The Spanish banking group, Santander’s venture arm – Santander InnoVentures has recently published a report titled The Fintech Paper 2.0 in which the company explores the potential of using Blockchain technology in the banking sector. According to the report, Blockchain technology can potentially save anywhere between 15 to 20 billion dollars for banks.
The study was conducted in collaboration with Anthemis, a fintech venture fund and the research firm Oliver Wyman to understand the effect of the latest fintech technologies on the banking sector. Blockchain technology has been increasing used for various applications apart from recording Bitcoin transactions.
Some of the applications of Blockchain technology include proof of existence platforms, digital records management, intellectual property management, smart contracts and many more. There are many Blockchain based platforms like Factom and Ethereum which are developed specially for catering to data management and Internet of Things applications.
The banking sector incurs huge infrastructure costs for cross border payments, securities trading and regulatory compliance. These costs can be reduced greatly by utilizing the same Blockchain technology used for Bitcoin transactions and data management. Blockchain is known for its ability to