Blockchain is a technology you need to know about.
Because of its immense potential, more than 70 of the world's largest financial institutions (including Barclays, JP Morgan, Royal Bank of Scotland, State Street and UBS, to name a few) are part of a consortium researching and developing blockchain technology.
In addition, PwC's Global Blockchain Team has identified more than 700 startups in the space and blockchain technology is seen by some as the fifth paradigm of computing after the mainframe, the personal computer, the Internet and ultimately the mobile and social networking revolution.
Still not familiar with blockchain? You are not alone. In fact, according to a 2016 survey of top-level executives at some of the world's leading financial institutions, less than 20% of respondents described themselves as "very familiar" or "extremely familiar" with the technology. That said, 56% of respondents recognize its importance.
Why this lack of familiarity with a technology that has the potential to revolutionize commerce as we know it? We believe this is due, in part, to the fact that many industries are still focusing their efforts on leveraging the Internet and mobile technology to enhance customer experiences.
The financial services and insurance industries in particular are catching up in this space. With so much attention focused on front-office platforms, little attention has been paid to archaic back-office and mid-office systems, where blockchain technology is most applicable.
Another contributing factor to the lack of awareness in this space may be that people have difficulty understanding what amounts to a paradigm shift in the way humans have always done business.
At Equisoft, we believe that blockchain technology and its potential implications for the financial services and insurance sectors deserve special attention. As such, we have formed an internal blockchain working group to better understand the technology and how our customers can leverage it.
The group's first initiative was the development of the basic introduction to the topic contained in the following pages. We trust that our overview provides you with some clarity and food for thought regarding this potentially revolutionary technology.
Alejandro O. Asharabed Trucido
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