How blockchains could change the world | McKinsey & Company

Best blockchain articles

Blockchain Algorithm / January 24, 2018

Blockchain also has potential applications far beyond bitcoin and cryptocurrency. Blockchain is, quite simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the Internet without the need for a centralized third party.

From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.

Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance.

For an overview of cryptocurrency, start with “Money is no object.” This paper, from PwC’s Financial Services Institute, focuses on cryptocurrency. We explain where it came from, how much consumers know about it and use it, what it will take for the market to grow, and what the regulators think. We also look at how market participants, such as investors, technology providers, and financial institutions, will be affected.

For some quick background on blockchain, take a look at “What is blockchain?” This short article provides some examples of the innovative uses of blockchain already being implemented by financial institutions. It also provides an overview of the challenges and opportunities that blockchain presents for the industry.

For a look at blockchain’s future, peer into our crystal ball with “What’s next for blockchain in 2016?” This short article discusses the trends that will shape how blockchain technology will be used and developed. From financial institutions needing to think about protecting their intellectual property to a shakeout in venture capital funding, this will be a busy year.

For a deeper dive into blockchain’s implications, read “A strategist’s guide to blockchain.” This article, from strategy+business, examines the potential benefits of this important innovation — and also suggests a way forward for financial institutions. Put simply, proceed deliberately. Explore how others might try to disrupt your business with blockchain technology, and how your company could use it to leap ahead instead. In all cases, link your investments to your value proposition, and give your business partners and your customers what they want most: speed, convenience, and control over their transactions.

Source: www.pwc.com
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