The distributed ledger technology that started with bitcoin is rapidly becoming a crowdsourced system for all types of verification. Could it replace notary publics, manual vote recounts, and the way banks manage transactions?
The article outlines a number of disadvantages, advantages and advantages of the blockchain today. Also, the types of blockchain are given and how blockchain allows you to organize trade without intermediaries, which can later introduce many services into everyday life and change the way the banking sector works. Mukhammedova Zarina Murodovna "Disadvantages and Advantages of Blockchain" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd46253.pdf Paper URL: https://www.ijtsrd.com/economics/other/46253/disadvantages-and-advantages-of-blockchain/mukhammedova-zarina-murodovna
First presented on June 27, 2015 for Blockchain University hosted at PricewaterhouseCoopers in San Francisco. [Video: https://www.youtube.com/watch?v=8-OxnJip-bA ] Additional notes, references and citations are in the comments of each slide. I would like to thank Arthur Breitman, Richard Brown, Alexandre Callea, Pinar Emirdag, Andrew Geyl, Dave Hudson, Hyder Jaffrey, Yakov Kofner, Antony Lewis, Todd McDonald, Piotr Piasecki, Robert Sams and John Whelan for their feedback.
Cryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain SocietyMelanie Swan
Blockchain technology is not just about registering wills and IP on blockchains, and bank transfers taking less than 3 days to settle, philosophically blockchains invite a new level of thinking about what it is to be a cryptocitizen and possibilities for societal design
Bitcoin and Blockchain Explained: Cryptocitizen Smartnetwork Trust Melanie Swan
Blockchain technology is not just about cryptocurrencies, registering wills and IP on blockchains, and bank transfers taking less than 3 days to settle, philosophically blockchains invite a new level of thinking about the sensibility of the Cryptocitizen and possibilities for societal shared trust
The article outlines a number of disadvantages, advantages and advantages of the blockchain today. Also, the types of blockchain are given and how blockchain allows you to organize trade without intermediaries, which can later introduce many services into everyday life and change the way the banking sector works. Mukhammedova Zarina Murodovna "Disadvantages and Advantages of Blockchain" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd46253.pdf Paper URL: https://www.ijtsrd.com/economics/other/46253/disadvantages-and-advantages-of-blockchain/mukhammedova-zarina-murodovna
First presented on June 27, 2015 for Blockchain University hosted at PricewaterhouseCoopers in San Francisco. [Video: https://www.youtube.com/watch?v=8-OxnJip-bA ] Additional notes, references and citations are in the comments of each slide. I would like to thank Arthur Breitman, Richard Brown, Alexandre Callea, Pinar Emirdag, Andrew Geyl, Dave Hudson, Hyder Jaffrey, Yakov Kofner, Antony Lewis, Todd McDonald, Piotr Piasecki, Robert Sams and John Whelan for their feedback.
Cryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain SocietyMelanie Swan
Blockchain technology is not just about registering wills and IP on blockchains, and bank transfers taking less than 3 days to settle, philosophically blockchains invite a new level of thinking about what it is to be a cryptocitizen and possibilities for societal design
Bitcoin and Blockchain Explained: Cryptocitizen Smartnetwork Trust Melanie Swan
Blockchain technology is not just about cryptocurrencies, registering wills and IP on blockchains, and bank transfers taking less than 3 days to settle, philosophically blockchains invite a new level of thinking about the sensibility of the Cryptocitizen and possibilities for societal shared trust
Buckets of Permissioned, Permissionless, and Permissioned Permissionlessness ...Tim Swanson
This was first presented on July 20, 2015 at Infosys in Mysore, India with the Blockchain University team. It is a heavily modified version of a previous presentation covering the distributed ledger landscape. All citations and references can be found in the notes.
FirstPartner's 2016 Blockchain Ecosystem Market Map helps to decrypt the blockchain landscape with a visual overview of the emerging ecosystem, players, technologies and trends. It clearly summarises three main areas of focus emerging around the core blockchain or distributed ledger protocols:
1) Bitcoin and Cryptocurrencies: Providing an alternative to centrally managed "fiat" currencies, this sector includes Bitcoin exchanges, Bitcoin wallets, miners and cryptocurrency payment processors. The map illustrates how these companies interact and features some leading players including Coinbase, Circle, Kraken and 21 Inc.
2) The Financial Services Blockchain: This has been the main area of focus over the last 12 months as attention shifts from Bitcoin to Financial Services applications. An increasing number of players are focussing on commercialising blockchain technologies for banks, securities, derivatives and asset markets and institutional investors - and are attracting VC funding to do so. Ripple and Ethereum are leading candidate protocols for payment processing and smart contracts and players including Ripple, Chain and Digital Asset Holdings are gaining traction with Financial Institutions. The Map highlights leading technology companies and some of the banks, card schemes and processors who are investing in or evaluating distributed ledger technologies.
3) Other Use Cases: The distributed ledger concept and its ability to support transparent and tamper-proof asset registration, proof of ownership and asset transfer transactions makes it potentially applicable to multiple non financial use cases. The Map highlights a number of candidate use cases including publishing, legal, distributed data storage, document management and IoT. Some of the pioneering initiatives and companies exploring these applications are included.
Crucially the Map also provides a clear pictorial explanation and summary of the leading protocols at the heart of the ecosystem and concepts including coloured coins and smart contracts that supplement them to make a number of the proposed services possible.
A printable version of the map can be downloaded from www.firstpartner.net.
Bitcoin Protocols 1.0 and 2.0 Explained in the Series: Blockchain: The Inform...Melanie Swan
We should think about the blockchain as another class of thing like the Internet – a comprehensive information technology with tiered technical levels and multiple classes of applications for any form of asset registry, inventory, and exchange, including every area of finance, economics, and money; hard assets (physical property); and intangible assets (votes, ideas, reputation, intention, health data, information, etc.). In fact the blockchain concept is even more, it is a new organizing paradigm.
– Melanie Swan, Founder, Institute for Blockchain Studies
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT LtdOLMA Capital Management
When the Bitcoin cryptocurrency was released in 2009, its underpinning, the blockchain distributed ledger system was the real technological breakthrough, a formulation that promises to change the basis of all types of transactions globally.
