To many, the main achievement of blockchain so far has been to create an autonomous decentralised system of money, starting with Bitcoin.
Yet blockchain is often touted within financial services as much more - a technology with huge potential to both disrupt and to turbocharge existing sectors through greater efficiencies and a shorter supply chain.
Wealth management is one sector where blockchain possibilities are being lauded. But how?
The first area where we will see change occurring is greater efficiency within capital markets and investment management infrastructure to transform the operational architecture of financial services.
Lex Solokin, a notable tech venture investor, believes there is already potential to "leverage enterprise blockchain and make the back offices of advisory firms more efficient."
He said custodians, exchanges and broker dealers will be the first to see the change.
Currently in wealth management, these operations are centralised and involve multiple intermediaries and manual interventions.
A smart contract, which is an innovation of blockchain technology that allows for automatic enforcement of a contract, could be used to improve the creation and administration of an investment fund.
One of the firms leading the blockchain revolution in wealth management is Swiss Borg.
Its director Alexander Fazel said blockchain can make the onboarding experience much more seamless with a digital ID containing all the necessary info for every user and fewer problems with anti-money laundering checks as all transactions on the blockchain are recorded.
"In wealth management, you could offer cost reduction, automation as well as personalisation with the integration of a biometric ID or verification systems where you could easily passport your risk profile and have a portfolio tailored made for you."
Secondly, the tokenisation of various securities will have an impact on asset allocations, according to Solokin, where clients on lower levels of wealth can hold venture capital, real estate, commodity, and fixed income holdings directly.
One area where large institutions are already working towards blockchain solutions is compliance and regulation.
For example, in order to comply better with MiFID II, UBS has been working on a project where the specific reference data for each Legal Entity is cryptographically concealed and submitted anonymously to an Ethereum private blockchain.
The Ethereum smart contracts then reconcile the data using blockchain and allow each user to search and view their own specific data in real-time.
The journey is only starting. The world of blockchain and crypto is at the stage of the internet in the mid-1990s.
The Microsofts and Googles that opened up the internet are currently being built in the blockchain space.
Similar disruption will change wealth management and probably quicker than we expect.
Matthew Morris is a partner at Carr Consulting & Communications