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Saturday, October 23, 2021
Home News Blockchain Could Save Financial Services $110 billion over Next Three Years

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

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.

mckinsey blockchain

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.”

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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