Its untapped potential to inspire new models is evidenced by the current surge of interest across the financial services industry, whereby its manifold usage options have meanwhile also sparked the interest of players from industrial and public services backgrounds.īlockchains are genuinely new in that they are the first systems to overcome
In enabling peer-to-peer contracts and direct transfers of value, the blockchain technology has the potential to undermine the banking system and may present a significant opportunity for banks and other market participants to cut costs, boost efficiency and marshal data. Its best-known application is the payment system or so-called crypto-currency ‘Bitcoin’, which uses peer-to-peer technology to make and record payments without the need for a trusted intermediary such as a bank.
The first time I heard about the blockchain, it reminded me of when I heard about a company in New Jersey that was doing electronic trading in ways nobody had done before – the feeling that something was fundamentally changing.Ĭristóbal Conde, former CEO of sungard data systems and fintech investor (note 1)Ī blockchain is a distributed, secure and transparent system of record comprising a log of transactions shared across a digital network. ‘We may be moving away from an internet of entertainment, shopping and advertising to a new era in which the technology is actually doing serious business’ (see interview below). ‘Any conversation in financial circles nowadays is likely to move very quickly onto the subject of blockchains,’ says Dr Philip Godsiff, Senior Research Fellow at the Surrey Centre for the Digital Economy at Surrey Business School. That has not prevented an explosion of interest over recent months, leading to talk of a once-in-a-generation shift that could be a game changer for global financial markets.Īccording to some usually sober voices, the forthcoming blockchain revolution is likely over the coming decade to mirror the impact of the internet in the previous one, transforming business models, connecting new counterparties and generating sweeping efficiencies that might reverse the fortunes of the post-crisis financial sector. If there is one idea guaranteed to generate a buzz of excitement in financial circles at present it is the complex but intoxicatingly cutting-edge technology known as ‘blockchain’.įew in financial markets claim to fully understand how blockchains work, but
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and generating sweeping efficiencies but work needs to be done before the technology’s full benefits are realised.It has the power to transform business models, connecting new counterparties.Cryptofinance has the potential to revolutionise the financial sector.
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