Tech Update1 209x119Last year major companies realized the significance of blockchain technology stemming from crypto-currency bitcoin, and 2016 will see the start of practical applications as well as completely new use cases--similar to the Internet’s evolution--so corporates must pay close attention or risk getting left behind.

The biggest global banks as well as a few smaller banks and nonfinancial corporates such as Seagate Technologies announced exploring the technology last year, primarily to make existing processes more efficient and secure. Few initiatives actually became reality up. In 2016, however, “leaving the labs” and “next-gen platforms” were two major themes, according to Deloitte Consulting’s recent survey of its “internal cryptocurrency community,” including clients of its Rubix platform that provides clients with blockchain expertise and tools. A third prevalent theme is the development of blockchain-related consortiums, alliances and governance...

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