We continue to see banks, brokerages, insurers, regulators, and others actively testing ways to harness the benefits of blockchain. The journey has only just begun. Are we there yet? Infirms created plenty of functional, proof-of-concept projects using blockchain in applications such as internal payments, trade finance, and custody.
Still, leading firms are focusing their efforts in a few key areas where distributed ledger technology can solve practical issues. Exchanges embrace blockchain and regulators warm up. Regulators are working with the exchanges to explore what oversight should look like. And most industry players still struggle with how to audit systems with almost-instant clearing and consensus-based verification.
The most exciting opportunities come when the largest industry players unite with a common approach. While many financial firms have banded together in various efforts on blockchain initiatives, also saw some large players step away in favor of working on their own projects internally and keeping the intellectual property.
Today, blockchain in capital markets operations code finance is high volume, costly, and time-consuming. Financial institutions and shipping fleets have been experimenting with blockchain to create smart contracts between parties.
We think this could be one of the most interesting areas to watch in Overhaul of the financial market utility. We see more clearinghouses, custody providers, and others looking at what blockchain can bring to clearing, settlement, and other intermediated functions.
Look for blockchain use cases spreading into more mainstream financial blockchain in capital markets operations code utilities. Security on the horizon. Expect more attention on security.
As intermediaries press ahead with blockchain projects, expect more focus on issues like security and monitoring. What will the world look like when blockchain grows up? Inwe think the conversation will shift away from the specifics of blockchain code toward bigger issues.
What will a distributed ledger world look like? How will parties work together in a multi-blockchain environment? What data blockchain in capital markets operations code be shared—and should it be? What business processes will we be able to completely rethink? Break out of the holding pattern. Some firms have pursued a wait-and-see strategy with blockchain, tracking other firms with the intent to move ahead when the time is right. This is becoming increasingly risky.
The technology is evolving quickly, and the learning curve is significant. All of these things will take patience and finesse. Be proactive with regulators. Financial services firms should think about what standards make sense. Consider joining a consortium or trade group to have a say in the conversation.
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PwC provides a range of assurance, tax, advisory, and consulting services to help the financial services industry address regulatory, operational and strategic issues. PwC sees enormous potential for blockchain and has developed the capabilities necessary to help our clients learn about, and take advantage of, these transformative technologies.
Insights from our network of industry professionals in banking and capital markets, insurance and asset management. PwC refers to the US member firm or blockchain in capital markets operations code of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. A look back Are we there yet? The road ahead Trade finance: What to consider Break out of the holding pattern.
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