Blockchain Could Save Financial Services $110 billion over Next Three Years

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According to a Mckinsey report, called “Blockchain Technology in the Insurance Sector” Blockchain has the potential to remove $80-$110 billion in costs for the global financial services industry over the next few years.

McKinsey has identified 7 genuine use cases and associated pain points; all of those sized could generate ~$80B to 110B in impact.

The report says that blockchain technology could be:

“One of the most disruptive innovations since the advent of the Internet.”

However, caution is called for when it comes to creating a regulatory environment around it.

“Enabling collaboration, shaping a positive regulatory environment and identifying clear business cases justifying the transition costs will pose the biggest challenges to implementation.”

About Richard Kastelein

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, co-founder and director at education company Blockchain Partners and partner of token design and ICO marketing company CryptoAlchemy.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

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