Our survey found that blockchain use is, indeed, top of mind among banking executives who lead payments businesses. Perhaps most critically, the survey revealed what executives believe must happen for blockchain to gain prominence globally.
Blockchain and distributed ledgers have a bright future. As real-time, open-source and trusted platforms that securely transmit data and value, they can help banks not only reduce the cost of processing payments, but also create new products and services that can generate important new revenue streams.
The biggest key to turning blockchain’s potential into reality is a collaborative effort among banks to create the network necessary to support global payments. Banks need to look at the bigger picture and work together—and with non-banks—to help define the backbone that can underpin a universally accepted, ubiquitous global payment system that can transform how banks execute transactions.
In the words of one executive we interviewed: “The technology will only work if everyone adopts it. It has to be all or nothing.”