The tech giant IBM conducted two studies which surveyed 200 global banks and financial institutions. About 66% of those surveyed plan to have incorporated blockchain into their commercial products within the next 4 years. By 2017 alone, 15% of big banks and 14% of financial institutions will use the technology.
IBM saw many advantages for early adopters of blockchain. Setting industry standards when they’re at their most volatile is one of them. Creating new models of use that will later be adopted by new entries is another. These early birds are also seen to be better at anticipation of disruption, which enables them to outmaneuver and fight off new competitors along the way.
Because blockchain is a distributed database, and not one that is stored in a central system, and effective against tampering and malicious attacks, it is the new promising transacting platform for banks and financial institutions. Changes to records made and observed in real-time would translate to lower costs, more efficient operations, as well as a reduction in possible errors.