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Blockchain technology: Balancing benefits and evolving risks

The blockchain promises to improve efficiency, but it will also require traditional risk management practices to evolve.

By Scott Schmookler, Greg Bangs, Katherine Musbach | Updated on March 16, 2017

A recent technological innovation called the “blockchain” has the potential to transform the way financial institutions process transactions and corporations conduct business.

Financial institutions and corporations have traditionally relied on written documents exchanged during in-person closings to complete transactions and loans, and relied on written checks to document the transfer of funds. Transactions are also subject to time-intensive, complex, and laborious regulatory and compliance reviews. Now blockchain technology offers corporations and financial institutions the opportunity to eliminate billions of dollars in operating costs from the myriad transactions they engage in every year.

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