Excessive costs, cumbersome processes, misincentives and what is more: all manner of isolated sector solutions. A financial system with methods and processes from yesteryear shapes our banking. Indeed, our entire life and society—especially the state and administrative bodies—are based on such archaic processes. In addition, billions of people worldwide are excluded from the financial system: they are not in possession of a bank account. Banks, currencies, payment methods and administrative transactions are on the whole not sustainable. They are responding neither to the needs of many customers/citizens, nor to the challenges of the times. Politically and socially, we are drifting about aimlessly, lacking control and efficiency.

Financial expert and entrepreneur Yasin Sebastian Qureshi—at age 29 the youngest person ever licensed to run a European bank—describes the groundbreaking solutions that have long been in existence: digitalisation and its offspring the Internet, mobile phones and blockchain are determining developments, also symbolised by cryptocurrencies. The revolutionary thing about blockchains, however, is not the mere payment process, but the underlying technology, the more efficient processes and, in particular, its decentralised character and interconnectedness. Together with Benjamin Bilski (Forbes „30 under 30“), Qureshi outlines the future of finance and all the relevant administrative processes in business and state, even entire states, on the basis of such blockchains.

The authors also present the history, meaning and nature of money. It has always been in a state of transformation—but now is in one of complete upheaval. Hence, the two also shed light on the social, economic and political consequences of these mutations. What will happen if everything is organised into blockchains? Never fear! The new foundations of our coexistence and work are unleashing forces that have so far been pointlessly and inefficiently tied up in technocratic working environments. Following the Industrialist Revolution, the next revolution is now on the rise. Starting in the financial system, it will turn everything there on its head and expand to other areas. Blockchain is restoring to us time and potential—which we can use for other, better and more creative things. Cash, however, is likely to disappear in the medium term—as well as banks. At least as we know them today.

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