Blockchain technology has paved the way for an Internet of Transactions. Blockchain technology has already proved its worth in such areas as means of payment, interbank exchanges and international remittances. Touted as the next digital revolution, blockchain technology has the potential to transform traditional industries and alter society through disintermediation of trade. Any situation that involves an intermediary that is expensive or fallible represents an opportunity to create a blockchain application case. No industry is immune to the blockchain’s disruption potential.
In 2017, the blockchain technology is at an inflection point. The industry is in a state of transition and must move to Blockchain 2.0, which means the adoption of more sophisticated applications, such as micro-payments and smart contracts. Having outgrown its original bitcoin community, the majority of blockchain applications have yet to pass beyond the prototype stage to make blockchain technology the greatest restructuring technology of the next decade.
Blockchain technology and applications from a financial perspectiveVittorio Zinetti
This article aims at explaining the blockchain opportunity for the financial industry. First the fundamentals of technology is introduced, then possible application of blockchain to three financial use cases are presented.
Blockchain Developments is building a comprehensive solution for Supply chain, Politics, Decentralized currency, Financial Technology, Healthcare, Infrastructure, and other business verticals. Read our blockchain case studies and use cases of successful implementations of blockchain development solutions for our various clients.
BlockChain basics for the non-technical banker covering what's happening, what the opportunities are, and the problems we all face. Covers BitCoin and Ethereum with brief mentions made of Ripple and the HyperLedger project.
Unbundling Of Financial Services: The Blockchain(s) RevolutionGeorge Samuel Samman
This is a deck which talks about blockchain(s) and their use cases, It is based off of some o the best thought in the space and looks at why banking and financial services will be changed.
Cryptocurrencies: The Mechanics Economic and FinanceErnie Teo
Presented at the INAUGURAL CAIA-SKBI CRYPTOCURRENCY CONFERENCE 2014 on 04 November 2014 held at the Singapore Management University
This talk gives a general overview of Bitcoin and other cryptocurrencies.
The Continued Existence of Altcoins, Appcoins and Commodity coinsTim Swanson
[Video: https://www.youtube.com/watch?v=fBuwc3yu6sI]
Tim Swanson discusses altcoins, appcoins, commodity coins, bitcoin 2.0, future protocols, legal and technical challenges and opportunities for developers and the economic incentives for why coins are created. First presented at Plug and Play Tech Center in Sunnyvale on September 23, 2014 for the Bitcoin Meetup. Citations and references in the notes section. More information at: www.ofnumbers.com
Everything you've been told about blockchains is wrong: the "killer app" isn't any particular implementation, but the database design itself. In this presentation I explain how the permissioned blockchain design pioneered by Eris Industries actually addresses the problems and use-cases everyone's said blockchains can solve, but hasn't actually used them to solve.
Hint: it's not because of "decentralisation."
Decentralised Transactions and Accounts with Blockchainaharth
Explains the technological underpinnings of Blockchain, and asks whether Blockchains can work without a cryptocurrency (Bitcoin, Ethereum). My Habilitation talk at KIT at 2016-05-25.
Talk about ripple monetary system in the context of origin of money, capitalism and how ripple will change our future making money more personal and connected with real value as it used to be in the past. Prelection took place on 13th Sep 2013 at SmartDevCon in Katowice Poland.
Buckets of Permissioned, Permissionless, and Permissioned Permissionlessness ...Tim Swanson
This was first presented on July 20, 2015 at Infosys in Mysore, India with the Blockchain University team. It is a heavily modified version of a previous presentation covering the distributed ledger landscape. All citations and references can be found in the notes.
FirstPartner's 2016 Blockchain Ecosystem Market Map helps to decrypt the blockchain landscape with a visual overview of the emerging ecosystem, players, technologies and trends. It clearly summarises three main areas of focus emerging around the core blockchain or distributed ledger protocols:
1) Bitcoin and Cryptocurrencies: Providing an alternative to centrally managed "fiat" currencies, this sector includes Bitcoin exchanges, Bitcoin wallets, miners and cryptocurrency payment processors. The map illustrates how these companies interact and features some leading players including Coinbase, Circle, Kraken and 21 Inc.
2) The Financial Services Blockchain: This has been the main area of focus over the last 12 months as attention shifts from Bitcoin to Financial Services applications. An increasing number of players are focussing on commercialising blockchain technologies for banks, securities, derivatives and asset markets and institutional investors - and are attracting VC funding to do so. Ripple and Ethereum are leading candidate protocols for payment processing and smart contracts and players including Ripple, Chain and Digital Asset Holdings are gaining traction with Financial Institutions. The Map highlights leading technology companies and some of the banks, card schemes and processors who are investing in or evaluating distributed ledger technologies.
3) Other Use Cases: The distributed ledger concept and its ability to support transparent and tamper-proof asset registration, proof of ownership and asset transfer transactions makes it potentially applicable to multiple non financial use cases. The Map highlights a number of candidate use cases including publishing, legal, distributed data storage, document management and IoT. Some of the pioneering initiatives and companies exploring these applications are included.
Crucially the Map also provides a clear pictorial explanation and summary of the leading protocols at the heart of the ecosystem and concepts including coloured coins and smart contracts that supplement them to make a number of the proposed services possible.
A printable version of the map can be downloaded from www.firstpartner.net.
Bitcoin Protocols 1.0 and 2.0 Explained in the Series: Blockchain: The Inform...Melanie Swan
We should think about the blockchain as another class of thing like the Internet – a comprehensive information technology with tiered technical levels and multiple classes of applications for any form of asset registry, inventory, and exchange, including every area of finance, economics, and money; hard assets (physical property); and intangible assets (votes, ideas, reputation, intention, health data, information, etc.). In fact the blockchain concept is even more, it is a new organizing paradigm.
– Melanie Swan, Founder, Institute for Blockchain Studies
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT LtdOLMA Capital Management
When the Bitcoin cryptocurrency was released in 2009, its underpinning, the blockchain distributed ledger system was the real technological breakthrough, a formulation that promises to change the basis of all types of transactions globally.
