Evolve or Perish say Bain & Company to Banks on Using Bitcoin Blockchain
Banks are not moving fast enough to adopt the Blockchain and this may lead to their quick demise. Recently in an article authored by Glen Williams, David Gunn, Eduardo Roma and Bharat Bansal, the consulting firm Bain said that banking companies are missing out on Digital Currency.
In its article Bain said about Blockchain, ‘Distributed ledger technology, rst showcased by the Bitcoin digital currency network, has the potential for such dramatic change – yet most banks have not adequately prepared for the ensuing battles to retain control of customers and of merchant payment interfaces.’
Bain & Company are a management consulting firm who work with top executives all over the world and help them make ‘better decisions’ and convert those decisions into actions and success.
Blockchain is a rare opportunity
Bain & Company think that changes to ‘complex pipelines’ that make payments rarely occur.
They are of the view that removal of intermediaries, simplifying ‘connections’ between counterparties and using an immutable Blockchain holds the key to improving speed, transparency and efficiency of payments systems.
The consulting firm cities Bitcoin as a success story and mentions that since 2012 nearly US$ 1 billion in capital has been pumped into various types of distributed-ledge investments.
This post was published at Coin Telegraph on 2016-07-28.