Blockchain-based technologies experienced phenomenal growth in 2015. They went from being ignored by big companies and researched only by startups to attracting attention from the innovation world and featuring on the cover of respected mainstream publications such as the Financial Times and The Economist.
Could blockchain transform your business?
The key to blockchain's rise is distributed ledgers – open ledgers which allow transactions to be registered between different parties without a third party, such as a bank.
So why might your business use blockchain, why is it now top of the agenda for Microsoft, IBM, BBVA, Banco Santander and VISA, and why have the 44 biggest global banks created 'R3 CEV', a consortium designed to explore its potential for financial services?
Blockchain allows transactions to be registered without the need to place a 'trust deposit' with a third party or deploy expensive infrastructure to maintain the ledger. This cuts traditional back-office processes and creates new business models. It offers direct benefits to financial services organisations and creates opportunities for those in other industries.