Major US Law Firm Highlights Blockchain Revolution in Financial Services
White & Case, the ninth-largest law firm in the United States as of 2015, highlights the advent of blockchain technology in financial services in a recent report.
Two lawyers in the firm, Kevin Petrasic and Matthew Bornfreund, noted in the report:
“BLOCKCHAIN TECHNOLOGY IS POISED TO TRANSFORM THE FINANCIAL SECTOR BY INCREASING EFFICIENCY, TRANSPARENCY AND SECURITY; REDUCING COSTS; AND UNLEASHING AN UNPRECEDENTED WAVE OF INNOVATION.”
Petrasic and Bornfreund refer to the Aite Group’s projects of spending by banks on blockchain solutions, expecting them to surge to more than $200 million in 2017, $300 million in 2018, and $400 million in 2019.
The authors predict that blockchain technology will enable faster and less costly trade execution and settlement, the development of new exchange platforms, streamlined registration of physical assets, more efficient supply chain management, cheaper cash reserve settlement, smart contracts, and algorithmic regulation.