Banking on blockchain
The whitepaper ‘Banking on blockchain’, developed by Finextra and IBM, explores the state of play with blockchain in financial services, looking at the challenges and opportunities of implementing the technology across banking and capital markets, and examining a number of use cases, for many of which proofs of concept are already under way.
Financial services will not be the only industry impacted by blockchain, but it is currently leading the field in experimenting with and implementing the technology.
In the paper, Mark Buitenhek, global dead of Transaction Services at ING, also describes blockchain as “extremely promising”. “We see the potential,” he says, “but we are a bit careful with hypes. If it works, it’s going to have a huge transformative effect in situations where complex information streams come together such as in the financial sector. The jury is still out, but we find the potential so impressive that we are stepping up our efforts.”