October 1, 2016
Why Blockchain Won’t Disrupt Banks First
Useful use cases for all
At Credits, Nick has been observing this trend closely too. The company has been exploring a number of use cases outside of financial services, such as proof of identity, procurement processes, and interdepartmental payments. It recently worked with a client on a corporate identity blockchain solution.
Credits has also been very active in e-government, where blockchain has the potential to inject trust and accountability into many processes. This includes providing means to share sensitive personal data between departments that prevents data leaks while still allowing for data integrity checks.
The good news for banks is that many of the non-financial use cases also provide compelling first customers for the eventual financial ones. If we can solve supply chain management, for example, than we are not far from solving supply chain finance.
So while we may not see distributed ledgers taking over in financial services right away, that shouldn’t be interpreted as meaning it will never happen.
When it comes to blockchain and banks, there is no escaping destiny.