A new report from Capgemini predicts that blockchain technology will save consumers $16 billion dollars in banking and insurance fees. This will be possible through the use of smart contracts, which will eliminate paper-based documentation, saving both time and money. To date, contracts have largely escaped the digitization of financial services, leaving consumers to bear the brunt (and the cost) of antiquated manual processes. Blockchain is poised to change all that.
Report: Blockchain to Help Consumers Save Billions of Dollars
Capgemini is out with a report on Blockchain that predicts consumers are poised to save "$16 billion dollars" on banking and insurance fees. Their premise is that "smart-contracts" for retail and investment banking, alongside insurance, will eliminate the need for paper-based documentation saving everyone time and money. Amol Khadikar, lead blockchain researcher at Capgemini’s Digital Transformation Institute, explained; "Contracts have largely escaped the digitization of financial services, leading consumers to bear the financial brunt of manual,