The Banks and Financial Services Industry have been seen with a complete shift in opinion on Blockchain Technology. For a long period of time, most financial institutions have dismissed Bitcoin as the speculative tool of gamblers and criminals and barely registered blockchain on their radar. From 2015 onwards, all the major banks in the world such as Mitsubishi UFJ, BNY Mellon, Mizuho Bank, Bank of Australia, Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit, just to name a few, have all been investing and involved in Blockchain Technology projects.
In the near future, Blockchain Technology and Financial Services Industry will be inseparable. Most importantly, it is widely believed that blockchain technology would contribute to prosperity for everyone, not just wealth for the few.
Blockchain solutions in finance are virtually endless. Any centralized marketplace that is dominated by a few middlemen is likely to be taken over by blockchain technology sooner than later. A World Economic Forum predicted that by 2025, ten percent of global GDP would be stored on blockchains technology.
Some of the largest Blockchain projects underway include the IBM-backed Hyperledger Fabric project, the Utility Settlement Coin, and R3’s blockchain consortium, signifying a growing acceptance in institutional policy to support blockchain growth.