Banking on the Blockchain Reengineering the Financial Architecture

Blockchain technology, once viewed as a profound threat to financial intermediaries, is now being embraced by traditional financial services firms as a way to reengineer financial industry infrastructure to their advantage. The industry, working both independently and in partnership with newer players, envisions the technology as a mechanism for lowering costs, reducing risk, introducing new products and freeing up capital. This paper will explore the immense potential of blockchain technology, as well as some of the challenges it poses to the industry and regulators.