The many ways banks are using blockchain

Bankers have historically been skeptical of how secure blockchain technology will be for their tightly regulated industry.

But that attitude has shifted dramatically over the past few years as executives have recognized the distrubted ledget technology’s potential.

More than half of business executives say that blockchain will be critical to their company’s success over the next three years, according to a report by Accenture.

At Consensus 2018, FedEx CEO and founder Frederick W. Smith said “blockchain has the potential to completely revolutionize trade across borders.” The Deloitte survey of over 1,000 global executive attitudes noted 43% said blockchain is one of their top-five strategic priorities.

In 2018, financial industry leaders seem less afraid of using blockchain as banks begin making significant transactions aided by the technology, and large investments into different initiatives.

Following is a look at why and how institutions are using blockchain: