BLOCKCHAIN – Is the industry ready for the new technology?

15/10/2015

Blockchain reached centre stage at Innotribe with a ‘New kids on the block(chain) platform’ session, and the panel was of such interest that the original Innotribe room was rammed with over 100 people; and about 100 more had to watch the session via a live feed at the SWIFT stand, further highlighting the strong appetite and serious momentum to exploit blockchain technology.

Mark Buitenhek, Global Head of Transaction Services at ING, moderated the panel of eight experts including UBS, DBS Bank, Barclays and Chain.com. Buitenhek kept the discussion moving and highlighted that the panel was still not in agreement on whether blockchain was a real solution for improving financial transactions.

The panel was made up of players in the blockchain space and so, it was interesting to see that when the audience participated in the poll, result showed that 32.1% were ‘just monitoring’ with 25% ‘actively engaged’ in blockchain.

The discussion went on to banks’ readiness where some believed banks were ready whereas others disagreed and said more work has to be done. It was evident that some banks are in the experimental stage and that they were still waiting for real cases. Only time will tell what will happen. The panelists suggested that more testing was required to see what future it holds in the industry and post this, can we really see the future of blockchain.

The same question that was asked at the beginning was asked at the end of the session: How seriously is your organisation looking at blockchain technology?’

Initially 20% were ‘seriously interested’, but this had increased to 34.3%. Blockchain looks like it’s here to stay and will continue to be a hot topic in the industry. Hopefully, more questions will be answered over time as people start to fully understand what is involved. Let’s hope people can do this before the next advancement in technology.

More:
https://blogs.oracle.com/financialservices/entry/blockchain_is_the_industry_ready

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