without trust is actually small . Banks and financial institutions rely on compliance regulations and backing by governments , which is why they are trusted .”
So , while Greiff can see blockchain being useful for records over time and providing tracking for transactions , its use for secure monetary transactions isn ’ t strictly necessary at established financial institutions .
Bringing blockchain to finance Given blockchain ’ s use in traditional financial institutions could look markedly different from its function as a fraud safeguard when it comes to crypto , financial services firms are understanding the wider potential of blockchain “ slowly but surely ”, according to Sidhu .
However , before this potential can be truly actualised , Kubli feels “ the implementation of open banking standards , ultimately introducing ‘ smart financial contracts ’ as a means to remedy ” the current barriers to adoption , will enable legacy institutions to begin implementing blockchain-based innovations .
He adds : “ Ensuring standardisation via smart financial contracts will enable things
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