Toronto technology solution provider DH Corporation (D+H) today released a white paper highlighting five aspects that the banking industry must get right with blockchain technology to transform the payments landscape.
D+H reveals that it is encouraged by the potential impact of blockchain tech on the payments industry, but cautions that banks must consider five key points in order for blockchain to fully realize its potential.
These five key points are that blockchain must find the right problem, emerge with a dominant technology, retain its disruptive potential despite regulatory requirements, scale up to handle the volumes and speeds required by the financial industry, and align its evolution with banks’ timescales and perspective.
Moti Porath, executive vice president, Global Pre-Sales D+H, adds:
If the past year was an era of experimentation and innovation for banks with regard to blockchain, then the year ahead could be the time we see this technology emerge from banks’ back rooms to solve real business problems. However, the technology must get certain things right in order to deliver on its transformative promise.
In the paper, D+H identifies the benefits of using a single distributed ledger for cross border and foreign exchange money movement, including real-time delivery, predictable costs, automated customer service, low exception rates, 3rd party or own participation, and liquidity.
Listed on the Toronto Stock Exchange with a $3.11 billion market cap, D+H also recently integrated blockchain technology with its global payments hub, and has a partnership with Ripple.