Even with Blockchain being among the top buzzwords over the last couple of years, there remain many misconceptions about this much-debated topic.

This article sets out to de-mystify Blockchain and Distributed Ledger Technology, explore their benefits and the barriers to adoption and assess how they are likely to impact transaction banking over the coming 2-5 years.

Blockchain was originally developed to underpin the creation and exchange of cryptocurrencies, such as Bitcoin. But in the last few years Blockchain itself has created much excitement across many industries, given its potential to make transaction processing and record-keeping faster, easier and more efficient.

In recent times financial services and transaction banking have tended to separate Blockchain from cryptocurrencies, in an endeavour to focus on the potential of the underlying technology to automate processing and streamline onerous and time-consuming activities such as reconciliation.

We need to distinguish between Public Blockchain and Private Blockchain, the latter of which is more interesting for financial services.

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