# Professor David Yermack discusses the impact of blockchain technology on the future of banking

1 Faculty News April 19, 2016 ![Australian Financial Review logo](/sites/default/files/styles/246w/public/assets/images/con_031073.jpg?itok=ouTCQlql)>

Except from the [Australian Financial Review](http://www.afr.com/technology/blockchain-to-hit-bank-profits-20160418-go9hfi) -- "[David Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack), a professor at New York University's Stern School of Business, said blockchain could lead to far fewer banks and perhaps even remove the need for share-trading exchanges. It would render redundant millions of employees who execute and record financial transactions across banking, asset management and insurance, he said."

[Read more](http://www.afr.com/technology/blockchain-to-hit-bank-profits-20160418-go9hfi)