Cryptocurrencies as digital “bearer instruments”

Great summary of blockchain relevance to bankers and financial institutions. I hope it reached your audience well.

Of particular importance, I think, is the distinction of cryptocurrencies as “bearer instruments” vs. typical digital accounting tools across silo-ed ledgers, with various steps of account probing, preauthorization, clearing, settlement, reconciliation, etc.

If you have the private key, you can exercise control of the asset. You don’t need any other authorized/centralized third party (except for miners and fully validating nodes for most people) — and as we develop more properly distributed cryptocurrencies those semi-centralizations will fade.