It may unfortunately be path-dependent, and the large entities that exist now will not choose to convert. However, if you imagine a parallel universe in which b

It may unfortunately be path-dependent, and the large entities that exist now will not choose to convert. However, if you imagine a parallel universe in which blockchain was invented before large institutions formed, then those institutions may have formed around Blockchains, because then they wouldn't have to trust each other. Right now, getting into the 'trusted financial institution' list is extremely difficult. It's a slow, incremental process that takes decades of good behavior and careful stewardship. Part of the reason it's so difficult and so heavily regulated is because of how much trust we place in these institutions. If we did not have to trust them so much, it would be easier to become one. It would have less need for regulation. Incumbents would be weaker, and the industry as a whole would therefore be healthier. This is sort of an abstract point, but I think it's the truest sense in which blockchain may change the world: by commoditizing trust.