According to James Disney, the sky is the only limit when it comes to the usage of the blockchain.
A wide majority of banks have already rejected the notion of bitcoin. However, they are probably intrigued by its excellent usage of blockchain technology. In fact, Credit Suisse, a renowned investment bank from European bank, has mentioned that the sky is the limit when it comes to the usage of the so-called blockchain technology. According to James Disney, who is the global head of software investment banking department Credit Suisse, originally it takes around 20 – 30 days in order to close/settle private equity transactions. Nevertheless, with the appropriate usage of blockchain technology, this timeframe can be easily minimized to a few minutes.
Needless to mention, Credit Suisse has already performed a couple of experiments with the distributed ledger so that the system can be ready for future usage. For these experiments, Symbiont, a New York City-based blockchain technology company, has paired up with Credit Suisse. Other than that, a wide assortment of public banks has formed R3-led consortium in order to demonstrate how the emerging blockchain technology can be effectively used in the syndicated loan market. Please note, the R3-led consortium was formed in the year of 2016.
The well-known Swiss multinational financial service provider, Credit Suisse has taken part in the process of smart contracts blockchain test. For a period of around four months, a number of banks and financial institutions collectively tested a prototype that was developed Axoni, a blockchain firm, for OTC (over-the-counter) equity swaps.
James Disney has mentioned that Credit Suisse is really keen on developing the innovative blockchain technology that has the potential to streamline their day-to-day operations. In fact, it can really bring positive impacts in every part of their financial services.
While referring to bitcoin, the global head has stated that bitcoin is inarguably considered to be the first killer app for blockchain. According to him, the sky is the only limit when it comes to the usage of the blockchain. However, it’s just the early stage. Obviously, it will require more rigorous research, continuous innovation, and technological advancements with the blockchain to ensure a better usage.