Blockchain Technology To Dominate The Finance Sector
Blockchain Technology could entirely rock up to five sectors as it streamlines the process and opens up the market: trade finance, trading, payments, insurance, and digital identity.
“We will shift from the lab to the business model. It’s time to innovate and change,” Laurent Marochini, head of Innovation Societe Generale Securities Services, said at ‘Fintech Connect,’ in London.”
It will change the way we do business in the banking sector,” Marochini foretells that as blockchain becomes more prevalent in the financial services.
The Societe Generale expert also assumes that the digital disruption caused by cryptocurrencies and the ledger technology will generate opportunities for new businesses, mainly as there will be an increasing demand to keep digital assets safe.
“There are currently 500 crypto hedge funds in the world, and half of them are their custodians. If tomorrow I have $500m of assets under management, I would prefer giving the responsibility to a third party, like a bank,” ‘Marochini’ said as he remembered the Quadriga debacle.
Even as it is a growing need for custodians, banks are not hopping on the opportunity, leaving opportunity for technology entrepreneurs to fulfill that demand.
“We don’t see a lot of banks talking today about crypto custody, and that’s a business opportunity,” he added.
The famous names in the financial world are slowly adopting blockchain technology. ‘HSBC‘ proposes to shift $20bn worth of assets to a new blockchain-based custody platform by March.
‘Credit Suisse’s’ asset management arm and ‘Banco Best,’ a Portugal-based bank, have utilized the blockchain to process an end-to-end fund transaction and expressed, “considerable benefits” would originate from the technology.
UBS has started performing transactions on ‘We.trade,’ a blockchain-based trade finance platform that could be utilized by banks soon. The 5th edition of ‘FinTech Connect‘ is a two-day event currently being held at ‘ExCeL,’ London, where 6,000 ‘fintech professionals gather to review and debate the future of the financial services industry.
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