Most of the world’s largest banks and financial institutions have already allocated billions of dollars to the development of Blockchain technology. The question remains, will Blockchain technology revolutionize the finance and legal industries in the same way the Internet changed the media industry, once and for all?
The applicability of Blockchain technology in the finance industry is completely different to that of the legal industry. Corporations or service providers within the finance industry are required to deal with millions of data sets on a daily basis, stemming from various operations including lending, settlement of transactions, cross-bank operations, etc.
There exist some immutable and public Blockchain platforms such as Ethereum which are designed to operate as a decentralized development framework for applications. In Ethereum, transactions or settlement of smart contracts has a fixed fee called gas. For banks, a Blockchain like Ethereum would better meet their demands.