Shortcut: The blockchain is coming
How banks should prepare for it
It needs no middlemen, has a decentralized structure and makes it possible for anyone to reconstruct a transaction: the blockchain has the potential to torpedo established business models in the finance industry and create turmoil across the sector.
Even if some of the applications (still) sound as if they have been developed by Android Data for the finance department of the Star Confederation, banks and financial services providers should waste no time in looking into the opportunities and risks presented by the blockchain. After all, the first commercial applications are expected to reach the market in 2019.
“By 2025 there will be a blockchain infrastructure for all tradeable assets. Banks have to ready themselves for that”, says expert Dr. Markus Krall, Managing Director at goetzpartners. His recommendations for banks and financial services providers are summed up in this whitepaper.