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Initially, the banking industry ignored the world of blockchain. Blockchain’s origins were in direct opposition to the banking system and the control that banking has over our lives.
As the blockchain industry gained momentum and investors earned their profits, the banking industry noticed. And when Ethereum and other crypto assets added smart contract functionality, the innovative vanguard of the industry saw massive potential.
It’s unwise to bet against the banks. Banks operate through their incentives to invest and adapt, and fight tooth-and-nail to keep their customers. While a minority of investors believe that blockchain could lead to a revolution displacing the power of large financial institutions, this is unlikely.
Prior to Covid in 2018, Deloitte conducted its Global Blockchain Survey and spoke with 1,000 banks. The survey demonstrated how much interest the financial world already had in blockchain technology. More than 95% of respondents confirmed they were investing or planned to invest in distributed ledger or blockchain technology.
To read more, please click here to visit Trusting Disruption, a thought-leadership platform on innovation.
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