Blockchain technology will fundamentally alter the way financial institutions do business, according to a report from the World Economic Forum (WEF).
The WEF undertook a year-long research project in which over 200 key players in the industry were consulted to gauge the projected future of how distributed ledger technology will affect insurance, payments, market provisioning, investment management, capital raising, and depositing and lending.
But while the report concludes that the use of blockchain will become increasingly central to how financial services operate, the effects will largely be hidden. While it will be used in more radical and disruptive FinTech services such as bitcoin, it’s greater influence will be in new processes and architecture based on blockchain that simplify back-end processes, making them cheaper, more secure and more accessible.
“Rather than stay at the margins of thefinance industry, blockchain will become thebeating heart of it”
Head, Financial Services Industries | World Economic Forum
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Blockchain technology will fundamentally alter the way financial institutions do business, according to a report from the World Economic Forum. However, the effects will be hidden, coming from new processes and architecture based on blockchain that simplify back-end processes, making them cheaper, more secure and more accessible, rather than radical fintech innovation or new currencies such as bitcoin, says the WEF.
The report from the WEF is further evidence of changing tide within the financial services industry. What was seen as radical and highly disruptive just a few years ago is now edging closer to becoming mainstream. In our hyper-connected world, architecture and process such as blockchain will prove invaluable security measures to protect against increasingly sophisticated cyber-crimes.
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