How blockchain will enable faster and transparent payments

As more blockchain-based payment networks and fiat-backed digital currencies – including one from the largest U.S. bank – emerge, experts and analysts are predicting a humongous change for the financial services industry. "I think you're starting to see a growing consensus," said Matt Savare, a partner who works in the technology group of New Jersey-based law firm of Lowenstein Sandler LLP. "I do quite a bit of FinTech and I can tell you my clients... the banks, are inherently conservative – at least the large ones. But once they see other banks adopt new technologies, you see it snowball. Other banks will often join on in pretty quick fashion." On the heels of JPMorgan Chase & Co. creating its own stable coin token for use on blockchain distributed ledgers, IBM last week launched its Blockchain World Wire, which will enable banks to transfer tokens and cryptocurrency in near-real time, cutting out banking intermediaries and lowering capital costs and clearing fees.