Blockchain To Conquer Financial Industry In 5 Years, Says ING Group Bank CEO

In a recent interview Ralph Hamers, CEO of ING Group bank, accepted the potential for blockchain technology to permeate the financial industry inside a 5 to 6 year period.

Amidst the growing utility of cryptocurrencies across numerous industries from retail to healthcare, we’re seeing more and more Banking groups accept the multiple use-cases blockchain technology has in the financial world. Hamers agreed that

“I think the banks are really working on this now because the potential is so huge..

Not only have we seen the likes of Stellar and Ripple provide instant cross-border payment solutions at hugely reduced costs for international banking, but we’ve also seen the emergence of new and existing blockchain projects looking to offer financial services to world’s 2 billion unbanked citizens - according to business insider figures.

The decentralized nature of blockchain’s distributed ledger technology bypasses any state control and has the potential to grant citizens in countries that suffer with socio-political unrest, poor economic infrastructure and corruption, access to first world financial services, including loans, mortgages and even the gold market.

Hamers also commented that mass market adoption in the financial industry for this particular technology, would not necessarily be as difficult as many argue. He stated that the industry would only need.. “the top five, six global banks [to] put their minds to it and agree on a standard” before the rest of the world would uniformly conform; adding finally that this process could take as little time as “five or six years in which this will work”.

At the present moment, there are a select few areas of this technology that drastically inhibit its earlier adoption across the world, namely the absence of regulatory standards, poor scalability and security, which remain at the forefront of the financial industry’s concerns.

Despite best efforts, this technology still has a long way to go with cryptocurrency hijacking, hacking and phishing scams on the rise, volatile market reactions to new regulatory intervention and growing network congestion.