Blockchain is one of the most discussed, yet misunderstood, technologies disrupting commercial operations today. Well known for its use in recording cryptocurrency transactions, including Bitcoin and Ether (Ethereum), the business benefits of blockchain actually go way beyond that.
The financial services industry has quickly recognised the transformative impact that blockchain can have on their global operations and client interactions. As a result, businesses ranging from small start-ups to large multinationals are investing heavily in the development of blockchain and distributed ledger technology (DLT).
Gowling WLG has created a report revealing how the financial services industry is reaping many benefits of blockchain technology, whilst still not utilising it to its full potential. The report, 'The ultimate disruptor - how blockchain is transforming financial services', features exclusive insight from financial experts, including banks, blockchain entrepreneurs and stock exchanges, as well as legal expertise from Gowling WLG's tech and corporate lawyers.
Many of the report's contributors urge the industry to dedicate further material resource and capital to the use of blockchain. In addition, many called for more to be done in promoting a clearer understanding of the difference between blockchain and Bitcoin, in order for the system to thrive.
The report addresses common issues associated with the technology, such as 'DLT versus blockchain', how much regulation the technology requires and how smart contracts work in blockchain.
Download the report to view it in full and don't hesitate to contact one of our experts if you have any questions.