What you need to know: According to Accenture, blockchain technology can help reduce infrastructure costs of the largest investment banks by as much as $12 billion each year by 2025. Large financial institutions and banks are now developing systems using the technology to alleviate issues in their back-office processes such as settlement of securities and clearing.

Why it is important: Using blockchain technology in some processes can reduce infrastructure cost by up to 30%. Banks and financial institutions can have better transparency and data quality. In addition, operations related to centralized operations and trade support can fall by as much as 50%.

Want to read more? Read The Globe and Mail here.