In any recent conversation about the new technologies and concepts driving change in the financial services industry, there is a strong chance that blockchain – the shared-database system that allows the cryptocurrency Bitcoin to function – would have featured.
Blockchain has been heralded by some as the future of the industry. In August 2016, the World Economic Forum released a report predicting that the technology will become “the beating heart of the global financial system”. The organization said blockchain has the potential to “profoundly alter” how banks operate, partly through reduced operating costs and improved security and accessibility of financial services.
However, more recently there have been questions asked about the feasibility of a widespread rollout of blockchain. Is it possible that the potential of this technology has been overstated?continue reading »