SEARCH
Blockchain technology to enter commercial market
Blockchain technology to enter commercial market
2017 will be the year financial services companies begin to offer commercial pilots of their blockchain technologies, according to Veredictum.io.
Noting that 2016 saw many financial services firms develop and test prototype blockchain technologies, Veredictum.io founder Tim Lea said the new year would see clients begin to access them.
"In 2017, the financial services sector will begin releasing commercial pilots in areas where their commercial clients are feeling the greatest pain points, primarily global payments and international trade," Mr Lea said.
"Commercial clients understand the risks and relish the potential benefits new technology can bring through reduced cross-border payment times and reduced red tape."
Consumer finance blockchain technology is more likely to come from smaller start-ups than well-established institutions such as banks, Mr Lea said, as smaller companies "are nimble enough to roll with the punches" associated with trialling unproven technologies.
Additionally, Mr Lea said blockchain's "first killer app" is likely to emerge from the developing world due to their larger number of "pain points".
"With the UN highlighting 20 per cent of the world's population has no identity, and the Peruvian economist Hernando DeSoto estimating only one-third of the world's population has defined title to their property, there are major, inherent infrastructural problems that can be addressed quickly and effectively by the blockchain," he said.
"While the blockchain might save banks $20 billion in infrastructure costs, the power to kickstart the developing world by giving a farmer their identity to buy and work their own land and to enjoy banking for the first time is very powerful."
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Broker Daily Business Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
