# Professor David Yermack discusses the impact of blockchain technology on financial services

1 Faculty News April 8, 2016 ![International Business Times logo](/sites/default/files/styles/246w/public/assets/images/con_031078.jpg?itok=fjxsC0VP)>

Excerpt from the [International Business Times](http://www.ibtimes.com/how-buy-bitcoins-digital-gold-worth-investment-2350605) -- "'In 10 years there may be no more stock exchanges and far fewer banks and so forth. All of these things can be made 90 percent cheaper by introducing this technology,' said [David Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack), chairman of the finance department and a professor at New York University Stern School of Business. 'Financial services are going to get a lot cheaper for most people.'"

[Read more](http://www.ibtimes.com/how-buy-bitcoins-digital-gold-worth-investment-2350605)