![]() However, blockchain technology offers a secure and cheap way of sending payments that cuts down on the need for verification from third parties and beats processing times for traditional bank transfers. ![]() More broadly, blockchain has the opportunity to disrupt the $5T+ banking industry by disintermediating the key services that banks provide, from payments to clearance and settlement systems.įacilitating payments is highly profitable for banks - B2B cross-border transactions alone are expected to reach a total value of $35T in 2022, according to Juniper Research. The incumbents performed an equity swap built on Axoni’s Axcore blockchain in February 2020. Other banks like Goldman Sachs and Citigroup have also experimented with blockchain. JPMorgan Chase has entered the blockchain space with the JPM Coin, which is designed to facilitate real-time cross-border payments between its business clients. As digitized, secure, and tamper-proof ledgers, blockchains could serve the same function, injecting enhanced accuracy and information sharing into the financial services ecosystem. From a macro perspective, banks serve as the critical storehouses and transfer hubs of value. Table of contentsīlockchain and banking are just the beginning. ![]() Here are the latest innovative ways companies are harnessing the power of blockchain. ![]() Get the report to learn more.Īs companies use blockchain to drive greater transparency and veracity across the digital information ecosystem, they’re boosting awareness of the technology in sectors ranging from infrastructure to public policy. Download The State of Blockchain q2’22 reportīlockchain funding fell for the first time in 2 years amid the crypto market downturn.
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