Can Blockchain’s ‘Material Efficiency And Cost-Savings’ Give Institutions An Edge?

As blockchain technology continues to make inroads into traditional finance, major institutions are showing renewed interest in adopting decentralized systems.

Ahead of his appearance at the upcoming Benzinga Future of Digital Assets event, Anthony Moro, CEO of Provenance Blockchain Labs, spoke on why firms such as BlackRock and PayPal are increasing their focus on blockchain technology and what this shift could mean for the industry.

Moro, who joined Provenance Blockchain Labs in 2022, likens the current wave of blockchain adoption by financial institutions to the transformative era of 1999. At that time, businesses moved their customer experiences online, setting the stage for the digital economy.

He noted this shift allows companies to streamline operations and gain an advantage by removing the need for intermediaries. “In many ways, this is their 1999 moment,” Moro stated. He further emphasized that just as digital integration changed entire industries, those embracing blockchain could set themselves apart from competitors.

Moro pointed to blockchain’s ability to reduce costs and streamline processes as reasons financial institutions are increasingly drawn to the technology. “Institutions see the material efficiency and cost-savings gained by adopting decentralized blockchain technology,” he explained. By implementing blockchain, companies can simplify their back-office and middle-office operations, achieving efficiency gains that can directly impact profitability.

For Moro, embracing blockchain technology is about more than just improving internal processes. It’s also about establishing a competitive position in an industry undergoing rapid change.

“Those who lean into blockchain technology can transform their business and gain a material amount of efficiency while creating a strong competitive advantage over those slower to adopt,” Moro added. As more institutions look to blockchain, he expects the gap to widen between early adopters and those reluctant to change.

As Moro prepares to share more insights at the Benzinga Future of Digital Assets event, he sees this moment as a critical opportunity for financial institutions to modernize their operations through blockchain, setting a course for broader adoption across the industry.

As the digital asset market continues to mature, the convergence of regulatory shifts, M&A activities, and adoption trends will define the future of this dynamic field. Benzinga’s Future of Digital Assets event in New York City on Nov. 19 will provide industry leaders and investors with a platform to explore these developments further, offering insights into the evolving regulatory environment and the latest market dynamics.

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