Open Source: The financial services industry is a technology stack of legacy systems standing twenty miles high and on the verge of teetering over.
Changes are difficult to make because each improvement must be backward compatible. As open source technology, blockchain can constantly innovate, iterate, and improve, based on consensus in the network.
These benefits—attestation, dramatically lower costs, lightning speed, lower risks, great innovation of value, adaptability—have the potential to transform not only payments, but also the securities industry, investment banking, accounting and audit, venture capital, insurance, enterprise risk management, retail banking, and other pillars of the industry. Read on.
THE GOLDEN EIGHT: HOW THE FINANCIAL SERVICES SECTOR WILL CHANGE
Here are what we believe to be the eight core functions ripe for disruption. They are also summarized in the table here.
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