Jaideep Poondir, Senior Vice President, Banking and Financial Services, Cognizant

OREANDA-NEWS. “Blockchain is a distributed ledger technology with the potential to make any digital transaction more secure, transparent, efficient and inexpensive,” says Jaideep Poondir.

“Blockchain offers many use cases, particularly in payments, and is being seen as the technology that could help financial institutions disrupt the disruptors by improving their existing processes and reducing the time and risk involved in payment transactions,” he says. “It will enable the transformation of the digital medium and processes involved in areas such as Trade Settlement, Cross-border payments, and Risk and Compliance.”

Poondir notes that big name global financial incumbents have banded together in what may well be the most serious take on the potential of blockchain to change the financial services landscape.