Blockchain technology could help the world's largest investment banks cut their infrastructure costs by between $8 to $12 billion a year by 2025, according to a report by Accenture.

The report, published on Tuesday jointly with benchmarking firm McLagan - part of consultancy Aon Hewitt - is based on an analysis of cost data from eight of the world's ten largest investment banks, and provides a rare concrete estimate of blockchain's potential savings.