White & Case, the ninth-largest law firm in the United States as of 2015, highlights the advent of blockchain technology in financial services in a recent report.
Two lawyers in the firm, Kevin Petrasic and Matthew Bornfreund, noted in the report:
“Blockchain technology is poised to transform the financial sector by increasing efficiency, transparency and security; reducing costs; and unleashing an unprecedented wave of innovation.”
Petrasic and Bornfreund refer to the Aite Groupâ€™s projects of spending by banks on blockchain solutions, expecting them to surge to more than $200 million in 2017, $300 million in 2018, and $400 million in 2019.
The authors predict that blockchain technology will enable faster and less costly trade execution and settlement, the development of new exchange platforms, streamlined Â registration of physical assets, more efficient supply chain management, cheaper cash reserve settlement, smart contracts, and algorithmic regulation.