BITCOIN POTENTIAL THREAT TO FINANCIAL LEADERS

Updated: 08/05/2016 12:25
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bitcoin threat financial leaders
Read the news to learn of the potential risk bitcoin and blockchain can cause to the global worldwide finances including capital market, financial
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Read the news to learn of the potential risk bitcoin and blockchain can cause to the global worldwide finances including capital market, financial services

Visa, Mastercard and other payment systems can breath in openly: Bitcoin is going to remain a kind of a niche product, and blockchain technology will not be of any danger for the giants of the payment industry. Those are the conclusions and summaries made by Credit Suisse bank, which still has some bad news for Swift.

Answering investors' questions concerning the blockchain technology and its potential effect upon the traditional financial sector Credit Suisse has prepared a 135-page report, analyzing the influence this innovation technology can make upon companies in different spheres: payment sphere, capital market, financial services and mass media.

Speaking about the payment sphere, the analysts of the Swiss bank acknowledge the authorized public blockchain could potentially draw over Visa and Mastercard clients. However, in their judgment, the risk for these payment systems remains minimum, for cooperating with Apple can help them to become worldwide leaders in the tokenization sphere.

Nevertheless, growing popularity of digital currencies and blockchain technology can do great harm to the Swift system, which on the background of last decade innovations seems to be too slow, too expensive, too clumsy and too insecure as the analysts assume.

For the capital markets blockchain is more like a perfect opportunity for further development, other than a threat. For instance, the Australian stock exchange, which has already relied on blockchain, has been showing much better results than the London one, which is only monitoring the situation progress. In the sphere of financial services, US banks Goldman Sachs and JP Morgan are now reaping the benefits of blockchain success thanks to the significant investments to this technology.


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