Blockchain Can Reshape Financial Services Examined By WEF
A 300 page report named “The future of financial infrastructure: An ambitious look at how the blockchain can reshape the financial services” was released by the World Economic Forum (WEF) on 11 August 2016. In the report, it is explored that how the financial market can overcome the current state pain points via distributed ledger technology.
The potential of the blockchain technology has been advocated by the WEF. In 2015, the Bitcoin magazine reports that the WEF predicts that the technology of blockchain was of the 21 changes in the technological transformations.
After a year, the forum repeats that the digital currencies and their technologies can offer cheaper and faster financial services and it will become a powerful tool in the financial world.
In their recent report, the forum concludes that the blockchain technology has a great effect, but needs the collaboration of the technological and government experts to win.
The World Economic Forum took a year to research that how the blockchain technology can assist the nine financial markets including foreign trading and global payment. There are more than 200 subject matter experts, innovators and executives from the top institutions such as Visa and MasterCard, JPMorgan Chase gives their opinion. Below are some significant points of the report:
Blockchain can assist the financial world due to its transparency and effectiveness
The block chain ledger can become very useful for the financial and banking institutions by offering them with an unprecedented layer of trust and transparency.
Blockchain can easily merge with the other transformative technologies
A lot of emerging technologies have merged to transform the future of the financial services market over the past 50 years, including biometrics, cognitive computing, predictive analytics, quantum analytics and cloud computing. The Distributed Ledger Technology can be used in its own way and the trading sector can use it for the real time efficiency and track preventing all the friction.