Blockchain technology has paved the way for an Internet of Transactions. Blockchain technology has already proved its worth in such areas as means of payment, interbank exchanges and international remittances. Touted as the next digital revolution, blockchain technology has the potential to transform traditional industries and alter society through disintermediation of trade. Any situation that involves an intermediary that is expensive or fallible represents an opportunity to create a blockchain application case. No industry is immune to the blockchain’s disruption potential.
In 2017, the blockchain technology is at an inflection point. The industry is in a state of transition and must move to Blockchain 2.0, which means the adoption of more sophisticated applications, such as micro-payments and smart contracts. Having outgrown its original bitcoin community, the majority of blockchain applications have yet to pass beyond the prototype stage to make blockchain technology the greatest restructuring technology of the next decade.
Blockchain technology and applications from a financial perspectiveVittorio Zinetti
This article aims at explaining the blockchain opportunity for the financial industry. First the fundamentals of technology is introduced, then possible application of blockchain to three financial use cases are presented.
Blockchain Developments is building a comprehensive solution for Supply chain, Politics, Decentralized currency, Financial Technology, Healthcare, Infrastructure, and other business verticals. Read our blockchain case studies and use cases of successful implementations of blockchain development solutions for our various clients.
BlockChain basics for the non-technical banker covering what's happening, what the opportunities are, and the problems we all face. Covers BitCoin and Ethereum with brief mentions made of Ripple and the HyperLedger project.
Unbundling Of Financial Services: The Blockchain(s) RevolutionGeorge Samuel Samman
This is a deck which talks about blockchain(s) and their use cases, It is based off of some o the best thought in the space and looks at why banking and financial services will be changed.
Cryptocurrencies: The Mechanics Economic and FinanceErnie Teo
Presented at the INAUGURAL CAIA-SKBI CRYPTOCURRENCY CONFERENCE 2014 on 04 November 2014 held at the Singapore Management University
This talk gives a general overview of Bitcoin and other cryptocurrencies.
The Continued Existence of Altcoins, Appcoins and Commodity coinsTim Swanson
[Video: https://www.youtube.com/watch?v=fBuwc3yu6sI]
Tim Swanson discusses altcoins, appcoins, commodity coins, bitcoin 2.0, future protocols, legal and technical challenges and opportunities for developers and the economic incentives for why coins are created. First presented at Plug and Play Tech Center in Sunnyvale on September 23, 2014 for the Bitcoin Meetup. Citations and references in the notes section. More information at: www.ofnumbers.com
Everything you've been told about blockchains is wrong: the "killer app" isn't any particular implementation, but the database design itself. In this presentation I explain how the permissioned blockchain design pioneered by Eris Industries actually addresses the problems and use-cases everyone's said blockchains can solve, but hasn't actually used them to solve.
Hint: it's not because of "decentralisation."
Decentralised Transactions and Accounts with Blockchainaharth
Explains the technological underpinnings of Blockchain, and asks whether Blockchains can work without a cryptocurrency (Bitcoin, Ethereum). My Habilitation talk at KIT at 2016-05-25.
Talk about ripple monetary system in the context of origin of money, capitalism and how ripple will change our future making money more personal and connected with real value as it used to be in the past. Prelection took place on 13th Sep 2013 at SmartDevCon in Katowice Poland.
Robert jan-vrolijk--why-do-banks-prefer-ripple-over-bitcoinRobert Jan Vrolijk
Why do banks prefer Ripple over Bitcoin: an explanation how banks are looking towards cryptocurrencies in general, and why Ripple currently is by far the most promising crypto-solution for adoption by financials and banks.
Ripple Labs is the team that created the Ripple protocol and now supports its adoption by businesses. The Ripple protocol is a new infrastructure for global, real-time payments. This deck outlines Ripple Labs' company values, its view of Ripple's purpose and its 2014 strategy to grow the Ripple ecosystem.
The 2016 New Business League report looks at the creative, digital and media agencies business wins (and losses) over 2016, both globally and in several major markets.
Everything You Ever Wanted to Know About Move Semantics, Howard Hinnant, Accu...Ripple Labs
This talk was given by Howard Hinnant, Senior Software Engineer, Ripple Labs in April 2014. It covers the genesis of move semantics, special member functions, and an introduction to the special move members.
The uncertainty advantage presents a chance to go well beyond the typical meaning of risk management -- that is, seeking ways to achieve the best of the worst outcomes -- to create new and sustainable value out of confusion.
Cross-border payment innovation for the caribbeanGermaine4IBIS
IBIS Management Associates, a Dutch-Caribbean based company, and Ripple are working together to provide Caribbean banks with cross-border payment solution. IBIS Management has always strived to bring operational excellence to the Financial sector, so leading the path in cross-border payment innovation is at the top of the company's list.
Foreword
This paper is the result of a research project carried out by Labs
in EVRY Financial Services during the fall of 2015. The content of
this report is the result of a comprehensive study, featuring online
sources, literary works, as well as recordings of financial
conferences such as Consensus 2015 and Fintech Week 2015.
We aim to provide a comprehensive report detailing the
opportunities, challenges and key success factors for financial
institutions looking to leverage the opportunities presented by
blockchain technology.
We hope you enjoy this study and that it helps give you greater
understanding.
A fascinating set of slides from Ovum consulting offering a beginners view to blockchain. Distributed ledger technology for the non-expert.
Please note that these slides are not my own but are distributed by Ovum (Informa plc)
Crossing Borders – Key Payment Systems Outside the U.S.Nasreen Quibria
Enhance your understanding of retail and commercial payment systems outside the U.S. and learn how the rest of the world has implemented ACH, funds transfer, and check systems. This session focuses on important national payment systems in different countries throughout the world and their distinguishing characteristics – a must for any institution that wants to know more about non-U.S. payment systems. We will also cover the evolving environment for “ACH” payments outside the U.S. and talk about what’s taking place – identifying some of the organizations involved in cross-border “ACH” payment services.
Innovation in Byzantine consensus protocols is helping decentralized networks scale up and become highly performant, possibly faster than centralized networks. Investment growth in Bitcoin and FinTech startups, and enterprise blockchain applications in development in multiple sectors
Block chain 101 what it is, why it mattersPaul Brody
The Blockchain is an important new technology, but it is shrouded in mystery: what does it do? Why is it such a big deal? How is it related to bitcoin? In this short presentation (with attached video), I attempt to answer those questions.
