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January 04, 2016, 11:03:34 AM |
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The speed at which blockchain technology is being explored and adopted is unprecedented.
We are watching it move from a startup idea to an established technology in a tiny fraction of the time it took for the Internet or even the PC to be accepted as a standard tool. Financial institutions are already beginning to realize the potential of this next-generation business process improvement software to structurally alter shared practices between customers, competitors and suppliers.
Blockchain technology may result in a different competitive future in the financial services industry, where current profit pools are disrupted and redistributed toward the owners of new highly efficient blockchain platforms.
radically
We anticipate a lot of changes as we roll into the new year and see three trends we believe will be important:
1. Incumbents will focus on protecting their intellectual property as they explore new collaborative opportunities with customers, suppliers, and competitors
2. Large financial institutions will need strategic plans to set parameters for technology risk taking
3. Market participants will start to develop the processes that surround the transactional layer.
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