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

204

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group

Share with:


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.

 

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group
SHARE
Previous articleClearmatics Technologies Completes First Round of Funding for Blockchain Technology to Redesign the Global Payment System.
Next articleNick Szabo – History of the Blockchain
Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.