[2015-06-16] CD: Santander: Blockchain Tech Can Save Banks $20 Billion a Year

[Grand_Voyageur]

Santander: Blockchain Tech Can Save Banks $20 Billion a Year

Blockchain technologies could reduce banks' infrastructural costs by $15-20bn a year by 2022, a new report from Santander InnoVentures claims.

The FinTech 2.0 Paper, produced in collaboration with Oliver Wyman and Anthemis Group, says distributed ledger technology could save banks money by eliminating central authorities and bypassing slow, expensive payment networks.

Beyond payments, its authors identify other areas of potential for distributed ledgers, noting: "In time, distributed ledgers will support 'smart contracts' – computer protocols that verify or enforce contracts. This will lead to a wide variety of potential uses in securities, syndicated lending, trade finance, swaps, derivatives or wherever counterparty risk arises."

Full story: http://www.coindesk.com/santander-blockchain-tech-can-save-banks-20-billion-a-year/

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[Kakmakr]

The part that might be the most important is this : < Other "attractive features" of the technology include transaction irreversibility, near-instantaneous clearing and settlement and a reduced margin of error, as individual transactions are openly verified by a community of network users. >
The problem with this is, we as the consumer will never see the benefit of these savings. The saving will benefit the shareholders and investors and the consumer will still be exploited with high fees.

[kjlimo]

Exactly, so place your bets wisely!

[Chef Ramsay]

I guess every satoshi they make use of helps in the long run for all of us in terms of the price. The more outfits that implore the blockchain to do business for them is an ultimate boon to what we're doing here especially in a time like this when we're trying to crush a bear market and move on from a historical bullet to the head/price.

[Grand_Voyageur]

Accordingly to CoinDesk article Consensus 2015: Santander Head of Innovation to Discuss Blockchain Tech their head of R&D will discuss BME:SAN involvement in the blockchain space at Consensus 2015 event.

The part that might be the most important is this : < Other "attractive features" of the technology include transaction irreversibility, near-instantaneous clearing and settlement and a reduced margin of error, as individual transactions are openly verified by a community of network users. >
The problem with this is, we as the consumer will never see the benefit of these savings. The saving will benefit the shareholders and investors and the consumer will still be exploited with high fees.

I guess every satoshi they make use of helps in the long run for all of us in terms of the price. The more outfits that implore the blockchain to do business for them is an ultimate boon to what we're doing here especially in a time like this when we're trying to crush a bear market and move on from a historical bullet to the head/price.

I suppose a widespread adoption of blockchain for business use could support a bull phase for BTC price. However, i could put some stakes - aka € - also on BME:SAN since they could be a step ahead of their competitors if they are the first to deploy blockchain to reap savings in their ops. There ain't no such thing as a free lunch, however.