Accenture joined forces with top benchmarking firm McLagan and has released an extensive report, presenting a value analysis for investment banks. In the study, Accenture has aggregated operational cost data from eight of the world's largest investment banks.
This gave the company “visibility into where blockchain is likely to have the most impact across the entire spectrum of front-to-back processes and operating metrics of an investment bank”.
Blockchain is an emerging way for businesses, industries, and public organizations to almost instantaneously make and verify transactions.
Annual savings up to $12 billion
The most prevalent result of the report is the fact that by using blockchain tech investment banks could save from $8 to $12 billion each year.
“There is undoubtedly good reason for all the excitement around blockchain in Financial Services and particularly in capital markets. While we don't believe it will completely disintermediate or replace the current ecosystem players, we do think its impact will be transformational.”
Richard Lumb, Accenture's group chief executive of financial services, said: “Through this first-of-its-kind analysis of real-world cost data, we draw a clearer line under blockchain's value to investment banks.
“Our goal is to help banks move rapidly from proof-of-concept to production system with blockchain technology, generating real cost savings and improving bottom-line results.”
Microsoft's investment in innovation
The report Accenture and McLagan have published comes to prove that Microsoft has been right with their focus on blockchain-technology. Here a summary of recent blockchain related Microsoft news:
- Microsoft's Azure Dev Test Labs already support Blockchain as a Service (BaaS) as a result of the company's partnership with the R3 Consortium back in April 2016.
- Microsoft has created a Blockchain hotel booking service in collaboration with Webjet, creating an online booking system that could revolutionize the hotel booking industry and cut down on errors.
- Project Bletchley was Microsoft's first BaaS system and is available to the Azure Marketplace since last November. It supports premium storage, SSH keys, Chain, and Etherium Studio.
What is Blockchain?
As Microsoft points out, “blockchain technology offers a more open, transparent, and publically verifiable system that will fundamentally change the way we think about exchanging value and assets, enforcing contracts, and sharing data across industries.”
Blockchain is a data structure that's used to create a digital transaction ledger that, instead of resting with a single provider, is shared among a distributed network of computers. For the complete report read the PDF Accenture has published.