CoinDesk reveals the key trends, challenges, and opportunities for bitcoin and blockchain technology in 2016.
Reports are available to download for those who are signed up to our research list.
Sign up here: http://www.coindesk.com/newsletter/
Buy our research on the banks and the blockchain here: http://www.coindesk.com/research/banks-blockchain-report/
Get in touch via research@coindesk.com if you'd like to partner with research in the future.
Crypto currencies usage is growing in a more connected world. The traditional banking industry is being disrupted by a decentralized network, rich in computing resources and connectivity.
Full quality version here -> https://www.scribd.com/document/333257162/Crypto-Currency-Mining-Science
The future of cryptocurrency—some challenges
As we gaze into our crypto ball, let’s see what the future of cryptocurrency has in store for traders. With many experts estimating that the 2020 COVID-19 pandemic has hastened the decline of cash by almost five years, few are asking whether digital currencies will actually succeed (they have already). Instead, it’s a matter of when they’ll go mainstream. Nevertheless, there are some challenges ahead.
Perceptions
A significant generational divide exists when it comes to adoption rates of cryptocurrencies. Older generations are typically more sceptical of crypto’s long-term viability, expressing fears about volatile financial bubbles as well as uncertainty over how cryptocurrencies actually work.
Presentation on blockchains for Webbdagarna in Gothenburg, Sweden and for BISS (Brightlands Smart Services Campus) in Heerlen, the Netherlands in September 2016
Research Paper
Dr Daniel Barreto's class: Leading Trends in IT.
Grade: 97%
Co-written by Christina Rentschler, Victor Gardrinier and Dean Rauschenbusch.
Date: 08/2017
“As a layperson -let us understand- cryptocurrency and how it works.pdfRAVI TIKU
All of us listen so much about the cryptocurrency and its usage being done for the various transactions, but we still don’t know the basics of this currency and how it is transacted, and under which regulatory board or exchange their indices are maintained. I thought let us discuss the simple basics of the same and try to understand what exactly it is and how it affects the transactional market internationally.
Naos Blockchain presents this report with the following objectives:
1. Describe the evolution of the crypto market and give a
comprehensive summary of the current market situation.
2. Provide detailed information regarding major factors
influencing the market. Drivers, restraints, opportunities,
and challenges.
3. Present the outlook as perceived by the NAOS Team.
This report was created at the beginning of 2019, therefore all data up to February 2019 is historical data, with the base
year for calculations being 2018.
HOW COULD BLOCKCHAIN TECHNOLOGY CHANGE FINANCE?MorCryp
How Could Blockchain Technology Change Finance? Blockchains can serve as a fully transparent and accessible system of record for regulators. It can also be coded to authorize transactions which comply with regulatory reporting. Read more...
Blockchain beyond fintech by ridgelift.ioUdayan Modhe
A comprehensive paper on blockchain technology. It covers blockchain technological aspects, blockchain evolution, future trends in blockchain implementation and reference architecture.
Discover the different business and e-commerce applications offered by the blockchain including BlockSY by Symag: blocksy-wiki.symag.com!
Blockchain is a technology dedicated to processing and recording digital transactions in a transparent and secure manner without requiring any central authority.
In fact, Blockchain is a shared ledger that maintains the whole history of the transactions processed by its users since its creation, so it forms an electronic chain of transactions. This ledger is distributed, and secure, and shared by its users, enabling anyone to check the validity of every transactions.
An Conghui, president of Zhejiang Geely Holding Group and CEO of Geely Auto Group, explains the future of flying cars and the value of an international brand.
For Greg Lehmkuhl, president and CEO of Lineage Logistics, temperature-controlled supply chains for perishables are one of the world’s next great platforms.
As more and more companies in a range of industries adopt machine learning and more advanced AI algorithms, the ability to provide understandable explanations for different stakeholders becomes critical. If people don’t know why an AI system made a decision, they may not trust the outcome.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
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1. strategy+business
ISSUE 82 SPRING 2016
REPRINT 16111
BY JOHN PLANSKY, TIM O’DONNELL, AND KIMBERLY RICHARDS
A Strategist’s Guide
to Blockchain
The distributed ledger technology that started with bitcoin is
rapidly becoming a crowdsourced system for all types of verification.
Could it replace notary publics, manual vote recounts, and the
way banks manage transactions?
3. IllustrationbyDanPage
ASTRATEGIST’S
GUIDETO
BLOCKCHAIN
The distributed ledger technology that started
with bitcoin is rapidly becoming a crowdsourced
system for all types of verification. Could it
replace notary publics, manual vote recounts,and
the way banks manage transactions?
An expensive work of art changes hands.
Neither the buyer nor the seller is named publicly,
but the exchange is verified, the provenance of
the painting travels with it, and the artwork is
automatically insured against theft.
A voting machine records votes in a frontier
country known for past political corruption.Though
there is no central government repository, each vote
is tagged to an individual with no duplication. The
individual identities remain anonymous, and the
results of the election are undisputed.
BY JOHN PLANSKY, TIM O’DONNELL, AND KIMBERLY RICHARDS
featuretechnology
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John Plansky
john.plansky@
strategyand.us.pwc.com
is an advisor to executives
in the financial-services
industry for Strategy&,
PwC’s strategy consulting
group. Based in Boston,
he is a principal with PwC US.
He specializes in applying
information technology
to launch new products and
enable global operating
models for securities firms.
Tim O’Donnell
timothy.b.odonnell@us.pwc.com
is a managing director with
PwC US based in New York,
specializing in banking prod-
ucts and operations strategies.
He has extensive experience
with payments innovation and
technology solutions.
Kimberly Richards
kimberly.richards@
strategyand.us.pwc.com
is a specialist in financial-
services strategy with
Strategy&. She is a manager
with PwC US based in
New York.
Also contributing to this
article were PwC US director
Jeremy Drane, principal Kevin
Grieve, managing director
James Solomon, Technology
Institute editor Alan Morrison,
and Financial Services Insti-
tute director Cathryn Marsh.
