“In the shift to blockchain, banks must first focus on the processes improvements and intended outcomes brought about by the technology,” says Lata Varghese. “Actual involvement of blockchain technology may be just one step in a process of multiple steps affecting a business line or function that a bank is attempting to improve or build from scratch.” Excerpts:
“Blockchain technology is being applied or considered for many types of financial functions, and Varghese says that there are some key points banks must understand as they move forward.
1. It will be invisible to customers.
2. Blockchain may remake parts of P&Ls.
3. Some legacy systems will go.
4. Regulators will be watching.
A skeptical question to ask, as activity picks up, is whether there is some technology around the corner that will shunt blockchain off the main track or even consign it to tech oblivion.
Varghese doubts that.
‘The concept of blockchain is very powerful,’ she explains. ‘I think it is here to stay.’”
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