Ask a group of bank technology executives what they might have done differently in the past three to five years, and the responses come easily: We could have wrestled with the data monster differently, laid out a foundational architecture sooner, dived deeper into analytics and customer insights, and had a more cohesive business strategy advanced by digital rather than a tactical mobile strategy.
All legitimate, honest regrets. But unless they act soon, some banking leaders could soon be adding one more item to that list — waiting too long on blockchain. The hesitancy is understandable. The rollout of blockchain-based digital currencies during the past few years has produced its share of ripped-from-the-headlines stories reporting on wild price fluctuations and exchange collapses.
The technology underlying cryptocurrency is building undeniable momentum, with the potential for momentous impact on financial services, the world of commerce and society at large. Quickly gaining a reputation, if not full legitimacy, as the “Internet of finance,” blockchain provides the digital ledger that enables Bitcoin, BitShares, Ethereum, Ripple and hundreds of their crypto kin to transfer assets more quickly, reliably and securely.