The biggest key to turning blockchain’s potential into reality is a collaborative effort among banks to create the network necessary to support global payments.
One of the most talked-about topics in the financial services industry today is blockchain. And for good reason: The ways in which emerging blockchain and distributed ledger technology (DLT) could transform the industry are enticing to companies constantly on the lookout for lower costs and greater efficiency. If fully adopted, it will enable banks to process payments more quickly and more accurately while reducing transaction processing costs and the requirement for exceptions
However, to capitalize on this potential, banks need to build the infrastructure required to create and operate a true global network using solutions based on this transformative technology. How is blockchain use progressing? What is critical to its adoption? And what can we expect inthe years ahead? These are among the questions a recent Accenture survey sought to answer.
Our survey found that blockchain use is, indeed, top of mind among banking executives who lead payments businesses. It also uncovered the major benefits executives expect blockchain to generate for their bank,
the use cases to drive those outcomes, and where banks are currently focusing their efforts. Perhaps most critically, the survey revealed what executives believe must happen for blockchain to gain prominence globally.