A McKinsey report identifies benefits that blockchain solutions offer capital markets, some of which include: Capital Marketsīlockchain-based systems also have the potential to improve capital markets. Blockchain technology can be used to decrease the cost of these transfers by reducing the need for banks to manually settle transactions. Known as “Santander One Pay FX,” the service uses Ripple’s xCurrent to enable customers to make same-day or next-day international money transfers.īy automating the entire process on the blockchain, Santander has reduced the number of intermediaries typically required in these transactions, making the process more efficient.Īs a large commercial bank, Santander has numerous retail clients who would benefit from more efficient and cheaper payments, particularly in the area of international transfers.

This makes it excellent for international payments and money transfers.įor example, in April 2018, Banco Santander launched the world’s first blockchain-based money transfer service. Blockchain Use Cases in Banking & Finance International Paymentsīlockchain provides a way to securely and efficiently create a tamper-proof log of sensitive activity. Below, we’ve outlined some of its emerging applications across finance, business, government, and other industries. It’s helpful to envision it as a strongly encrypted and verified shared Google Document, in which each entry in the sheet depends on a logical relationship to all its predecessors, and is agreed upon by everyone in the network.īut blockchain technology has many more potential use cases beyond other than just serving as the fuel behind Bitcoin. Basically, the tech exists as a shared database filled with entries that must be confirmed by peer-to-peer networks and encrypted. Do you work in the Financial Services industry? Get business insights on the latest tech innovations, market trends, and your competitors with data-driven research.Īs Bitcoin and other cryptocurrencies have been picking up steam, focus has turned to blockchain – the underlying distributed ledger technology (DLT) that powers these digital currencies.īlockchain technology is simple to understand at its roots.Global spending on blockchain is forecast to reach nearly $19 billion in 2024, growing at a five-year compound annual growth rate of 46.4%.

Blockchain was first created to enable cryptocurrency but has since been widely touted for its potential to transform entire industries.

Ioff the wall ways to use blockchain