A consortium of banks gain market share by set-
tling trades in real time (instead of waiting three days
for the trade to clear) and underwriting loans in a day
(instead of waiting two weeks), all with minimal risk.
The same banks also start to execute same-day currency
trades at optimal exchange rates, spending a fraction of
the costs required in the past. All of these transactions
are tracked and statistics are kept, so that governments
are aware of the movement of capital across their bor-
ders, and activity is monitored for patterns that might
indicate money laundering. But the identity of the indi-
vidual traders or purchasers is untraceable.
The technology that could make all this happen is
blockchain. Originally the formal name of the track-
ing database underlying the digital currency bitcoin,
the term is now used broadly to refer to any distributed
electronic ledger that uses software algorithms to record
transactions with reliability and anonymity. This tech-
nology is also sometimes referred to as distributed led-
gers (its more generic name), cryptocurrencies (the elec-
tronic currencies that first engendered it), bitcoin (the
most prominent of those cryptocurrencies), and decen-
tralized verification (the key differentiating attribute of
this type of system).
At its heart, blockchain is a self-sustaining, peer-to-
peer database technology for managing and recording
transactions with no central bank or clearinghouse in-
volvement. Because blockchain verification is handled
through algorithms and consensus among multiple
computers, the system is presumed immune to tamper-
ing, fraud, or political control. It is designed to protect
against domination of the network by any single com-
puter or group of computers. Participants are relatively
anonymous, identified only by pseudonyms, and every
transaction can be relied upon. Moreover, because ev-
ery core transaction is processed just once, in one shared
electronic ledger, blockchain reduces the redundancy
and delays that exist in today’s banking system.
Companies expressing interest in blockchain in-
clude HP, Microsoft, IBM, and Intel. In the financial-
services sector, some large firms are forging partnerships
with technology-focused startups to explore their own
possibilities. For example, R3, a financial technology
firm, announced in October 2015 that 25 banks had
joined its consortium, which is attempting to develop
a common crypto-technology-based platform. Partici-
pants include such influential banks as Citi, Bank of
America, HSBC, Deutsche Bank, Morgan Stanley,
UniCredit, Société Générale, Mitsubishi UFG Finan-
cial Group, National Australia Bank, and the Royal
Bank of Canada. Another early experimenter is Nasdaq,
whose CEO, Robert Greifeld, introduced Nasdaq Linq,
a blockchain-based digital ledger for transferring shares
of privately held companies, also in October 2015.
If experiments like these pan out, blockchain tech-
nology could become a game-changing force in any ven-
ue where trading occurs, where trust is at a premium,
and where people need protection from identity theft
— including the public sector (managing public re-
cords and elections), healthcare (keeping records anony-
mous but easily available), retail (handling large-ticket
purchases such as auto leasing and real estate), and, of
course, all forms of financial services. Indeed, some
farsighted banks are already exploring how blockchain
might transform their approaches to trading and set-
tling, back-office operations, and investment and capital
assets management. They recognize that the technol-
ogy could become a differentiating factor in their own
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capabilities, enabling them to process transactions with
more efficiency, security, privacy, reliability, and speed.
It is possible that blockchain could affect transactions in
the same way that the global positioning system (GPS)
changed personal transportation, by making data acces-
sible through a common electronic platform.
But although the potential is immense, so is the
uncertainty. On the one hand, distributed ledger tech-
nologies are so new, so complex, and so evolving so
rapidly that it’s difficult to predict what form they will
ultimately take — or even to be sure they will work.
The Gartner Group declared in an August 2015 report
that cryptocurrency was traveling a “hype cycle”: It
had passed the Peak of Inflated Expectations and was
headed for the Trough of Disillusionment. Another
research firm, Forrester, titled its 2015 blockchain re-
port “Don’t Believe in Miracles,” advising enterprises
to wait five to 10 years before introducing blockchain,
in part because of legal restrictions.
On the other hand, some authorities advocate en-
ergetic R&D. “The distributed payment technology
embodied in bitcoin has real potential,” said Andrew
Haldane, chief economist of the Bank of England, in
September 2015. “On the face of it, it solves a deep
problem in monetary economics: how to establish trust
— the essence of money — in a distributed network.”
Strategists take note: Proceed deliberately. Don’t
try to convert existing systems to blockchain initiatives
right away. Rather, explore how others might try to
disrupt your business with distributed ledger technol-
ogy, and how your company could use it to leap ahead
instead. Put one or two pilot projects into place. In all
cases, link your investments to your value proposition,
and give your business partners and your customers
what they want most: speed, convenience, and control
over their transactions. Develop a robust strategy, one
in which your company thrives whether blockchain is
transformative or not.
The Roots of the Technology
Decentralized digital currency started in 2008 as a coun-
tercultural initiative. During its first few years, it was
often described as a covert post–financial crisis protest
against the global banking system, and bitcoins were
used as an alternative currency by money launderers
and illegal “dark Web” trading sites such as the “Silk
Road” exchanges (which have been systematically shut
down by legal authorities). The name of the bitcoin pro-
tocol’s creator, Satoshi Nakamoto, is widely assumed to
be a pseudonym, and a number of attempts to detect his
or her real identity have proven inconclusive. Nakamoto
published the specs for the bitcoin system in 2008, and
opened the peer-to-peer software system in 2009. At the
time, 1,000 bitcoins were worth less than US$3.
But digital currency was also recognized, from the
start, as a potential wild card in legitimate finance —
and as a possible investment vehicle. Its value began to
rise rapidly after 2010. The currency reached its peak
value on November 29, 2013, when a single bitcoin sold
for $1,124.76. Since then, the price has stabilized con-
siderably, hovering between $200 and $400 for most of
2015. The ultimate fate of the currency, including how
broadly it will be accepted, is uncertain.
Anyone can try to create a bitcoin, but it’s not easy.
The technique for making bitcoins, known as “min-
ing,” was deliberately designed to protect the currency’s
value through scarcity. Bitcoins can be created only at a
constrained rate — it takes about 10 minutes per coin,
Blockchain could affect transactions
in the same way that GPS changed
personal transportation.
