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Author Topic: [2017-01-17] Firstpost: Accenture says blockchain tech can cut costs for IBs  (Read 418 times)
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January 18, 2017, 01:47:11 AM

Accenture report says blockchain technology can cut costs for investment banks by $8 to $12 billion a year

Blockchain technology could help the world’s largest investment banks cut their infrastructure costs by between $8 to $12 billion a year by 2025, according to a report by Accenture. The report, published on Tuesday jointly with benchmarking firm McLagan – part of consultancy Aon Hewitt – is based on an analysis of cost data from eight of the world’s ten largest investment banks, and provides a rare concrete estimate of blockchain’s potential savings.

Originally used to underpin digital currency bitcoin, blockchain is a distributed record of transactions, or other data, maintained by a network of computers on the internet without the need for approval from a central authority. As it creates a shared “golden record” of data that is virtually tamper-proof, it obviates the need for reconciliation and could prove a helpful resource for auditing. Banks and other large financial institutions have been ramping up their efforts to develop blockchain-based technology to run some of their most burdensome back-office processes, such as the clearing and settlement of securities.
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