Deutsche Bank releases report on blockchain

In a recent report titled "Blockchain - attack is probably the best form of defence", Deutsche Bank has suggested that banks should try to make use of blockchain technologies as part of their efforts to protect their business models from disruption.

The report highlights bitcoin and blockchain technology and its broader level implications for major banks, terming the technology as "one of the first truly disruptive ideas from the FinTech sector".

It further adds that the real power behind bitcoin and the blockchain actually lies in its application of peer-to-peer (P2P) technology to the financial system that could cause business divisions of major banks to be out of work.

"Financial services and products that can be offered virtually in real time around the globe in future while at the same time reducing costs could catapult the traditional banks back to top spot in the race to devise financial innovations", said author Thomas Dapp.