The ninth largest law firm in the United States releases blockchain report

Comment : White & Case ranked ninth among the largest law firms in the United States in 2015. It is rare for a law firm to release a blockchain report, but the report is very sharp in pointing out that the global large institutions began to pay explosive attention to blockchain after realizing that blockchain can record digital asset transfers, knowledge and material ownership, and confirm rights and interests with smart contracts. The report also fully agrees that blockchain technology is completely changing the financial transaction mechanism in a way that we would not have thought of a few years ago. However, it will take several years to fully understand the potential of blockchain. As technology and financial services merge, the pace of innovation will also accelerate. The ultimate victory depends on whether reasonable actions are taken.

White & Case, an international law firm that provides legal services to businesses, governments and financial institutions, has published a report exploring the application of blockchain in the financial services sector.

The report is titled "Beyond Bitcoin: The Blockchain Revolution in Financial Services."

“Blockchain technology is poised to transform the financial sector, improving efficiency, transparency, and security; reducing costs; and unleashing an unprecedented wave of innovation.”

The report by Kevin Petrasic and Matthew Bornfreund points out that global attention to blockchain has exploded after people realized that blockchain can record the transfer of digital assets, knowledge and material ownership, and confirm rights and interests with smart contracts.

“For all the large financial institutions exploring blockchain, 2016 will be a year of continued development and trial and error.”

It quoted from a 2015 Santander report:

Blockchain can reduce the cost of infrastructure for cross-border payments, securities trading, and regulatory enforcement. That is to say, by 2022, it can save about 10 to 20 billion US dollars each year. In addition, the report also lists the following: initiatives by companies such as R3 Group, USAA and BBVA Bank’s investment in Bitcoin service providers such as Coinbase and Circle, and Citibank and Nasdaq’s blockchain-based Beta testing system. There are many more, so I won’t list them one by one.

The report also highlights the blockchain areas and applications that financial services companies and regulators are concerned about, including transaction execution and settlement, asset trading, physical asset registration, supply chain management, cash reserve management, algorithmic mediation, and smart contracts.

“Blockchain is driving technological innovation that is disrupting the banking and financial industries.”

Blockchain technology is revolutionizing financial transactions in ways we could not have imagined even a few years ago. However, it will take several years to fully realize the potential of blockchain. As technology and financial services merge, the pace of innovation will accelerate. Ultimately, success will depend on taking the right actions.

The blockchain revolution has arrived, and the challenges facing financial services and Internet finance companies may be even more daunting. Because the problems encountered in the future will require innovative thinking to solve. Only those companies that seize the opportunities of Internet finance and blockchain will win in the end.