According to a claim by Harvard Business Review, blockchain will do to banks what the internet did to the media. When it comes to the banks and financial organizations of today, blockchain has the potential to solve a host of problems. Blockchain technology possesses nearly all the attractive characteristics needed by a reliable technology involving money. It is safe, secure, decentralized, transparent and relatively cheaper.
Blockchain’s potential in financial services is significant and has several applications, spanning payments, capital markets, trade services, investment and wealth management as well as securities and commodities exchanges. Blockchain technology is tipped to be one of the main drivers for helping businesses achieve substantial cost savings.