Tokenisation to create new markets, and decentralised ledgers to boost security, offer opportunities for growth
At the end of last year — when the crypto industry was reeling not only from the collapse of FTX but other sector bellwethers including Celsius and Three Arrows Capital — a series of high-profile blockchain experiments failed.a plan to upgrade the clearing and settlement of shares to a blockchain-based platform. That same month, TradeLens, a blockchain-inspired supply chain solution for the shipping industry masterminded by Maersk and the tech giant IBM, was discontinued.
But the blockchain’s struggle to break into established finance is being hamstrung by advances in artificial intelligence, a technology turning heads in traditional finance in ways that blockchains once promised to. AI is already being used in banking to help process and analyse large chunks of data. Screening payments and transactions for potential financial crime has also proven a popular use case.However, as banks step up their use of AI to combat scams and fraud aimed at them and their consumers, its impact on traditional banking could, in turn, present fresh demand for broader adoption of blockchain systems.
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