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on average — and each new bitcoin is slightly more dif-
ficult to create than the one that came before. The pro-
cessing power required for each bitcoin is so large the
currency has been criticized for contributing to climate
change, because of the carbon burned in running bit-
coin-mining computers. As a medium of exchange, the
bitcoin, like the U.S. dollar or any other currency, has
no intrinsic value. It can be bought or sold, but it is not
automatically redeemable for another commodity, such
as gold. However, whereas most currencies are backed
by a government or central bank, bitcoin is authenti-
cated by the peer network that produced it. Everyone
who purchases a bitcoin knows that it is valid because
the same distributed ledger has tracked it, and all other
bitcoins, since each was created.
This distributed ledger — the first blockchain led-
ger ever created was for bitcoin, and it set the pattern
for others — represents the most innovative and poten-
tially influential aspect of the technology. Participants
interact with one another using pseudonyms, and their
real identities are encrypted. The ledger uses public-
key encryption, which is virtually impossible to break,
because a message can be unlocked only when a public
and a private element (the latter held only by the recipi-
ent) are linked.
The term blockchain is derived from the way trans-
actions are stored. For example, every time a bitcoin is
created or changes hands, the ledger automatically cre-
ates a new transaction record composed of blocks of
data, each encrypted by altering (or “hashing”) part of
the previous block. The cryptographic connection be-
tween each block and the next forms one link of the
chain. This process compounds the mathematical dif-
ficulty of committing a successful fraud, because blocks
of transactions, as well as individual transactions, are
continuously validated. The algorithms also incorporate
an ID for each buyer and seller in a transaction, adding
those IDs to the block.
One of the most noteworthy features of the block-
chain architecture is the decentralized technology,
which helps ensure that a transaction is reliably report-
ed. When a blockchain transaction (such as a bitcoin
sale) takes place, a number of separate computers, con-
nected across the network, process the algorithm and
confirm one another’s calculation. The record of trans-
actions thus continually expands and is shared in real
time by thousands of people (hence the name “distrib-
uted ledger”). The ledger stores basic information about
each transaction — such as sender, receiver, time, asset
type, and quantity. The blockchain process ensures va-
lidity, by mathematically linking each new transaction
to those that came before it. This provides the evidence
of the provenance of each transaction in a chain of re-
cords going back to the creation of the database, block
of code after block after block (see Exhibit 1).
The combination of the ledger and the blockchain
technology makes bitcoin — or any other system that
uses that combination — a virtual, distributed, and
decentralized entity. No one is needed to validate the
transactions. This is why bitcoin is often referred to as
a “trustless” system. You do not need to know anything
about the other players, or trust them as individuals, to
have faith in the system and invest your money there.
Moreover, once committed to that distributed ledger,
Exhibit 1: The Dynamics of a Blockchain
(Distributed Ledger)
Source: Strategy&
Network users request a transaction requiring a
cryptocurrency transfer (such as an exchange of
dollars for bitcoins)
Network peer computers analyze past transactions
on the blockchain using the specific algorithm or
methodology employed by the system. Examples
of algorithms:
· Proof of work verification: a hash algorithm
that generates random numbers
· Consensus verification: agreement among the
majority of qualified software systems
Upon authorization, value and assets change
ownership
Transaction
Requested
Transaction
Authorized
The entire transaction, including asset ownership,
is cryptographically recorded in the ledger.
Blockchain provides users with an immutable and
permanent audit trail to prove occurrence and
timing of transactions
Transaction
Executed
Transaction
Recorded
?
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Whereas most currencies are
backed by a government or central
bank, bitcoin is authenticated by
the peer network that produced it.
Exhibit 2: The Blockchain Gang
Here are some examples of the early efforts by banks and other financial-services companies to prototype activities involving blockchain and distributed
ledger technology, or to explore how they might affect their operations and offerings.
BANKING SERVICES
TRANSACTION AND PAYMENT SERVICES
TECHNOLOGY COMPANIES
Source: Strategy&
Reportedly exploring how blockchain technology can decentralize back-office operations; also participated in Coinbase’s
US$75 million Series C funding round
Partnered with blockchain startup Ripple to use cryptocurrency for real-time cross-border payments
Signed a deal with Safello, which operates an online exchange for bitcoin, to test combinations of traditional banking
processes and blockchain technologies
Exploring use cases for blockchain technology; set up a $100 million financial technology (fintech) investment fund in
2014 and created a multimillion-dollar fund in 2015 to invest in and build fintech startups
Has built three separate internal blockchains within labs to test the technology, focusing primarily on international
payments, followed by trading applications
Opening a technology lab in London to explore using blockchain technology in financial services
In April, led a $50 million funding round for Circle Internet Financial, a startup allowing customers to send and receive
bitcoins, and to convert U.S. dollars into them
Created its own digital currency, BK coins, and built an employee recognition application that rewards IT staff with the
tokens, which can be redeemed for gift cards and vouchers
Implementing the bitcoin blockchain technology in its Nasdaq Private Market, a marketplace for pre-IPO trading, to
expand and enhance the equity management capabilities it offers
CEO has acknowledged the disruptive potential of bitcoin and expressed interest in its underlying blockchain technology
Owner of Gyft, an online platform for buying, sending, and redeeming gift cards, which partnered with Chain, a blockchain
startup, to run gift cards for thousands of small businesses on the peer network
Partnered with BitPay, Coinbase, and GoCoin, three bitcoin startups, to allow its digital goods merchants to accept
bitcoin payments
Developing its own version of blockchain as an open-source software platform, for use as the backbone of a
collaborative network sponsored by the Linux Foundation
Expressed an interest in conducting blockchain research and is reportedly developing related projects involving
cryptographic researc; also a member of the Linux Foundation network
USAA
CBW Bank
Barclays
Santander
Citi
UBS
Goldman Sachs
BNY Mellon
Nasdaq
American Express
First Data
PayPal
IBM
Intel
INVESTMENT SERVICES AND CAPITAL MARKETS
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transactions are immutable. Records cannot be tam-
pered with, because altering them would require coor-
dinating many separate computers.
