Blockchain technology has the potential to transform the banking sector by providing a secure and convenient alternative to the expensive and time consuming banking processes. Major banks across the world are experimenting with the technology to reduce the number of participants in a transaction. Some are investing in blockchain startups, and others are partnering with fintech companies that use blockchain.
Currently, investment banks spend billions of dollars to record loans and securities. According to Accenture, leading investment banks can save up to $10 billion by using blockchain technology to increase efficiency in clearing and settlement. Richard Lumb, head of financial services at Accenture, believes that clearing houses such as the Australian Stock Exchange, Deutsche Borse and Depository Trust and Clearing Corporation which are currently dominated by manual reconciliation will be the first to be restructured using blockchain technology.
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