Friday, 10 July 2015
By Nathaniel Karp
Blockchain, a peer to peer public ledger, could disrupt the financial sector as bitcoin currency rises in popularity.
What will it take for this decentralized system to gain broader acceptance and shake up the financial world? Firstly, it would have to offer the same or higher level of trust and protection than the current banking systems. Dealing with legal and regulatory concerns, as well as with matters of national security, such as money laundering, fraud, tax evasion, or terrorism must also be a top priority. Furthermore, digital currencies would not be exempt from potential crashes; therefore, the system must develop a strategy for handling situations of this type in order to gain widespread adoption.
What are the potential risks and benefits of cloud computing for banks? Before making the switch, banks must weigh challenges against future cost and time savings.
Fintech platforms have risen in popularity among Millennials for their low fees, user-friendly interfaces, low or no minimum balances, and online DIY tools.