While the crypto world descends into chaos, dedicated teams inside financial services firms continue quietly going about their business, rolling out blockchain-based products that are solving real-life problems for customers. Some amazing things happen when the technology that was used to create cryptocurrencies is applied to actual business challenges. Over the past two years, financial services firms have launched of a series of products and services using distributed ledger technology (DLT). These new offerings have something many high-profile crypto products lack: practical applications. As we speak, DLT solutions are running live in bonds, equities, structured products, mortgages, repo markets, life insurance, annuities and healthcare claims. These are not blockchain experiments. We’re talking about real businesses, with established and growing client bases and hundreds of millions of dollars in annual revenues. Although cryptocurrencies were the first major use case to emerge using DLT, financial service providers quicky recognized the transformative potential of the blockchain. The industry started investing huge amounts to find new opportunities to apply the technology. Fueled by those investments, digital assets began evolving in parallel with crypto.
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