The World Economic Forum released a report today outlining how new methods of thinking can significantly help reap the rewards of blockchain technology in capital markets.
World Economic Forum Report on Blockchain Benefits
Blockchain technology is a popular online ledger that allows free cryptocurrency through a decentralized environment, and due to its growing popularity, the World Economic Forum felt it necessary to convey its benefits, such as its ability to reduce the complexity, opacity, and fragmentation of capital markets.
Head of the future of Financial Services at the World Economic Forum, Matthew Blake, described how a “nuance look at the opportunities” blockchain offers is “particularly important for the financial services industry”.
Blake: “Following several years of intense hype examples of use cases where inefficiencies and challenges are being solved with blockchain are starting to emerge across capital markets”.
“With the future for blockchain in financial services still being defined, a nuanced look at the opportunities this technology offers right now is particularly important for the financial services industry”.
The Rise of Blockchain
The report issued by the World Economic Forum consisted of almost 200 interviews and eight global workshops with capital market incumbent players, new entrants, regulators, and governments. Kaj Burchardi, managing director at BCG Platinion, outlined how he feels it is about time that services such as blockchain surged to the fore.
Burchardi: “Distributed Ledger Technology (DLT) has come of age as it begins to enhance efficiencies, reduce operating costs and create new business models in capital markets, but the use cases and solutions are respective to each asset class”.
“Whilst this makes sense from a commercial perspective, it has led to a complex patchwork of initiatives. For capital markets to unilaterally adopt DLT, they will require cross-institutional alignment to realize the game-changing market opportunities it can offer”.
For many, blockchain and other similar DLTs are the future of strengthening market opportunities, and the report issued by the World Economic Forum is a statement of intent that they believe the future is now.
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