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Believe the Hype: Blockchain Is the Next Frontier for Banking (SAP)


When bitcoin was released in 2009, it fundamentally changed the way that people think about money and financial transactions. And while bitcoin never became as universal as it hoped to be, the system behind bitcoin is now poised to disrupt the way financial organizations operate.



That system is the blockchain. Some have gone so far as to say blockchain will do for business transactions what the internet did for information. Those early adapters might just be right.

The blockchain is, at its core, a ledger of all information pertaining to a digital transaction. For financial organizations, the ability to harness that information poses a tremendous opportunity. It allows for faster processing time, lower costs, greater insight into market moves, increased transparency and compliance. But that’s just the start of it.

In a study from September 2015, titled “Deep Shift: Technology Tipping Points and Societal Impact” by the World Economic Forum, blockchain is listed as one of the driving forces behind the sharing economy. And a report co-authored by Santander earlier this month estimated that blockchain technology could reduce banks’ infrastructure costs by up to $20 billion a year. Investors and the Venture Capital (VC) community are pushing hard to realize those cost savings. At the end of 2015, investments and funding of blockchain-related start-ups had grown from $298 million in 2014 to almost $460 million.

Read more:
http://news.sap.com/believe-the-hype-blockchain-is-the-next-frontier-for-banking/

Pour lire tous les articles Finyear dédiés Blockchain rendez-vous sur www.finyear.com/search/Blockchain/

Participez aux prochaines conférences Blockchain éditées par Finyear :
Blockchain Vision #5 + Blockchain Pitch Day #2 (20 septembre 2016)
Blockchain Hackathon #1 (octobre 2016)

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