Over the coming years we will see blockchain technology thrown at every aspect of the digital world with announcements of increased efficiency, transparency and security. However, it will take time for those employing blockchain technology to develop uses where true efficiencies and innovation are brought to a sector or service. In many cases developers will try and use blockchain to solve a problem that does not exist (as with IoT, is there really a need for every device in your house to be connected to the Internet?). 

It would appear, however, that financial services is one industry which may be about to demonstrate a genuine use case for blockchain technology in enabling quicker, more transparent and secure inter-bank transfers, clearing of financial trades and other "smart" contract focused applications. Whilst Credit Suisse and ING are currently making headlines, many other financial institutions are working either independently or collaboratively to develop platforms and applications which use blockchain as the underlying technology of such advances. 

We wait to see whether technology will drive regulation in this area, or if technology's development and direction will be forced by the regulatory approach adopted by the overseers of financial institutions. As near term blockchain technology is unlikely to be employed in the creation of new or revolutionary financial processes, but used as the foundation of advances and efficiencies in already existing financial processes, adoption and regulatory approach will depend heavily on technology developers' ability to communicate the robustness, security and added transparency that the technology brings to financial institutions' every day processes.