Report: Blockchain A Win-Lose Innovation For Global Banks

Investing.com - Blockchain technology will make banking more efficient but also less profitable.That's the conclusion of a report by Moody's Investor Service.Moody's says blockchain ledger technology will reduce the cost and time of cross-border bank transactions but also reduce banks' fees and commissions by eliminating the traditional, third-party middleman in the process.The report says banks in the UK, Switzerland and Belgium have the most to lose based on the sheer volume of cross border transactions. Swiss banks are also the most at risk in terms of fees and commissions charged on such transactions. Swiss banks derive about half of their revenue from fees and commissions. Italian, Canadian and Israeli banks all rank second at 35%. Banco Santander (MC:SAN) just launched an international, money transfer payment service based on Ripple's blockchain technology.