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

214

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.

 

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Visit Website
View All Articles
Chronoform

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group