The history of technology – like history in general – is full of ironies. When Satoshi Nakamoto introduced Bitcoin to the world in 2008, the new cryptocurrency was meant to enable electronic cash payments directly between individuals without the use of banks.

Eight years later and the blockchain – the groundbreaking technology Nakamoto invented to power Bitcoin – is being championed by banks as a way to radically improve the financial system. Instead of making them superfluous, the blockchain may very well make banks better at what they do.

