Latest Finextra research shows blockchain has grown up during 2016 and many industries searched to exploit its potential We might still be far from r
Latest Finextra research shows blockchain has grown up during 2016 and many industries searched to exploit its potential
We might still be far from reaching blockchain’s tipping point, but specialists in the financial services are more and more willing to experiment in the field of blockchain and invest time and money into that. This statement is one of the key findings Finextra research produced in association with EPAM.
The paper discovers an increased urgency in which the industry is searching ways to exploit blockchain technology across a range of activities, including securities, payments and trade. The research is based on in-depth interviews with specialists in the financial niche, such as market participants from banks, market infrastructures and key technology vendors.
The key study is entitled ‘From hype to reality: Developing a pragmatic approach to blockchain in financial services‘ by no coincidence – it shows how the industry has changed its approach to blockchain. From unrealistic it has taken a more concrete turn and is seeking a way to shorten the time to gather goods from the innovation. One of the latest trends is the implementation of the blockchain technology into market infrastructures too as it can be a powerful tool for a quick and efficient mainstream spread into the network.
There are still a lot of dusty spots around blockchain, however. It is an appealing field that offers lots of possibilities for implementation. It surely will be amongst the dominating technologies in the near future but which way will it go is still unpredictable.
According to Balazs Fejes, Co-Head Global Business, EPAM, debates and discussions about blockchain are essential since they are part of the process of clarification of the technology itself and all the significant opportunities it may offer. Amongst the many ideas and disputes it causes there are many predictions that are not hard to imagine become reality. Some of the predictions are quite eccentric though, like the one that introduces blockchain as the new internet, but they are still possible and give developers food for thought.
Actually, the new paper shows the attitude towards blockchain is in a much calmer way than before, giving it credits that some questions just need time to be answered. However, changes will still be done in midterm too and these are again good news. That means that many of the problems that the industry is facing could find their solution in the blockchain technology and – most importantly – among its advantages as leading continuous record, keeping unlimited amount of data and offering permissioned access.
As a conclusion, the paper displays how blockchain has matured during 2016, especially in financial services field. The study also shows its possible applications in the mainstream and the obstacles it may meet. Of course, the technology is currently most appreciated among financial institutions thanks to the many functionalities it offers to improve the pragmatic approach in their buisiness. Only time will tell what other insights blockchain may offer to other niches as well.