How can banks benefit from the Blockchain technology?
That was the question asked to the CEO, StanBic Uganda, Patrick Mweheire, during the Africa Blockchain Conference 2018 in Kampala, Uganda.
“Banking in general requires a lot of contracts, verification, validation costs and there is a lot of friction that happens along the way. Blockchain provides an opportunity for banks to step back and remove some of that friction.” Said Mr. Mweheire.
Mweheire highlighted some very key areas where he feels banking can greatly benefit from Blockchain one of which is the simultaneous settlements of securities.
He highlighted various ways in which blockchain can help when you have simultaneous settlements which includes:
- Reduction of settlement timelines
- Reduction of costs
- Reduction of capital
- Removal of credit risks
About the Conference
The Africa Blockchain Conference 2018, held in Kampala between May 23 & 24th, 2018, brought together over 21 African nations to discuss solutions to the African continent that can be solved using Blockchain.