Blockchain Can Cause $150b Revenue Loss to Banks
The other side of the medallion is how this approach by banks makes it difficult to see a clear path forward. Since the blockchain will make its biggest impact in the international payment and trade finance sectors, a clear course of action is direly needed. There has been a lot of focus on blockchain technology in the financial sector as of late. Despite the growing number of banks showing an interest in distributed ledgers, the overall attitude is still “wait-and-see”. Some experts feel that not getting on the blockchain train will cost banks dearly in the long run. It has to be said;....
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Banks are not moving fast enough to protect themselves against blockchain disruption, which could result in a loss of up to $150 billion in revenue, according global management consultants Bain & Company. Bain: Banks ‘Flat-footed’ in Face of Blockchain Disruption. The firm, which filed a report on banks’ responses to blockchain last week, said that....
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On the Nasdaq website, Martin Tillier asks, "Could Bitcoin Destroy the Global Banking System?"Tillier imagines a possible "Kodak moment" for the whole banking industry. In the early days of mobile phones, only a few enthusiasts dared to imagine that camera-equipped phones could ever threaten established camera manufacturers, but Kodak was forced to declare bankruptcy only a few years later, in 2012. Tillier's answer is that yes, Bitcoin could seriously hurt the banking system. The reason is very simple:"Banks are so used to taking a cut every time money changes hands that they cannot....