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Why blockchain tech ‘could transform financial services forever’

blockchain transform

Mash Patel, chief executive of Kurtosys, a FinTech company that develops online digital tools, discusses why blockchain tech could transform the financial services industry.

Blockchain technology has the potential to be one of the most disruptive and transformative phenomena that the financial services sector has ever seen – but there is also scope for tremendous frustration.

Not because the idea of a distributed digital ledger isn’t practical or proven – it very much is – but because persuading people to switch to it in sufficient numbers at the same time is going to be very challenging.

Take the UK’s £1.5tn mutual fund sector, an industry that is built upon a remarkable patchwork of back office legacy IT systems that require huge amounts of manual intervention and generate high costs that must ultimately be borne by investors....