Blockchain technology could change the financial industry faster than we think. Several companies, including Credit Suisse (CS) - Get Report , announced the successful first test of the technology in the syndicated loan market. 'The syndicated loan market is particularly useful for application of blockchain technology because it still operates on fax machines,' explained Caitlin Long, president of Symbiot, which is one of the companies that conducted the test. 'Literally a million faxes a month come into the big banks and so digitization was a big part of the strategy. It automates a lot of the manual processes. It also allows all of the participants in that market to share one data source.' Long believes blockchain technology will eventually be used to improve other market inefficiencies. Fourteen banks and financial firms participated in the blockchain technology test, including Wells Fargo, (WFC) - Get Report , U.S. Bank (USB) - Get Report , Eaton Vance (ETW) - Get Report , and AllianceBernstein (AB) - Get Report .