Why Do Wall Street Banks Have Blockchains in Their Dreams?

Every generation has their own technology. People learn this technology and become experts at this technology. But, many Wall Street banks have become experts in outdated technology. How can they become successful if they do not use the latest technology? One of the newest financial technological developments is the blockchain. Why do Wall Street bankers have blockchains in their dreams?

It Can’t Work

Gandhi might have explained human psychology the best when he talked about people rejecting change initially. That is what most of the Wall Street banks did. Blockchain was linked to Bitcoin, which was seen as a competition to traditional banking. But, the more that the bankers investigated, the more they realized that blockchain is powerful. While some bankers say blockchain can’t work, others understand the reality of blockchain. Blockchain is a technology, not a brand.

Blockchain Might Work

The Information Technology (IT) staff has finally explained the truth about blockchain to the high-level bankers. Now, Forbes has nine blockchain startups in its Fintech 50 List for 2018. How can blockchain revolutionize banking?

If You Can’t Beat Them, Join Them.

While blockchain started with Bitcoin, it has a lot more to offer. First of all, Bitcoin does not have a monopoly on blockchain. In fact, nearly all of the cryptocurrencies have their own version of blockchain. Secondly, blockchain can be modified. That means that banks can modify the blockchain to suit their purposes. And if banks, like Highland Financial Services could offer cheaper, faster services using blockchain technology, wouldn’t their customers clamor for this offering?

How Can Banks Use Blockchain?

Every time, you use a credit card at a store, the credit issuing bank needs to authenticate the purchase. They need to verify that it is your credit card, that you have an account with said bank and that it has not been reported as stolen. The blockchain does the same for digital coins. It is a very fast system. And, some experts think that blockchain technology could be made faster than credit card technology.

A Funny Thing Happened on My Way to the Forum … 

One day, bankers realized that they could use blockchain for their own purposes. Just imagine the benefits. They did not need to worry about cryptocurrencies; they could make their own cryptocurrencies, like Ripple.

Is Blockchain, The Future of Banking?

Did anyone really think that a plastic card could be used to purchase goods and services? No. But, the credit card issuing banks that took the bull by the horns are now the standard bearers for the industry.

The same could be true for the blockchain. If Bitcoin creates a better system using blockchain, then it could own the future.

Carpe Diem—Seize the Day!

Therefore, Wall Street banks might have blockchains in their dreams. This fintech could be the wave of the future. But, banks must find a way to leverage blockchain to gain ascendancy.

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