The blockchain is the future of financial infrastructures. This is certainly an ambitious look at how blockchain can reshape financial services. The World Economic Forum posted a PDF view of the Blockchain’s pragmatic impact upon global financial services and this is a very visual read addressing a great deal of research.
The key areas of focus are blockchain technologies that can push simplicity and efficiency:
- Blockchain has the potential to drive simplicity and efficiency by establishing new financial services infrastructure and processes
- Distributed ledger technology will form the foundation of next generation financial services infrastructure in conjunction with other existing and emerging technologies
- Similar to technological advances in the past, new financial services infrastructure will transform and question traditional orthodoxies in today’s business models
- The most impactful distributed ledger technology applications will require deep collaboration between incumbents, innovators, and regulators, adding complexity and delaying implementation
The opportunity to create new financial service infrastructure based upon high level information security. Therefore, the blockchain is looking to launch next generation financial services infrastructure. The report’s use case focus considers how blockchain technology can benefit multiple scenarios across future financial services.
In conclusion this report is a follow-up to a Deloitte/World Economic Forum report Disruptive Innovation in Financial Services. This report analyzes blockchain across nine sectors of financial services.