Let's Meet Blockchain

Blockchain, Banks, and Financial Institutions

Blockchain technology is expected to significantly disrupt banks and financial institution cutting into their bottom line.¹ Today, most bank customers—consumers and businesses, use their accounts to deposit earnings, pay bills, and save money, despite earning little interest. As of September 2023, savings account rates paid 0.56 percent while high yield deposits paid an average of 5 percent.² Banks, otherwise, use money deposited to make loans at higher interest rates. They also earn large sums of money from banking fees and overdraft charges, which account for 40 percent of their revenue stream.³

Recognizing the impact blockchain technology and the growing use of cryptocurrency is having, several ...