Blockchain in the Banking Sector: A Review of the Landscape and Opportunities
When interest in blockchain began to accelerate a few years ago, the expectations surrounding its uses were lofty. Blockchain was touted as technology that could fix our supply chains, our healthcare system and even our democracy. Yet, when the experiments conducted on potential blockchain applications, including pilot programs conducted in the financial services and banking industry, fell short of these expectations, industry interest in blockchain use cases waned. In some cases, those interested in blockchain technology found that traditional, centralized databases could provide the same functionalities as blockchain at a lower cost.
However, with the recent shift in the U.S. government’s attitude towards blockchain and cryptoassets, now is an opportune time for the U.S. financial industry to revisit the more mature, developed technology, using blockchain to improve existing products and services and offer new, more cost-effective products and services. Blockchains, both public and private, can be implemented across a variety of use cases in the financial world, opening up new sectors of banking services that benefit both banks and customers by allowing faster, cheaper, more secure and more inclusive transactions.
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