Quinlan & Associates blockchain report featured in Reuters & Finextra

Great to see Quinlan & Associates' latest report on the use of blockchain technology featured in Reuters and Finextra within hours of its release (Reuters Link / Finextra Link).

If you have not yet read our report, we look in detail at the potential for blockchain technology to enhance the global payments system, including reducing the costs of regulatory compliance and optimising legacy technology systems. In fact, we see potential to for the global banking industry to reduce its AML compliance costs by USD 4.6 billion a year – or 32 percent of current annual costs – through reduced headcount, technology spend and fewer regulatory fines (REPORT LINK).

However, in order for any of these blockchain solutions to truly work, they cannot be done on an individual, in-house basis, given the need for a wider consensus mechanism for the technology to be effective. Industry-wide adoption is needed. Only then will the potential cost savings we have outlined in our report materialise.

We hope you enjoy the read and are happy to discuss further.

Sincerely,

Benjamin Quinlan