"Any disruptive shock -- be it technology, economic or political -- tends to result in winners and losers, and blockchain is no different," Colin Ellis, managing director for credit strategy at Moody's , told AFP. "It could reduce costs for banks but at the same time could foster more competition that would put downward pressure on fees. "There will be winners and losers, the losers will be those who do not make any changes. The deal would normally have taken one day or more.Ellis believes that international transactions are an area where banks could cut their costs by using blockchain technology. "The technology is still at a relatively early stage" so "it is too soon to know what the final impact will be," said Ellis.

Source: Economic Times May 06, 2018 05:03 UTC