💰 Financial Record
expenseTransaction Details
Amount
USD
$60.0
Payer (From)
Unknown
Not linked to entity
Payee (To)
financial institutions
Linked to financial institutions
Description
Projected annual potential cost savings for financial institutions from implementing blockchain technology, as believed by conference panelists.
Additional Details
Date string:
Amount string:
60-80 billion
Source document:
HOUSE_OVERSIGHT_014360.jpg
📄 Source Document
HOUSE_OVERSIGHT_014360.jpg
ESTATE Collection
Document Summary
This document is a page from the 2016 Future of Financials Conference report by Bank of America Merrill Lynch, summarizing takeaways from a panel on blockchain. The panel, including executives from R3 and Axoni, discussed blockchain's potential to create $60-80bn in annual cost savings for financial institutions. According to a poll and panelist views, trade finance is seen as the most likely area for initial success, and implementation could occur sooner than many investors expect.
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