Trust — the foundation that Financial Institutions wants from blockchain
I’m sure you’ve seen the number put up by Santander, that Blockchain tech could reduce the banks’ infra cost by $15–20bn a year by 2022, floating around in multiple places by now.
And essentially, that this is going to be derived by eliminating central authorities and skipping slow, old, expensive, fees-ridden payment networks for the distributed ledger technology — blockchain.
The anchor, that has allowed this fancy new-tech to stand its ground, amidst the strong winds of change and given it a fighting chance to tackle something as traditional and written-in-stone as finance, is immutable trust!
This trust is also welcomed with open arms by new age technologies like wearables, connected devices (IoT), drones, etc.
Blockchain takes away the age old question of keeping records, records getting stolen, modified, corrupted with distributed architecture.
It would be interesting to see how far can this distributed trust mechanism be stretched while maintaining integrity — not in theory, but in practice!
All the best!