A new report from Pegasystems, Cognizant and Marketforce says that60 percent of financial services companies that understand blockchain believe it could be game-changing. However, understanding of the technology is lagging as 35 percent of those surveyed had never heard of it, and 23 percent of those who had heard of it said they didn't understand it.
Blockchain is the distributed database that underlies Bitcoin and other cryptocurrencies. "For many, the jury is still out on whether or not blockchain will be a force for good or not," said Graham Lloyd, director and financial services industry principal at Pegasystems. "However, we do know there's no longer room to be complacent about such a potentially significant source of disruption. Banks and insurers must prepare themselves for the day when they might have to manage blockchain-stored customer data—whether it be their personal information, details of their assets, or even real-time data from virtual currencies."