Blockchain in Financial Services

Fintech: Law and Regulation (Jelena Madir, ed., Edward Elgar, 2019)

24 Pages Posted: 12 May 2020

See all articles by Colleen Baker

Colleen Baker

University of Oklahoma, Michael F. Price College of Business

Kevin Werbach

University of Pennsylvania, The Wharton School, Legal Studies & Business Ethics Department

Date Written: 2019

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.

Suggested Citation

Baker, Colleen M. and Werbach, Kevin, Blockchain in Financial Services (2019). Fintech: Law and Regulation (Jelena Madir, ed., Edward Elgar, 2019), Available at SSRN: https://ssrn.com/abstract=3578599

Colleen M. Baker

University of Oklahoma, Michael F. Price College of Business ( email )

307 West Brooks
Norman, OK 73019-4004
United States

Kevin Werbach (Contact Author)

University of Pennsylvania, The Wharton School, Legal Studies & Business Ethics Department ( email )

3730 Walnut Street
Suite 600
Philadelphia, PA 19104-6365
United States
215-898-1222 (Phone)

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