Blockchain is a technology you should know.
Due to 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 that researches and develops 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 computing paradigm, after the mainframe, personal computer, Internet and finally the mobile and social media revolution.
Not familiar with blockchain yet?.
You're not alone, in fact, according to a 2016 survey of top executives from some of the world's leading financial institutions, less than 20% of respondents described themselves as "very familiar" or "extremely familiar" with technology. That said, 56% of respondents recognize its importance.
Why this ignorance of a technology that has the potential to revolutionize trade 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 improve customer experiences.
The financial services and insurance industries, in particular, are catching up in this area. 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 factor contributing to the lack of knowledge in this space, we assume, may be those people who still have difficulty understanding what amounts to a paradigm shift, in the way humans have always done business.
We believe that blockchain technology and its possible 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 first initiative of the group was the development of the basic introduction to the topic. We are confident that our overview will provide you with some clarity and elements to think about regarding this potentially revolutionary technology.
Alejandro O. Asharabed Trucido
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