Blockchain technology could save leading investment banks up to $12 billion (£9.8 billion) a year in back office cost, according to a new analysis from consultancy Accenture and operations benchmarking company McLagan.
A report from the pair, titled “Banking on Blockchain: A Value Analysis for Investment Banks,” looks at real-world data from 8 of the world’s top 10 banks and estimated that blockchain technology, first developed to underpin bitcoin, could cut operational costs by up to 30%.
