There is no doubt that crypto-finance and the technology that fuels it, ”Blockchain,” is a hot topic. There is also a growing consensus amongst credible, senior members of the financial services industry that this technology, be it centralized, decentralized or federal ledger, will have a profound and lasting effect on their industry. Many say we are witnessing the beginning of a true democratization of finance ─ a period during which the closed network of correspondent banks and counterparties could be replaced by an open, more transparent, and perhaps even safer system.
This approach, they say, could reduce costs through commoditization of contracts, increased process speeds and reduced settlement risk. Some experts even predict that elegant and adaptive blockchain technology will enable new, innovative, specialized solutions that do not exist today. But when will banks put blockchain to the test? Who’s “gonna get bold” with blockchain?