Bitcoin (virtual currency) coins placed on Dollar banknotes, next to computer keyboard, are seen in this illustration picture, November 6, 2017. REUTERS/Dado Ruvic/Illustration
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Blockchain, the cutting-edge technology behind virtual currencies like bitcoin, has the potential to play a disruptive role in the global finance sector, experts say, as banking behemoths seek to connect with its opportunities. While banks could reduce their costs, the gains could eventually shift to consumers who could benefit from quicker and cheaper services.A recent report by Moody's found that while blockchain technology could slash cross-border transaction costs for financial institutions, it would likely ramp up competition among banks.Ellis believes that international transactions are an area where banks could cut their costs by using blockchain technology. Currently international bank transfers often take several days as several banks are often needed to act as intermediaries.
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