By Bill Taylor/ Managing Editor - Could blockchain actually cripple a country? No war, no army and no fighting? Well, maybe not in the classic sense but in an economic sense, maybe. Oh, I forgot, we are talking Switzerland.
Gasp!
Yup, the Swiss are heavily entrenched in the banking industry which, of course, derives a whole lot of fees and commissions that blockchain is compressing. The blockchain technology (the underlying technology of bitcoin) is driving the cost of transferring money cheaper and faster. We (FintekNews) just ran a piece that a $99Mlitecoin
transaction between two wallets took just two and half minutes and cost $0.40.That's $0.40 everybody
. So, with that kind of efficiency and fee compression who is going to be most affected by blockchain?Hmmmm!
First guess, banks. Where is there huge economic bank exposure?Hmmmmm!
Switzerland.Moody's Investor Service points out the banking systems with the largest chunk of fee and commission income by revenues in their graph below: