Blockchain in Financial Services

Abstract

The financial services industry is among the areas predicted to benefit the most from blockchain in the years to come. A key reason is that its ‘core functions of verifying and transferring financial information and assets very closely align with blockchain’s core transformative impact’ and it relies heavily ‘on multiple ledgers to maintain transactional information and balances.’ Blockchain’s promise for the industry lies in its potential to increase the efficiency of existing processes in the short term (dispensing with intermediaries and time-consuming administrative processes ), and to transform existing business models in the longer term.