World Economic Forum Promotes Blockchain Technology

In its recent report, the World Economic Forum published its research into the potential benefits of distributed financial technology and its potential to renovate global financial infrastructure. Titled “The Future of Financial Infrastructure: An ambitious look at how blockchain can reshape financial services,”, the report summarizes a years’ worth of research into the current state of banking, focussing on where distributed ledger technology can renovate the system for the increasing demand created by the Internet of Things.

Some of the key possibilities offered by blockchain that were picked out include:
•Operational simplification: by reducing or eliminating manual efforts required to perform reconciliation and resolve disputes
•Regulatory efficiency improvement: enables real-time monitoring of financial activity between entities
•Counterparty risk reduction: removes the requirement to trust counterparties to fulfil obligations as agreements are written incode and executed in a shared, immutable environment
•Clearing and settlement time reduction: disintermediates third parties.
•Liquidity and capital improvement: reduces locked-in capital and provides transparency.
•Fraud minimization: allows tracking of asset provenance and full transaction history to be established with certainty.

 

READ MORE OF THE ARTICLE AT CHAIN-FINANCE.COM

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