How blockchain is becoming the 5G of the payment industry

Blockchain-based financial networks are gaining traction (image iStockPhoto/peshkov)

As more blockchain-based payment networks and fiat-backed digital currencies—including one from the largest U.S. bank—emerge, experts and analysts are predicting a sea change for the financial services industry.

"I think you're starting to see a growing consensus," said Matt Savare, a partner who works in the technology group of New Jersey-based law firm of Lowenstein Sandler LLP. "I do quite a bit of FinTech and I can tell you my clients... the banks, are inherently conservative—at least the large ones. But once they see other banks adopt new technologies, you see it snowball. Other banks will often join on in pretty quick fashion."

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