Global Risk Technologies CIO Appraises Blockchain Technology for Consumers and Merchants
Recently, the World Economic Forum predicted blockchain technology will “fundamentally alter the way financial institutions do business around the world” and will soon become “the beating heart” of the finance industry. Monica Eaton-Cardone, an IT executive with payment industry and financial technology expertise, agrees that blockchain will renovate the global financial system but emphasized that it can also offer substantial advantages for merchants and consumers as well.
Blockchain has been embraced for its ability to cut billions of dollars in hidden costs in the financial system by eliminating inefficiencies and the need for trade insurance. Improved speed, ease of use and cost efficiency are just some of the benefits companies are leveraging in a bid to disrupt the global payments industry, revenues of which are expected to reach $2.3 trillion by 2019.