The financial industry’s interest in bitcoin and the blockchain continues to build, and 2016 may be the year that rocks the Richter scale. Blockchain technology is useful for reducing cost and friction and tackles the industry’s transparency concerns, according to Pete Harris, principal of Lighthouse Partners and event producer and conference chair of the Block Chain Conference.

Harris told Jeff Frick, cohost of theCUBE, from the SiliconANGLE Media team, that all eyes continue to be on financial services and how the blockchain will transform them. One area where benefits can already be gauged is regulation.

“Financial services are always complaining about the amount of money they’re having to spend on complying with regulation,” he said. “If they can implement a technology which the regulators like and which costs a lot less, it’s a real win-win for them.”

The D word

Despite the promise blockchain holds for financial services, Harris concedes what many have already pointed out – these technologies could end up pulling the rug out from under them too. Mobile has already been cited as a potential disruptor to finance, and in tandem with blockchain, actual scenarios can actually be sketched out.

“You can build a bank without a single brick and mortar branch, and you can deploy that, if you want, in the middle of Africa,” Harris said.

Financial services companies weren’t the only ones in attendance. Several IT companies were on hand — among them, IBM. Harris said that IBM’s intense interest in blockchain as of late was a good sign and, “It definitely legitimizes it.”

Watch the full interview below, and be sure to check out more of SiliconANGLE and theCUBE’s coverage of The Block Chain Conference.

Photo by SiliconANGLE