(Bloomberg View) -- Blockchain, the technology behind Bitcoin and other digital currencies, isn’t quite as novel or omnipotent as many have advertised it to be. That doesn’t mean, however, that it can’t do wonders in the world of finance.

The World Economic Forum recently published a report on how blockchain will reshape financial services -- that is, how to apply 1970s technology (more on this later) to problems that have existed since the 1980s. It covers everything from global payments to insurance claims to proxy voting to contingent convertible bonds -- is there anything in the financial industry that isn’t broken? Were you guys seriously not planning to do anything about it until a blockchain came along?

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