The Machinery of Modern Finance
Why the next ten years of financial innovation will surpass the prior fifty:
> This essay traces the evolution of financial infrastructure from medieval merchant fairs to modern crypto systems.
> It argues fintech mostly improved the front-end (apps, UX, access) while leaving the back-end infra (settlement + risk absorption) largely unchanged.
> It concludes the convergence of mature crypto tech, clearer regulation, institutional adoption, and advances in AI is creating the conditions for a fundamental rewrite of the global financial system:
