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Based on this, Swiss banks may be most exposed to a blockchain-related disruption, as 50 per cent of revenue flows from fees and commissions, Moody’s said. But the next most exposed could be Canadian, Israeli and Italian banks, the report claimed, as lenders from those countries derive around 35 per cent of their revenue from those sources.

“The net impact on a bank depends on the margin between its costs and income and its ability to adjust this structure in the face of changing technology,” said the report.

Moody’s said blockchain is still at an “early stage,” but the report comes as some Canadian banks are experimenting with ways to use the technology in their businesses.

It has been taken seriously by some chief executives as well. In a January interview, JPMorgan Chase & Co.’s Jamie Dimon praised the technology, declaring “the blockchain is real,” while Bank of Nova Scotia CEO Brian Porter has said blockchain “is going to have a huge impact on the future of banking.”

In addition to the analysis of fees, Moody’s also looked at the potential impact on cross-border transactions, which today involve numerous steps and multiple participants, and have high related fees.

Standard transaction times are often around two days, but blockchain could reduce that, letting banks move resources elsewhere, the agency said.

“In principle, a transaction could now be done without central intermediaries, flowing directly through the blockchain network with an optimized foreign exchange process settled at the lowest rate within the system and at reduced operational costs due to the simplified, streamlined transaction process,” the report said.