The main advantage of blockchain technology in the financial sector is the intermediation and significant cost reduction.
First of all, the financial industry now needs to conduct layers of audits to control financial risks due to prevention of single points of failure and systemic risk, but this also results in high internal costs. And as a result of the ever-increasing regulatory regulations, especially as the financial crisis in 2008 led to rising thresholds for financial regulation and control, the extent of the anti-money laundering and anti-terrorist financing led by the war on terror led to a gradual expansion in the scope and depth of regulation, resulting in the entire financial The regulatory costs of the system have dramatically increased.
Why do you ask a question and then you are answering your own question?
I think that the main advantage of blockchain adoption in the financial industry would be the increased level of security.If all the sensitive financial info is kept in decentralized servers,it would be harder for the hackers to steal all the information.There might be some cost reduction after the blockchain adoption.Many bank clerks might lose their jobs,but there`s no way to make the financial system fully automatic.
Protecting the data, and not only from the hackers, who wants to steal data, but imagine that the bank (or any other company) are using blockchain technology to store their data decentralized. Imagine that a server gets infected with a ransomware virus, and they are forced to pay a ransom in order to release the data. If they're using the blockchain, the data is kept on several other servers, so they just shut down the infected server and the system is still running. Also, if the blockchain system is well developed, it can easily reduce the cost of the current labour. Bank clerks has already lost their jobs in the '90s when the PCs started to spread...
