Existential threat or opportunity for the financial system?
Blockchain technology is seen as a potential game changer for big banks and stock market operators with major consequences for IT and business models. Blockchain is a distributed database with decentralized consensus in which for example money transactions, financial investments (shares, bonds, derivatives), ownership rights (e.g. register of cars, land register entries) or fundamental rights (real estate) are recorded immutably and efficiently.
Transactions based on cryptofinance are handled directly between the payer and the recipient and thus question the role of intermediaries. By using Blockchain technology, the average processing time for transactions can be significantly reduced and the average cost per transaction is lowered. Various industry figures show that by 2022, the technology could achieve savings of 13 to 18 billion euros a year in the banking infrastructure, as Blockchain optimizes cross-border payments, securities trading and fulfilling regulatory requirements.
As an intermediary between technology providers and users, BearingPoint can advise and support different stakeholders. Our offering includes complete solutions on blockchain, from business strategy via process integration to technology implementation.
If you would like to find out if your organization is reaready for the innovative Blockchain, take a few minutes and try out BOOST, our new Blockchain Opportunity Online Test.
Please find below a wide range of information, such as specialist publications, surveys, blogs, interviews and keynote articles regarding Blockchain, cryptofinance and advanced digitization topics:
Banking and Blockchain – is co-opetition an option?
Olga Feldmeier, Crypto Pioneer and CEO of Smart Valor, talked with us about the current situation and the potential of Blockchain Technology for the Financial Services Industry.
OTC-Derivatives and Distributed Ledger Technology
Regulatory Authorities, large banks and financial services providers engage in blockchain and distributed ledger technologies, which could possibly cause a disruptive change in securities markets. This whitepaper elaborates two ledger scenarios as potential transformations of derivatives markets.
Initial Coin Offerings
The ongoing debate around cryptocurrencies like bitcoin has more morphed into a more profound discussion about cryptographically secured tokens and decentralized business models. This has been largely fueled by the uprising of yet another phenomenon within the crypto space: Initial Coin Offerings (ICOs), also known as “token sales” or “token launch events". Learn more
Trust, the real innovation behind Blockchain?
Blockchain creates a new basis of trust for business transactions that could contribute to a considerable simplification and acceleration of the economy.
White Paper "Co-Opetition in the Banking Industry"
Overcoming the rift between Financial Institutions and FinTechs: Although banks may have played down the power and disruptive potential of FinTechs at first, it has become quite clear that the FinTechs are here to stay.
Blockchain will transform the insurance industry value chain
The revolutionary possibilities opened up by blockchain technology will soon begin to enable entirely new business models and product solutions, transforming the insurance industry for decades to come.
Specialist article "Are banks ready for blockchain?"
A new paper from BearingPoint Institute highlights how traditional financial institutions risk being edged out by agile fintech start-ups if they fail to act on current opportunities.
Youtube "Blockchain - Interview Iris Grewe, Partner Financial Services BearingPoint"
At the renowned UBS Innovation Forum, Wolfsberg (CH), Iris Grewe, Partner Financial Services at BearingPoint, talks in an interview with Handelszeitung about blockchain, bitcoin and the various implications on the economy, the legal system and society.
Youtube "Can the financial services industry master blockchain?"
Cryptofinance technologies have the potential to revolutionize the financial sector by transforming business models, connecting new counterparties and generating sweeping efficiencies, but work needs to be done before the full benefits of the underlying blockchain technology are realized.
BearingPoint Institute: Financial Services
The Financial Services webpage contain practical insights from financial market experts which are constantly updated and enriched by new Institute reports, articles and blog posts.
BearingPoint Institute: Digital
The Digital webpage contain practical insights from experts which are constantly updated and enriched by new Institute reports, articles and blog posts.