Banks produce economic services: they provide the structure and liquidity needed to convey value through the rest of the economy. (A typical form of blockchain

Banks produce economic services: they provide the structure and liquidity needed to convey value through the rest of the economy. (A typical form of blockchain apologia is that blockchains also do this. This is true only if you ignore the social and regulatory structure that allows companies and individuals to treat banks as mostly interchangeable assets.)