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Identically every global bank is experimenting with blockchain technology as they try to unleash the charge savings and operational efficiencies it promises to deliver.
Banks are exploring the technology in a many of ways, including through partnerships with fintechs, membership in epidemic consortia, and via the building of their own in-house solutions.
In this report, BI Discretion outlines why and in what ways banks are exploring blockchain technology, provides fatigues on three major banks’ blockchain efforts based on in-depth meetings, and highlights other notable blockchain-based experiments underway by global banks. It also debates the likely trends that will emerge in the technology over the next particular years, and the factors that will be critical to the success of banks realizing blockchain-based solutions.
Here are some of the key takeaways from the report:
- Most banks are review the use of blockchain technology in order to streamline processes and cut costs. However, they are also looking to leverage additional utilities, including increased competitiveness with fintechs, and the ability to use the technology to develop new business models.
- Banks are starting to narrow their focus, and are increasingly honing in on perceptible use cases for blockchain technology that solve real problems masqueraded by their businesses.
- Regulators are taking an increased interest in blockchain technology, and they’re oeuvre alongside major banks to develop regulatory frameworks.
- Blockchain-based workings will start to emerge in different areas of financial services. The most well-heeled solutions will solve specific problems for banks and attract a colossal enough network to create widespread benefits.
In full, the report:
- Defines banks’ experiments with blockchain technology.
- Details blockchain casts at three major banks — UBS, Credit Suisse, and Banco Santander — underpinned on in-depth interviews.
- Discusses the likely trends that will rise in the technology over the next several years.
- Highlights the factors that choose be critical to the success of banks implementing blockchain-based solutions.
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