing dept and CEO and could be shutdown.

And so began the software digitisation of the banking & finance industry.

Software has been a grim-reaper of many industries for over fifty years: media, retail shopping, music, taxi services etc. All industries are destined to become software-enabled industries.

Even common household items have computer chips running software in them. Phones, watches, cars, lights, thermostats, beds, cameras, coffee mugs… and they’re all running software programmes. Products in our lives are one part thing, one part software.

Currently, the Software Reaper is now on his way to visit the Banks, and that will be where money and software intersect, two of the most powerful forces we have ever created.

However, The U.S. Securities and Exchange Commission and The Commodity Futures Trading Commission constantly remind the hard of hearing this will be done on their terms, and they won’t be abolishing taxes any time soon.

Many blockchain networks operate as public databases, meaning anyone with an interne connection can view a list of the network’s transaction history. And since we all have a physical address, passport with a chip, bank account, tax code, email address, and a SIM card.. the 1970s authoritarian dream of tracking & monitoring every single transaction from start to finish is almost upon us.