Blockchain has already brought about substantial change in the retail financial services industry and, as the technology matures, its impact will become even more profound.
Not only does it promise to speed up payments and make them more accessible, but it could also transform security, improve transparency and streamline insurance.
Despite this potential, blockchain is still in its infancy. Many banks and insurers are apprehensive about investing significant sums of money into such an immature and fast-moving technology.
In the following pages, we explore what it takes to launch a blockchain project and, most importantly, rally a meaningful group of partners to support the blockchain transformation of an ecosystem. We take an in-depth look at Facebook’s recent blockchain project, Libra, and discuss why the social media giant’s approach could garner mass adoption.
This is supported by interviews with senior executives from leading banks across the world: Tomasz Sienicki, Blockchain Strategy Lead at Alior Bank; Mariana Gomez de la Villa, Program Director of Distributed Ledger Technology at ING; Dirk Hermans, Blockchain Solution Owner at KBC Bank & Verzekering; and Naomi Snyman, Innovation Ecosystem Lead at Standard Bank in South Africa.
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Keywords : Blockchain