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UniCredit: The Blockchain can revolutionize Financial Services

The global banking and financial services leader UniCredit has published a whitepaper towards the end of February that explains the blockchain technology and its potential applications in the banking framework, the Econotimes reports.
Titled “Blockchain Technology and Applications from a Financial Perspective’, the report has been authored by Matteo Biella and Vittorio Zinetti and comes months after UniCredit joined the R3 blockchain Consortium.

According to the paper, cryptocurrencies can be perceived as a threat from a financial institution’s point of view. However, the underlying blockchain technology has the potential of reshaping the current financial services technical infrastructure.


“A large participation into blockchain applications will maximize financial industry advantages. Furthermore a relationship with fintech environment based not only on competition but also on collaboration will bring great advantages to both financial institutions and fintech start-ups”, it said.


It says that the “post-Bitcoin phase” has opened new opportunities, noting that several financial institutions have already started to study and experiment with blockchains and a large number of related startups have been funded.

“Venture capitalist investments in the blockchain industry show an increasing trend, considering that in 2015, investment summed up to 462 m$ until Q3, compared to a total of 230 m$ in 2014”, the paper said. The paper further explores various use cases of the technology such as interbank payments, know your customer (KYC) process, trade finance and post-trade lifecycle.

Read the full text of the paper HERE

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