Business Consulting — Blockchain: Disrupting the Financial Services Industry — Cognizant
http://cogniz.at/bfsYT | Blockchain is coming, and probably sooner than you think. We think a few pioneers will reap many rewards while the rest risk falling behind in the next generation of digital commerce. Here’s why.
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Let’s talk about disrupting age-old established business models and the way we’ve conducted business for decades and decades. Let’s talk about Blockchain Technologies. Banks historically have always been the systems of record. They have been a financial ledger for everything that happens in terms of economic activity around the world because Blockchain works on a open-ledger concept where each of the participants can self authenticate and do the transaction.
Blockchain disintermediates banks. You do need a middleman or an intermediary to actually provide that function. This then creates and enables a very different level of economic activity where you can have real time payments, self authenticated mail, all across the world. It truly takes away the heavy lifting that banks have to do in the middle and back office process.
Over the next five or ten years, the way banks function and the way Blockchain will propagate, it’s gonna fundamentally disrupt traditional financial services landscape and we’ll testament to the disruptive impact of digital.