A new report from Accenture posits that large investment banks could cut operational costs by as much as $12bn annually by implementing blockchains in their business.

Released today, the report (co-written with benchmarking consultancy McLagan) focuses on the kinds of cost savings investment banks could potentially achieve through use of the tech to streamline various office functions.

Financial reporting expenses, for example, could fall by at least 70%, whereas compliance costs could drop between 30% and 50%, according to Accenture.

Overall savings, the firm suggests, could be between $8bn and $12bn a year.

David Treat, managing director for Accenture’s blockchain unit, said of the report:

“Given the tremendous cost of data reconciliation – which is part of every aspect of the capital markets industry – it’s no surprise that we’ve seen a significant amount of investment in blockchain technology.”

Accenture argues that the tech could help halve costs associated with customer identification and anti-money laundering controls, as well as cut general business offices by 50% annually as well.

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