A blockchain is a distributed database, on which bitcoin protocol was based, that records and maintains a list of all transactions taking place in real time.
Blockchain is increasingly being touted as the next big technology expected to revolutionize the financial industry. Each blockchain record is time stamped and stored cryptographically and is tamper proof and immutable.
Since blockchain is a public ledger of all transactions, users are in control of their information. Moreover, as any revisions to the public blockchain are publicly viewable by all parties involved, users are assured that transactions will be executed exactly as the protocol commands, eliminating the need for a trusted third party intermediary and creating transparency.
Blockchain, thus, offers users a host of advantages in comparison to legacy systems that are currently in use. Some of these benefits include, but are not limited to elimination of third party intermediaries, creation of transparency, streamlining of due processes, protection from malicious attacks and internal and external cost savings and even promises to pave way for an array of new product segments and revenue streams.
Consequentially, companies are investing heavily to develop feasible applications of the technology with the prospect of transforming the way business transactions are done presently.
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Some companies have invested heavily and are proactively putting in efforts for the exploration of the technology through either isolated internal experiments or in partnerships with technology providers or in groups relying on industry consortiums. However, despite the build-up regarding the transformative potential of blockchain, many financials remain skeptical about the practical implementation and viability of the technology and have adopted a ‘wait and see’ approach for the near future.
It remains uncertain how long it will take for the technology to witness a large scale adoption and have a significant impact.
According to a market research report by BIS Research, titled ‘Blockchain Technology in Financial Services Market - Analysis and Forecast: 2017 to 2026’, One of the biggest beneficiaries of the technology will be the trade finance segment, which could yield billions in savings by eliminating middlemen and automating process ranging from tracking products through the supply chain to exchange documents and final payments releases. The report further adds that blockchain could also eliminate errors and detect fraud by providing a decentralized digital repository to verify the veracity of customers and vendors.
Few Companies Mentioned in the Report:
• Infosys Limited
• Microsoft Corporation
• Kraken Digital Asset Exchange
• IBM Corporation
• Digital Asset Holdings, LLC
• Digital Currency Group
• Circle Internet Financial Inc.
• Bank of America
• Alt-Options LLC
• Accenture PLC
Key questions addressed in the report:
• What are the key uses of blockchain technology that have been identified and what are the benefits associated with them?
• Which asset classes is blockchain technology likely to disrupt and how?
• Which segment of the financial services industry will benefit the most from a gradual movement to the technology?
• What phase of development are various use cases of blockchain currently in and by when are they expected to be implemented?
• Which segment will witness the earliest implementation and why?
• Which factors will be driving the adoption of the technology through the forecast period?
• What factors are expected to impede the adoption of the technology?
• Which consortiums are actively participating to endorse the use of blockchain technology?
• Which governments are exploring, supporting and promoting the use of blockchain technology and how?
• Who are the key technology providers in the market for different use cases and what are their business models?
• What is the most prominent strategy such as Mergers and Acquisitions, Partnerships, and Product Launch among financial institutions for leveraging the technology?
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