Deltec Bank perspective on Blockchain and its impact on Banking and Financial sector

October 07 16:16 2019
Deltec Bank perspective on Blockchain and its impact on Banking and Financial sector

Deltec Bank – The Bahamas
Deltec Bank – Blockchain Movement:

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

According to an article by Forbes, the market for blockchain-related products and services was at $242 million in 2014. By 2022, however, that figure is expected to explode and reach the heady heights of a whopping $7.7 billion. The world of industry is discussing the benefits of blockchain, and no one wants to be left behind.

“The world of industry is discussing the benefits of blockchain, and no one wants to be left behind”.

At its core, this innovative technology Is distributed, the ledger which is completely tamper-proof and transparent. It has a multitude of benefits, and although a well-designed blockchain cuts out the potential for intermediaries, reduces costs, increases speed and reach, it also offers greater traceability for many business processes.

Some Industry experts say, financial services, currently mainly in U.S. and Europe are leading the way with the US the most advanced user of this new innovative technology, but in three to five years, China will have caught up and are already trialing and developing blockchain technology in its industry.

JPMorgan, a member of the EEA and Hyperledger consortia, has an internal blockchain team along with its own blockchain infrastructure called Quorum.

Quorum is based on the Ethereum blockchain and is specifically designed for financial services transactions. The company is continuing to invest in blockchain and is working on integrating advanced cryptography into Quorum from its partnership with Zcash. It is also launching an inter-bank payment platform called the Interbank Information network.

Although financial services are forging towards the future using blockchains transparency, there is also much scope for other industries to take the baton, including utilities, healthcare, energy companies and in the production of industrial equipment.

Companies around the world are curious about whether blockchain technology can be used to enable new capabilities. Blockchain could help them reduce costs and improve certain processes, advance product, and customer data tracking and security, increase product safety and continue to reduce fraud and counterfeiting, two areas which have increased hugely in the past decade.

According to industry experts, blockchainexpo.com, we can look forward to some hugely future forwarding developments across all industries, sectors and also for everyday consumers by 2030. Let’s take a look below at how we can expect blockchain to become an integrated part of our everyday lives in the near future.

  • Trillion-dollar tokenization – there will be more trillion-dollar tokens than there will be trillion-dollar companies.
  • Blockchain identity for everyone – a cross-border, blockchain-based, identity standard will develop for individuals, along with physical and virtual assets
  • World trade on blockchain – most of the world trade will be conducted leveraging blockchain technology.
  • Increased living standards – significant improvements in the world’s standard of living will be attributable to the development of blockchain technology.
  • Government – most governments around the world will create or adopt some form of virtual currency.

So far, we have seen that blockchain is a technology with an exceptionally large set of potential uses.

Although blockchain is mostly known for how it creates a platform for developing the cryptocurrency world, those who are understanding blockchain and how it can be used to transform other business and investment worlds, are set to benefit by the use of this transparent and immutable technology.

Disclaimer:  The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Media Contact
Company Name: Deltec International Group
Contact Person: Media Manager
Email: Send Email
Phone: 242 302 4100
Country: Bahamas
Website: https://www.deltecbank.com/

  Categories: