Guest post written by Juergen Braunstein, Clara Volintiru and Marion Laboure
Allegedly a revolution is taking place on Wall street and the City of London—a financial revolution. The true action might be taking place somewhere else.
Predicting revolutions almost always goes wrong, partly at least. When Marx and Engels worked on the tenets of their manifesto, they predicted that the proletarian revolution and consequently communism would start in countries with large industrial working classes, notably Britain or Germany, not in Russia.
Likewise, too much attention has been placed on the so-called blockchain revolution in OECD countries. Leading Western banks, such as UBS, Goldman Sachs, JP Morgan, Credit Suisse, Barclays and most recently the Commonwealth Bank of Australia have started with different applications of the blockchain technology.