Traditional value chains and business models were under stress after the financial crisis. The protracted economic stagnation and the weakness of the financial system accelerated a process of dis-intermediation. This process is unparalleled in the world economic history. Bitcoin was the early manifestation of the new economic idea, challenging the monopoly of the state in the issuance of money. The distributed ledger technology (DLT) that underpin crypto-currencies is much wider than that.