In their recent report „Beyond Bitcoin: The blockchain revolution in financial services“ Kevin Petrasic and Matthew Bornfreund from White & Case have analysed the potential impact of blockchain technology on the financial sector.
“Blockchain could reduce banks’ infrastructure costs by US$15 – 20 billion per annum by 2022.”
They have looked at various potential blockchain applications in financial services like trade execution & settlement, asset exchange & registration, supply chain management, cash reserve management and smart contracts.
“Blockchain has the potential to transform how business and government work in a wide variety of contexts.”
They end their report on a positive note, stating that they expect further tech-based innovation disrupting the financial industry through blockchain.
“Blockchain fundamentally reorders the mechanics of financial transactions in ways we did not envision just a few years ago. It will take time for institutions to fully account for the benefits and risks that blockchain has in store.”
The report is available at www.whitecase.com. Download PDF