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Blockchain 101 for Financial Services

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Blockchain has the potential to transform money, business, government and society. But exactly what is it? Get the details on blockchain for financial services.

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Veröffentlicht in: Wirtschaft & Finanzen
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Blockchain 101 for Financial Services

  1. 1. Blockchain — What it Is and What it Could Be for Financial Services
  2. 2. ...the global economy moves, on average, $5.1 trillion every day. The gears of the financial system behind this jaw-dropping number are too often reliant upon aging infrastructure and third-party intermediaries that: require manual reconciliation add cost provide opportunities for fraud According to the International Monetary Fund (IMF)... $5.1 trillion
  3. 3. Could blockchain technology be the answer to improving the efficiency of clearing and settlement?
  4. 4. Blockchain is a distributed ledger technology (DLT) that provides verifiable proof of a transaction. Blockchain records can only be updated by consensus of a majority of the participants in the replicated peer-to-peer network of databases. Information can never be deleted, providing a precise and immutable record of time-sequenced events that allow multiple non-trusting parties to transact without a trusted third-party intermediary. Blockchain, defined
  5. 5. Bitcoin’s volatility and its reputation as a vehicle for unregulated transactions are precisely the reasons why it is so important to differentiate the technology on which bitcoin is built from the cryptocurrency. For the financial services industry to carefully consider investments in blockchain technology, it must be decoupled from the singular use of bitcoin. Blockchain is a lot more than bitcoin.
  6. 6. Public or Private Blockchain?
  7. 7. Sets its rules at the very beginning and has few opportunities for later changes to be made. The public blockchain Permissionless and open to everybody, to both participate and to read / write new transactions. Some can be publicly readable, yet limit the trusted parties allowed to write data to the network. Can help communities worldwide share data securely and openly. Offers high availability, transparency, trust and decreased hardware costs.
  8. 8. Private blockchains Access control can be governed by existing participants, or by a regulatory body. Once an entity joins the network, it plays a role in maintaining the blockchain. Give full control to their owners, who are invited or granted permission to join. Offer low to no cost to add transactions to the blockchain, but the owners have to run servers and maintain the network. Can be extremely flexible and can adjust the rules for added efficiency and security.
  9. 9. There is a special kind of private blockchain called a “Consortium”. Consortia have become a popular means for enterprises to work together on blockchain technology. Blockchain Consortia
  10. 10. Business-focused consortia build and operate blockchain-based platforms to solve specific business problems. Technology-focused consortia come together to create technical standards and reusable blockchain platforms. Blockchain consortia can be either business-focused or technology-focused.
  11. 11. Tractica forecasts that annual revenue for enterprise applications of blockchain will increase from approximately $2.5 billion worldwide in 2016 to $19.9 billion by 2025, representing a compound annual growth rate (CAGR) of 26.2%. Blockchain has the potential to transform money, business, government, and society. $2.5 billion - $19.9 billion CAGR 26.2%
  12. 12. Learn More www.appian.com/finserv facebook.com/AppianCorporation linkedin.com/company/appian-corporation youtube.com/user/appian twitter.com/appian instagram.com/appiancorp