Blockchain to Transform the Global Financial System
On August 12, 2016, the World Economic Forum (WEF) published a report on the future of the financial infrastructure, and in particular on the transformative role that blockchain technology is set to play. Notably, it analyses the impact that the technology is having on the financial services industry and how it can provide more transparency and security. Potential use cases are analyzed, including for insurance, deposits and lending, insurance, capital raising, investment management, and market provisioning. The report also looks at the current challenges in instituting a widespread implementation of blockchain, many of which will require international legal frameworks, harmonized regulatory environments, and global standardization efforts.
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