This article was first published on: Insights – Ripple --
Banks are finally beginning to get excited about blockchain. And those that aren’t really ought to be because blockchain has the potential to be the most transformative technology to hit financial services since the internet.
But among the genuine excitement about where this new tech can take banks, there is also a lot of hype. An Ernst & Young report that urges clients to invest in blockchain mentions smart contracts and AI applications that still seem years away from being practical. A new start-up claims that it can use the technology to replace clearing houses.
The fact that VC funding for blockchain-related companies has steadily declined since its peak in early 2015 shows that investors are tired of speculative grand visions and expect more focus on real commercial applications. For banks, this means focusing their efforts and resources in four key areas:
1. Trade Finance
Using a shared, single-state database as a universal source of truth will eliminat...
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