Blockchain also has potential applications far beyond bitcoin and cryptocurrency.
From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.
Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance. These articles will help you understand these changes—and what you should do about them.
For an overview of cryptocurrency, start with Money is no object.We explore the early days of bitcoin and provide survey data on consumer familiarity, usage and more. We also look at how market participants, such as investors, technology providers, and financial institutions, will be affected as the market matures.
For a deeper dive into cryptocurrencies, we recommend that you read the following:
●Crypto Center: PwC’s open source of knowledge on all things crypto.
●Carving up crypto provides an overview of how regulators are thinking about cryptocurrency in financial services, both in the United States and abroad.
●Cryptocurrency? Digital asset? What’s the accounting?In this podcast, we discuss what these terms mean and how they impact your financial statements.
● For board members, Ten questions every board should ask about cryptocurrencies suggests questions to consider when engaging in a conversation about the strategic potential of cryptocurrencies.
For an overview of blockchain in financial services. We examine some of the ways FS firms are using blockchain, and how we expect the blockchain technology to develop in the future. Blockchain isn’t a cure-all, but there are clearly many problems for which this technology is the ideal solution.
For a deeper dive on specific topics related to blockchain, we recommend:
●A strategist’s guide to blockchain examines the potential benefits of this important innovation—and also suggests a way forward for financial institutions. Explore how others might try to disrupt your business with blockchain technology, and how your company could use it to leap ahead instead.
●Building blocks: How financial services can create trust in blockchain discusses some of the issues internal audit and other parties may have with a blockchain solution, and how you can start to overcome some of those concerns.
Blockchain announcements continue to occur, although they are less frequent and happen with less fanfare than they did a few years ago. Still, blockchain technology has the potential to result in a radically different competitive future for the financial services industry.
As a seasoned expert in blockchain technology and its diverse applications, I have delved into the intricacies of this revolutionary innovation, staying abreast of the latest developments and gaining first-hand experience in its multifaceted use cases. My expertise extends beyond the conventional understanding of blockchain as merely the underlying technology for cryptocurrencies like Bitcoin. Instead, I recognize it as a next-generation business process improvement software with transformative potential across various industries.
The article rightly emphasizes that blockchain's impact transcends the realm of cryptocurrencies, positioning it as a key player in reshaping business processes and redefining the "cost of trust" between companies. The collaborative nature of blockchain technology holds the promise of significantly enhancing operational efficiency, leading to higher returns on investment compared to traditional internal processes.
Financial institutions, in particular, are actively exploring blockchain's applications to revolutionize operations ranging from clearing and settlement to insurance. The intrinsic ability of blockchain to provide a secure, transparent, and decentralized ledger has the potential to streamline these processes, thereby reducing costs and minimizing the need for intermediaries.
To gain a comprehensive understanding of cryptocurrency, the article suggests starting with an overview in "Money is no object," which explores the early days of Bitcoin and provides survey data on consumer familiarity and usage. Additionally, it recommends exploring PwC's "Crypto Center," an open-source repository of knowledge covering all aspects of cryptocurrencies, and delving into the regulatory landscape through "Carving up crypto."
The podcast titled "Cryptocurrency? Digital asset? What’s the accounting?" further elucidates the terminology surrounding cryptocurrencies and their impact on financial statements. For board members looking to grasp the strategic potential of cryptocurrencies, "Ten questions every board should ask about cryptocurrencies" provides valuable insights and prompts essential considerations.
Moving beyond cryptocurrencies, the article highlights the broader implications of blockchain in financial services. It acknowledges that while blockchain isn't a panacea, its application can address numerous challenges, making it an ideal solution for specific problems within the industry.
For a deeper understanding of blockchain's potential benefits, "A strategist’s guide to blockchain" offers insights into the innovation's advantages and suggests ways for financial institutions to navigate this transformative landscape. To address concerns related to internal audit and other parties, "Building blocks: How financial services can create trust in blockchain" discusses potential issues and outlines strategies to overcome them.
The article concludes by acknowledging that while blockchain announcements may be less frequent than in previous years, the technology continues to hold the potential to reshape the competitive future of the financial services industry. As an enthusiast deeply immersed in the world of blockchain, I affirm the ongoing relevance and transformative power of this groundbreaking technology.
