Friday, 16 October 2015

Why and How Banks should embrace Blockchain Tech

"A recent flurry of media reports and surveys have touted that some banking and financial services sector players are undertaking interesting projects with blockchains and decentralized ledgers in particular. But this burst of activity is hardly enough to prematurely claim victory on behalf of the few banks who have publicized such initiatives.
It is naive to assume that the blockchain will make the most impact where it is to be adopted early. Rather, it will make the most impact where change is hardest to achieve, and that might take a little longer, realistically.
The blockchain and its derivative technologies are one of the biggest opportunities for reengineering financial services. It’s a looming tsunami, and the big question is whether the banks will fail to reinvent themselves as they did with the Internet, or if they will dare to induce a self-inflicted shake-up and embrace the future."

"The blockchain is not perfect, but it is that perfect catalyst for business process changes, and this type of opportunity doesn’t present itself that often. The last time it came was with the Internet. Let’s hope the banks see this as a big opportunity for change, not just a small one."

Read the 3 full articles by William Mougayar:
1.  Bitcoin: Another Banking Headache
2.  Dear Big Bank CEO, Re: Blockchains: Obliterate don't Automate
     (Also: Coindesk edited version) 
3.  The 8 Steps to becoming a Bitcoin-Savvy Bank



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