Impact and Innovation
If you are a senior executive in a financial-services firm,
you may already be experimenting with distributed led-
ger technologies, if only to see how they fit with your
strategy. You have lots of company. By 2014, more
than a dozen major companies were actively exploring
blockchain-related ventures and their potential effect on
core practices (see Exhibit 2, previous page). For example,
blockchain might streamline transaction processing by
establishing a single source of truth, available to all, up-
dated in near real time. This could increase the speed of
exchange, reduce the number of intermediaries (and the
costs associated with them), improve security, digitize
assets, give wider access to people who don’t have bank
accounts, enable better bookkeeping, and improve regu-
latory compliance.
The technology could also be used to create and
support “smart contracts”: code-based, defined sets of
rules that sit atop a blockchain database, and that ex-
ecute only when specific actions occur. Eris Industries,
a software firm that created one of the first blockchain-
based platforms for this application, describes smart
contracts as modular components, similar to apps on
a financial network, that can be combined to provide
verifiability to any type of transaction. According to
the Eris website, the uses could be “as simple as up-
voting a post on a forum, to the more complex such
as loan collateralisation and futures contracts, to the
highly complex such as repayment prioritisation on a
structured note.”
In fact, this technology could affect a wide range of
offerings and practices in financial services:
• Greater access to financial services in emerging
economies. Billions of people around the world lack ac-
cess to banks and currency exchange. Blockchain-based
distributed ledgers could change this. Just as the smart-
phone gave people without phone lines access to com-
munication, information, and e-commerce, these tech-
nologies can provide a person the legitimacy needed to
open a bank account or borrow money — without hav-
ing to prove ownership of real estate or meeting other
qualifications that are challenging in many countries.
• Improved bookkeeping. Companies can use the
distributed, publicly verified, and nearly real-time led-
ger of transactions for bookkeeping, data mining, and
records verification. This could reduce the effort spent
on reconciling information among various computer
systems. It could also link the systems to external in-
formation sources, such as pricing feeds (electronic
vendors of trading data), in a more customizable and
secure way.
• More flexible reserves management. Faster set-
tlement and immediate notification would reduce the
amount of cash and other collateral that a bank must
hold to mitigate settlement risk. Blockchain’s innately
transparent tracking of capital flows could require
banks to keep less money on reserve for working capital
or foreign exchange capital needs.
• More efficient regulatory compliance. A central,
immutable ledger of transactions would allow auditors
and regulators to rapidly monitor the flow of financial
data, avoiding after-the-fact verification.
• Improvements in common business functions.
Management processes for accounts payable and re-
If you’re known for rapid fulfillment,
the fast turnaround rates enabled by
blockchain could allow you to stay
ahead of competitors.
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ceivables could be automated. New types of brokerage
accounts, enabled by smart contracts, could allow buy-
side institutions to trade directly with one another, or
manage over-the-counter derivatives trading among
a broad marketplace of players. Automated exchanges
might take on some of the communications, settlement,
and clearing functions that networks and central coun-
terparties such as the Society for Worldwide Interbank
Financial Telecommunication (SWIFT), central banks,
and payment networks perform now. There could also
be blockchain-based vehicles for issuing new shares of
stock, or overseeing retail transactions.
• More startups in the distributed ledger domain. A
wide variety of ancillary businesses are rapidly emerg-
ing. Cryptocurrency exchanges, such as Armory and
Coinbase, help their clients buy and sell cryptocurren-
cy, store their holdings, manage the private encryption
keys for those assets, and protect their currency hold-
ings from online theft. (One favored approach is to keep
the cryptocurrency stored on a dedicated computer that
is not connected to the Internet.) Another company,
Libra, helps corporations report, audit, and analyze
digital asset transactions, regardless of the blockchain
database used. Other startups, including Blockstream,
Digital Asset Holdings, and itBit, facilitate digital asset
transactions for banks and other financial institutions.
And then there is Wallet Recovery Services, which helps
the owner of a lost or forgotten password try to recover
it through “brute force” decryption. This can be the
only recourse for someone who kept their private en-
cryption key in an electronic wallet on a smartphone,
neglected to make a backup, and then lost the smart-
phone in a fire. (It’s happened.) More startups are sure
to appear offering other new blockchain-related servic-
es, including guidance to help people navigate all these
unfamiliar systems.
Four Steps to a Blockchain-Enabled Strategy
Your blockchain and distributed ledger efforts will be
most effective if you see them as ways to reinforce or
strengthen your company’s most distinctive capabilities
— the ones that differentiate you in the market. For ex-
ample, if you’re known for rapid fulfillment and respon-
sive customer service, the fast turnaround rates enabled
by blockchain could allow you to stay ahead of compet-
itors. At the same time, the technology is too new and
unproven to base your company on. Therefore, your
best investments are those that allow you to explore new
approaches with strategic potential and understand the
costs involved before committing to them.
We recommend creating a core technology working
group to better understand the possibilities. But keep a
close watch. Working groups like these can easily get
caught up in the promise of new technologies, at the ex-
pense of your overarching strategy. To counter this ten-
dency, they need to have a clear idea of your company’s
strategic goals, and how blockchain could enhance its
value proposition — and then they need to constrain
their efforts accordingly.
Step 1: Find specific opportunities. Charge the core
technology working group with designing an effective
path to the future. Start by compiling a list of potential
pilot projects for which a distributed ledger could make
a difference. One good place to start is with pain points:
back-office workarounds, delays, and areas of client dis-
satisfaction. The working group should include (or con-
sult with) a wide range of stakeholders and specialists
from both inside and outside the organization, in order
to compile a full list of strong prospects.
For example, a financial-services firm might try
to use blockchain to improve risky or time-consuming
business operations, such as reconciling cross-border
payments to international subsidiaries. It might explore
rethinking costly but necessary functions, such as com-
pliance with anti–money laundering and know-your-
customer regulations. There are many opportunities
for streamlining operations, including transaction pro-
cessing and the reconciliation of messages or data. The
group could reduce the redundancy in data repositories,
or look at identity issues, including the vulnerability
of the company to cyber-attack. Or simply begin with
consumer dissatisfaction, converting complaints to op-
portunities for improvement.
Your working group may be tempted to favor op-
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tions that are most strongly linked to extreme disrup-
tion, or to the most talked-about technologies. But the
press is often misleading, and technological change of-
ten takes place at a slower pace than people expect.
