Last month, SpaceX sent a rocket with astronauts to the International Space Station. Not only was it the first-ever commercially-built human spaceflight. The launch cost 90% less than a traditional, single-use shuttle. There’s a lesson here for the financial industry.
Can the finance sector cut operational costs exponentially? The progress in the blockchain space certainly points in that direction. In our work with enterprises around the world, we’ve seen the time needed to issue a letter of credit go from days to an hour. We’ve seen transaction processing speed up by 75%, with sometimes 20 intermediation steps eliminated. Moreover, an open source blockchain like Ethereum with standard APIs means businesses can launch these innovative solutions with 90% less custom code.
SpaceX’s success is a reminder that our industry should think exponentially. As the old business refrain goes, think big, start small. Our new Partner Program is an opportunity for enterprises that are thinking big to start testing our blockchain products today and seeing exactly what this new technology means for the future of finance. We hope you’ll embark on this journey with us.