Digital Wealth Asia Forum 2019 Singapore - Exclusive Insights - Lawrence J. Grinceri

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1. Blockchain - What are the real applications and implications in financial services?

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1. Blockchain - What are the real applications and implications in financial services?

Blockchain has got numerous applications in the financial services area. The one that is getting the initial impact is the payment space. We're now talking about the ability to transfer an asset for a payment, and to do this instantaneously and to do it between any peers on a network, anywhere in the world. This is obviously a big leap forward when compared to the number of steps currently required to take an investment product, for example, have it purchased and then settle that purchase, which end-to-end would take at least 48 hours and a whole bunch of paperwork to complete. With the Blockchain, we create a far more efficient process. The issue of trust is in force within the actual technology itself, and everything happens pretty much instantaneously.

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