It’s best to pick starting points that could most im-
prove your own distinctive capabilities. For example,
select pilot projects that show potential for helping you
handle key business processes much faster than your
competitors can.
Step 2: Explore feasibility and readiness. For each
of the starting points you’ve chosen, develop explicit
hypotheses describing how distributed ledger technolo-
gies can make a difference. For example, perhaps the
finance function could engage with a distributed ledger
provider such as Ripple or PeerNova to manage internal
money movements among geographically dispersed le-
gal entities. The hypothesis: It would decrease the time
required for adjustments, reduce the need for adjust-
ments, and increase transparency.
Or you might propose a smart contract test in your
commercial banking function, using technology from
startups such as Skuchain and Gazebo to simplify sup-
ply chain finance processes. If the test succeeds, you
should see a certain level of cost reduction in a specified
amount of time.
To solidify your hypotheses, once again consult
with key business stakeholders. In addition to your in-
ternal business and functional teams, include customers
in this group. Engage with people from risk manage-
ment, regulatory compliance, operations, IT, finance,
and tax, among others, so that your early proofs of
concept don’t require a restart after these stakeholders
weigh in with their requirements.
Some of the factors to consider, as you solidify your
hypotheses:
• The degree to which the technology will remain hid-
den to end-users. We recommend starting in the
middle and back offices before moving to processes
that are visible to customers.
• The legislative and regulatory environment, and the
wayitaffectsbitcoinanddistributedledgertechnolo-
gies in those jurisdictions. Some jurisdictions may
have rules governing privacy and autonomy that
could affect how you organize and disclose data.
• Your competitive landscape. Consider how other
relevant market participants (such as suppliers, cus-
tomers, and competitors) might adopt the technol-
ogy, and over what time frame.
• Your own capacity for change. Some of these mea-
sures might require significant shifts in your opera-
tions, or a different cultural orientation within your
company. Consider the ability of your institution
to change business processes to take advantage of
distributed ledger technologies.
At the end of this step, you should have narrowed
your list down to a few possible starting points. They
should be limited and tangible enough to provide a
good test of the technology — while also being rel-
evant to your core business. And you should have a clear
idea of how to develop prototype experiments for each
of them.
Step 3: Put your prototypes to work. As you move
into implementation, you will adjust your parameters to
make the prototypes work. Inevitably, people will im-
prove your practices during the testing and evaluation
process. You’ll also discover new ways to apply the pro-
totype’s blockchain innovations, putting you in a better
position to make strategic decisions.
But stay true to your original hypotheses. Make
sure that no matter how the prototype is altered, it re-
mains relevant to your firm’s strategy and the distinctive
capabilities that propel you forward. Monitor results
frequently enough to get a clear sense of your momen-
tum. If you don’t reach the milestones you expect, ask
why, and keep refining and testing.
Also, make it a fair test. Don’t put laggards, who
are predisposed to the status quo, in charge of imple-
mentation. Pick leaders who are reasonably skeptical,
but who have a clear understanding of the new technol-
ogies, and who are open to their promise. When hiring
external consultants and technology providers, choose
those who demonstrably understand your company’s
strategic direction — not just their own technological
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agenda — and who are ready to help you move there.
Settle on a development time frame that is long enough
to help you reasonably assess the outcomes.
Step 4: Scale your efforts appropriately. With any
luck, your prototype experiments will result in some
immediate, tangible improvements that justify your in-
terest in blockchain. They may also expand your aware-
ness of its potential and what it will cost to implement
real change.
Now focus on its impact on your core business.
Will this change the way you do business with the par-
ties you work with most consistently? For example, if
you’re a custody bank, set up to manage financial hold-
ings such as securities and commodities, would block-
chain technologies help you manage the most impor-
tant asset classes more effectively?
Develop a long-term plan based on the results of
the first prototypes. Select a few long-range goals —
increased revenue, better compliance, cost reductions,
quality improvements — and agree upon them. Create
a road map for scaling up in a measurable, achievable,
and worthwhile way.
It should be clearer at this point how much this
technology will affect your core business practices. If it
stays on the periphery, affecting relatively few customers,
you will be glad you limited your investment to a few
prototypes. However, if it moves into the mainstream of
your business, then it could change everything. If that
happens, by having invested in these prototypes, you’ll
be prepared. You can scale up your prototypes to take
advantage of everything blockchain offers.
When faced with disruptive technologies, the most
effective companies thrive by incorporating them into
the way they do business. Distributed ledger technolo-
gies could offer financial-services institutions a once-in-
a-generation opportunity to transform themselves. This
technology could also create powerful opportunities in
other industries. Connected-car and auto-sharing inno-
vations emerged more than a decade after GPS became
popular; years from now, there may be similar innova-
tions that take advantage of blockchain. Companies
that adjust their business models accordingly may well
enjoy enormous rewards, including increased transpar-
ency, lower costs, and greater time efficiencies. Your
challenge is to understand the technology well enough,
and rapidly enough, to bet a bit of your future on it —
without putting your entire enterprise at risk. +
Reprint No. 16111
Resources
Betsy Burton and David A. Willis, Gartner’s Hype Cycles for 2015: Five
Megatrends Shift the Computing Landscape, Aug. 12, 2015: Gartner Group
predicts that cryptocurrencies will reach a “plateau of productivity” in
two to five years.
Charity Delich, “Best of Multimedia: Bitcoin’s Turbulent History,” s+b,
Mar. 14, 2014: Links to a comprehensive timeline of this technology.
Andrew Haldane, “How Low Can You Go?” Sept. 18, 2015: Speech
given by the Bank of England’s chief economist, on the future of central
banks, discussing blockchain as a disruptive force.
PwC Financial Services Institute, “Money Is No Object: Understand-
ing the Evolving Cryptocurrency Market,” PwC, Aug. 2015: Definitive
report on cryptocurrency, who is using it, and how it could evolve.
Michael Santoli, “Currency Events,” s+b, June 30, 2015: Review
of Digital Gold, Nathaniel Popper’s engaging history of bitcoin and
related technologies.
More thought leadership on this topic:
strategy-business.com/technology
When faced with disruptive
technologies, the most effective
companies thrive by incorporating
them into the way they do business.
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