Cap Gemini Report: Blockchain a ‘Fundamental’ Shift for Finance Industry

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Calling blockchain a “fundamental” shift for the finance industry, a recent report from Cap Gemini suggests that blockchain technology will both slash costs and be a more secure option.

Traditional banks may be rendered obsolete by Bitcoin and blockchain technology, but the reality is that blockchain has the potential to do much more than just support cryptocurrencies. It’s set to revolutionize the financial services sector more broadly thanks to its potential to provide unprecedented transaction security through cryptography.

In this paper, Capgemini looks at blockchain technology and how it can transform financial institutions. 

No financial services firm can afford to ignore blockchain technology any longer. In just a few years, a number if blockchain startups have entered the field for financial services and different blockchain platforms are providing competing solutions.

Blockchain technology could lead to a paradigm shift in the financial services industry.

• New non-traditional players threaten to increase the risk of disintermediation.

• Some banks and financial services organizations are already experimenting with cryptocurrency and blockchain.

• A number of financial institutions have expressed the need for help in understanding “the stakes” (aka the potential business impacts) for and against the adoption of blockchain technology.

• The knowledge base for this new technology is not yet fully developed.

• Government regulators in countries around the world are taking quite different approaches to cryptocurrencies, ranging from total prohibition of, to strong support for, its development.

 

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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