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Nearly each international financial institution is experimenting with blockchain generation as they are trying to unharness the associated fee financial savings and operational efficiencies it guarantees to ship.
Banks are exploring the generation in a host of techniques, together with via partnerships with fintechs, club in international consortia, and by means of the construction of their very own in-house solutions.
In this record, BI Intelligence outlines why and in what techniques banks are exploring blockchain generation, supplies main points on 3 primary banks’ blockchain efforts in line with in-depth interviews, and highlights different notable blockchain-based experiments underway by way of international banks. It additionally discusses the most probably tendencies that can emerge within the generation over the following a number of years, and the standards that shall be important to the good fortune of banks enforcing blockchain-based solutions.
Here are some of the important thing takeaways from the record:
- Most banks are exploring the use of blockchain generation in an effort to streamline processes and reduce prices. However, they’re additionally having a look to leverage further benefits, together with higher competitiveness with fintechs, and the facility to make use of the generation to create new trade fashions.
- Banks are beginning to slender their center of attention, and are an increasing number of honing in on tangible use circumstances for blockchain generation that remedy actual issues confronted by way of their companies.
- Regulators are taking an higher pastime in blockchain generation, and they are operating along primary banks to increase regulatory frameworks.
- Blockchain-based solutions will begin to emerge in several spaces of monetary products and services. The maximum a success solutions will remedy explicit issues for banks and draw in a big sufficient community to create popular advantages.
In complete, the record:
- Outlines banks’ experiments with blockchain generation.
- Details blockchain tasks at 3 primary banks — UBS, Credit Suisse, and Banco Santander — in line with in-depth interviews.
- Discusses the most probably tendencies that can emerge within the generation over the following a number of years.
- Highlights the standards that shall be important to the good fortune of banks enforcing blockchain-based solutions.
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