The application of blockchain technology in the financial services realm is shaping up to transform the sector.
Faster and securer transactions are among the expected advantages, while increased automation is likely to impact the need for human involvement in a variety of processes.
And while security is an issue in network-based systems, the blockchain transaction process is viewed as adding additional layers of defence against cybercrime.
These issues were discussed by a panel of experts during the World Alternative Investment Summit Bermuda, held at the Fairmont Southampton.
Blockchain is part of a wave of digital advancement reshaping how businesses interact and move digitised assets of value. It is a ledger of transactions that have been executed and agreed on by a network of ‘nodes’, or databases. Each block in the chain is timestamped and secured from tampering and revision.