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Banks Feast On Blockchain But Proof Of Pudding In Eating

Do not mistake testing for adoption, a new report has warned blockchain advocates, as for all their positive noises banks may decide it is not worth the risk.

GreySpark Partners, a global capital markets consulting firm, has assessed investment bank and exchange experiments with usage of the blockchain and distributed ledger technology (DLT).

“Success of fintech ventures in this space depends on willingness of financial institutions to embrace blockchain technology specifically for market structure-facing technology,” the firm said.

A report entitled “The Blockchain: Capital Markets Use Cases” from the firm highlights how the experiments are supported by software applications developed by financial technology start-up companies from Europe and the US.

It explores how usage of blockchain by banks is poised to increase in the future as applications for the technology become more widespread.

The report explores seven capital markets use cases for the blockchain, specifically: payments and remittance uses; know your client or anti-money laundering uses; digitised financial instruments; regulatory reporting; clearing and settlement uses; reconciliation uses; and smart contracts.

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