Cointelegraph travelled to London to learn how the biggest names in finance — including IBM, Accenture, and McKinsey & Company — are adopting blockchain technology.
Blockchain technology is reshaping the face of our global financial system, and it goes far beyond cryptocurrencies alone.
Since Bitcoin’s arrival, the conventional finance world has been intrigued by blockchain, Bitcoin’s underlying disruptive technology. Now we are seeing that intrigue being transformed into a full-fledged and active public interest, and the potential onset of popular mass adoption.
But why is the white-collar financial world interested in adopting the very technology that holds profound implications for permanently altering “business as usual?” We headed to London in attendance of a conference called Sibos 2019 to find out.
Sibos is the premiere financial services event of the world. It is hosted by SWIFT, the payments service powerhouse that underpins major portions of the global financial ecosystem. This year the event attracted more than 11,000 delegates, 600 speakers, and 300 exhibitors from all corners of the globe. Representatives for everyone from Deutsche Bank to Google were there — it turns out plenty of mainstream business players are toying with blockchain, and with good reason.
This technology’s potential is disruptive at worst and revolutionary at best. It redefines the way we can store, share, and verify data, opening opportunities for entirely new businesses and ecosystems. One of the world’s largest corporations, IBM, is operated by over 350,000 employees across 177 different countries, and it has become a leading blockchain innovator in a variety of economic systems, including in trade and finance, provenance, and the supply chain.
Even major banks are getting involved. Research from renowned consultancy McKinsey & Company shows that over 90% of the world’s top 50 banks are tinkering with blockchain technology. Why? Well, according to research from Accenture, a Fortune 500 company, blockchain methodologies could generate a whopping 30% cost savings across all industries. (Accenture also happens to be developing a blockchain-based identity system for travelers, with the end goal of making it easier to confirm identities as people engage in international travel.)
We had a camera in hand to bring you along to London with us. Please check out our video report on how blockchain is changing the way we conduct global business, and subscribe to our YouTube channel!