According to a recent report from the Deloitte University Press "blockchain is coming to disrupt your industry". And none seems more vulnerable than financial services.
In fact, the finance industry is putting its money where its mouth is: 30 of the world's biggest banks1 have already joined a consortium to build blockchain solutions, and Nasdaq is working on a blockchain-powered private market exchange. But despite all the recent 'noise' around blockchain, very little has been said about the true value it can bring to banks themselves.
Last month during TCF, a range of senior managers from large banks, who specialise in innovation and trade finance, met to discuss blockchain. Chaired by Ben Robinson, Chief Strategy & Marketing Officer at Temenos, a panel of industry experts including David Brear, CEO of Fintech consultancy 11:FS, Pavel Bains, CEO of Bluzelle Networks, a firm offering blockchain-as-a-service, and Partick Laurent, Partner at Deloitte in Luxembourg, discussed use cases for the blockchain and fielded questions from the group. This document represents a summary of the discussion points raised.