Beyond The Hype: What Blockchain Really Brings To Payments
As Featured on Cryptocoinnews.com
Such technology removes intermediaries, simplifies counterparty connections and records data in a tamper-proof manner. It also promises faster speed, more transparency and efficiency for payments.
Bitcoin, despite some flaws, demonstrates these possibilities and has attracted a surge of investment. Ripple Labs, a blockchain startup, holds a seat on the Federal Reserve Faster Payments Task Force.
Bain & Company, a financial consultantcy, interviewed more than 50 venture capitalists, bankers, payment association executives, bankers and startup CEOs. The interviewees indicated that banks are positioned to address the changes caused by distributed ledgers, but the situation is complicated.
The paper attempted to clarify the different ways banks are responding to distributed ledgers and the opportunities they offer.
Distributed ledgers will determine successes and failures within the banking industry, the paper noted.