Len Steinmetz, Grant Thornton’s Director in Financial Advisory Services practice says that every business should be in fear of blockchain and it should absolutely keep them awake at night.
Generally speaking, blockchain is the new, disruptive technology in finance and legal services. In industries like financial services, which often rely on a central clearinghouse to verify transactions, a blockchain eliminates the middleman, slashing administration time and costs.
Consumer loans and retail other retail industries – like insurance – is probably the next industry to be disrupted by blockchain technology.
The legal industry is slow entering the age of the digitized economy with “smart contracts” and other trust based tools.
Authorities must get ready for software-driven regulation
An argument can be made and a key driver of lower costs – access to a shared blockchain may be all a regulator may need to supervise the banking system. This will allow banks to shift the load back to the authorities – in total or in part – but certainly lighten their compliance burden.
Connect with Bryant Nielson