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.
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