{"id":269,"date":"2017-01-21T20:50:31","date_gmt":"2017-01-21T20:50:31","guid":{"rendered":"https:\/\/blogs.scu.edu\/finis\/?p=269"},"modified":"2017-01-21T20:50:31","modified_gmt":"2017-01-21T20:50:31","slug":"blockchain-could-save-investment-banks-up-to-12-billion-a-year-accenture","status":"publish","type":"post","link":"https:\/\/blogs.scu.edu\/finis\/2017\/01\/21\/blockchain-could-save-investment-banks-up-to-12-billion-a-year-accenture\/","title":{"rendered":"Blockchain Could Save Investment Banks Up to $12 Billion a Year: Accenture"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Accenture released a report earlier this week showcasing how investment banks can reduce costs as much as $12billion a year by utilizing blockchain technology. The consulting firm looked at eight banks to determine the feasibility and savings of this technology stating that blockchain will \u201cobviate the need for reconciliation and could prove a helpful resource for auditing.\u201d Some banks have started to implement this technology to run back-office processes, but there is skepticism that banks are simply following the trend of block chain versus thinking of the future feasibility of this technology in banks. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The report also specifically looked to automating finance reporting and creating a distributed ledger. Such topics are significant portions of what our class encompasses. I found the following to be issues of implementing blockchain in b<\/span>anks and other institutions:<\/p>\n<ul>\n<li>Uncert<span style=\"font-weight: 400\">ainty over security \u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Integration issues with systems already in place <\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Initial costs to implement such technology are unknown <\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Implementation and integration may outweigh future benefits \u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Legal and regulatory acceptance of blockchain being used in this way<\/span>\n<ul>\n<li><span style=\"font-weight: 400\">It can take years before adoption protocols are put in place and adoption may be low thus creating a divide between those who use blockchain and those that do not<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><a href=\"http:\/\/www.reuters.com\/article\/us-banks-blockchain-accenture-idUSKBN1511OU\"><span style=\"font-weight: 400\">http:\/\/www.reuters.com\/article\/us-banks-blockchain-accenture-idUSKBN1511OU<\/span><\/a><\/p>\n<p><a href=\"https:\/\/www.accenture.com\/us-en\/insight-investment-bank-challenges-blockchain-technology\"><span style=\"font-weight: 400\">https:\/\/www.accenture.com\/us-en\/insight-investment-bank-challenges-blockchain-technology<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Accenture released a report earlier this week showcasing how investment banks can reduce costs as much as $12billion a year by utilizing blockchain technology. The consulting firm looked at eight banks to determine the feasibility and savings of this technology stating that blockchain will \u201cobviate the need for reconciliation and could prove a helpful resource &hellip; <a href=\"https:\/\/blogs.scu.edu\/finis\/2017\/01\/21\/blockchain-could-save-investment-banks-up-to-12-billion-a-year-accenture\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Blockchain Could Save Investment Banks Up to $12 Billion a Year: Accenture<\/span><\/a><\/p>\n","protected":false},"author":863,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-269","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":0,"qubely_featured_image_url":null,"qubely_author":{"display_name":"nneumann","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/nneumann\/"},"qubely_comment":0,"qubely_category":"<a href=\"https:\/\/blogs.scu.edu\/finis\/category\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","qubely_excerpt":"Accenture released a report earlier this week showcasing how investment banks can reduce costs as much as $12billion a year by utilizing blockchain technology. The consulting firm looked at eight banks to determine the feasibility and savings of this technology stating that blockchain will \u201cobviate the need for reconciliation and could prove a helpful resource&hellip;","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/863"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=269"}],"version-history":[{"count":1,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/269\/revisions"}],"predecessor-version":[{"id":270,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/269\/revisions\/270"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}