On the marketing side, advertising rapidly becomes less and less efficient.
On the fundraising side, blockchain token sales already eclipse incumbent equity crowdfunding and are getting closer to threatening even traditional VC business. What's more, VCs are all in the ICOs themselves now.
On the operational side, it is the fundamentally lower costs of distributed or generally decentralized infrastructure models that drive the change. Such systems suffer fewer vulnerabilities compared to ordinary setups, and their pricing—when it eliminates components produced by extra-safety, insurance, and excessive compliance expenses—can be really dangerous for traditional market players.