Big Tech in Finance: How To Prevail In the Age of Blockchain, Digital Currencies and Web3

Description

With Big Tech's breakthrough into finance with blockchain, it is imperative that finance players understand the ramifications and how they can defend their competitive advantage. Big Tech in Finance provides a cutting edge look at Big Tech's play for domination of the crypto economy, its ramifications and how finance is fighting back. The book analyses the motives behind Big Tech's break into banking and unpicks the strategies behind the use of blockchain, technology interfaces, infrastructure and investments into blockchain unicorns. The book then goes onto review how organizations in finance are countering these threats, with governments and banks driving their own strategies and use of centralized blockchains. Delving into the fight between Big Tech, Big Banking, start-ups, and regulators, Big Tech in Finance analyzes which actors have the best shot at succeeding. It explores the key tools in play, such as smart contracts, digital central bank currencies, decentralized autonomous organizations (DAOs) and the metaverse. The book also divulges the geopolitical dimensions underpinning the power struggle and its implications for the industry. Written by an internationally recognized expert on blockchain, the book draws on in-depth interviews with founders, investors, regulators, bankers and blockchain experts to provide valuable insider insights. This will be an essential read for finance and fintech professionals, bankers and investors and anyone else interested in the developments of fintech. Cover Contents About the author Introduction 1 Finance as Big Tech’s El Dorado The high-tech era More than just a city of gold Isn’t techfin just fintech backwards? Facebook and WeChat want you to exchange more than cat pictures Google and Apple let their mobile muscles play Amazon wants to be your banker References 2 Railroads for a new age: birth of the blockchain Pioneers tinker with a truth machine A trust crisis and the advent of bitcoin Definitively more than a faster horse The moment banking started to listen References 3 Lure of the wild: redefining the idea of money Redefining the idea of money Gold rush and Telegram Encountering bulls and bears References 4 Two roads ahead: centralization Ideology clash: to decentralize or not to decentralize? Problems with decentralization Big Tech and Big Banking saddle up References 5 Land rush: crypto-economics Ethereum and other Swiss Army knives Rise of the token economy The automation of finance – from smart contracts to DAOs References 6 DeFi unicorn stampede DeFi and the return of crypto The five major DeFi application categories Money LEGO The chain gang Big Tech powerhouses in the clouds Merging old and new territory References 7 The decentralization delusion Who runs the crypto-DeFi show? Pay-to-play consensus Treacherous concentration References 8 Robber barons feel assured… and overshoot Becoming captains of blockchain industry One tech giant chooses another path The hubristic dream of a modern Libra Geopolitics So what if Big Tech runs our financial system? References 9 The sheriffs come to town: regulation bends the trajectory Libra backlash Regulatory rodeo Certainty lures settlers References 10 Dawn of a new era: central bank digital currencies vs private stablecoins Why create new central bank money? Paving the way for an autonomous economy Worries of a super-state Are CBDCs sounding the death knell for private stablecoins? References 11 Commercial banks and the frontier experience Still centralized, yet transformed Putting legacy into the museum Platformization – invading Big Tech territory The super money engine Banks integrating DeFi References 12 Setting out for the next frontier: the metaverse and Web3 NFT-mania Facebook finds new land – meet the metaverse The difference between Web2, Web3 and the metaverse MetaFi – money in the metaverse The showdown between Big Tech, Big Banking and Big Government References Final remarks Glossary Index