Blockchain technology has the potential to save billions of dollars by reducing transaction and processing costs. The technology used for multiple processes in banking and many financial entities is already adopting the future tech. The Australian Securities Exchange has started to use this distributed ledger technology for cutting costs and improving efficiency. JP Morgan, one of the leading banks in the United States, has its own blockchain – Quorum and cryptocurrency called the JPM Coin. Glimpses of events like this should speak volumes about what the future holds for banking and financial services when it comes to utilizing the new technology.

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