London
24 January 2017
Reporter: Stephanie Palmer
Not the blockchain it wants, the blockchain it needs
Financial services require their own blockchains to suit their specific needs, according to speakers at Blockchain Week in London.

Griffin Anderson, head of blockchain accounting at Consensys, said that 2018 will be the “breakout year” for the technology. This is when institutions will start putting real blockchain solutions into practice to improve business processes, he said

Anderson also suggested that “almost all” Fortune 500 companies will likely have a business process that can be transformed by blockchain, but that each will require slightly different functionalities.

Megan Reynolds, business development manager at Crowdcube, agreed that distributed ledger technology is still in its early stages, although there has been a focus on the technology itself rather than on the market for it.

“It’s an amazing technology that is without a market,” she said, adding that, particularly for start-ups seeking crowdfunding, “we will have to see that first”.

Similarly, Richard Muirhead, general partner at OpenOcean, noted that it can be difficult for technology start-ups to identify the market they are targeting.

He said: “It takes a lot of work and luck to find the right combination of capabilities and features. It’s as much about what you leave out as what you include.”

Looking to future uses of blockchain and distributed ledger technology, Anderson suggested that the first ‘tokenised’ assets have begun to arrive that represent “ownership of an underlying entity”.

This, Anderson suggested, can be applied to fungible assets but also to non-fungible assets such as vehicles. Tokenising assets “changes that marketplace as people adopt digital assets and trade them” and can “really add a lot of liquidity in the market”.

Consensys is in the early stages of working on this, he said, adding: “It’s going to be a really fun ride.”

More technology news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Linedata bolsters TA solution
26 April 2017 | London | Reporter: Stephanie Palmer
Linedata has upgraded it Linedata solution for transfer agents, to help clients to cope with increasing regulatory reporting requirements
Esprow launches MiFID II compliance platform
26 April 2017 | New York | Reporter: Becky Butcher
Esprow has launched ETP GEMS, a global exchange and markets simulation platform that provides an on-demand testing environment to facilitate compliance with MiFID II
SWIFT tests distributed ledger technology for reconciliations
25 April 2017 | Brussels | Reporter: Drew Nicol
The results of the proof of concept will be presented at Sibos in Toronto in October
ENSO and RSRCHX pair up for MiFID II solution
25 April 2017 | New York | Reporter: Drew Nicol
The NEX Group's ENSO, a centralised treasury management solution for the buy side, is set to expand its broker vote tool to include research consumption for the second Markets in Financial Instruments Directive
Law firm sees rise in fintech patents
20 April 2017 | London | Reporter: Mark Dugdale
The number of financial technology patents filed through the international system administered by the World Intellectual Property Organization has increased 49 percent in five years
Nomura taps Indian fintech start-up talent
19 April 2017 | Mumbai | Reporter: Drew Nicol
Nomura is looking to engage with Indian fintech expertise for capital market solutions
Nasdaq and HKEX strengthen tech relationship
12 April 2017 | New York | Reporter: Stephanie Palmer
Hong Kong Exchanges and Clearing Limited has extended its relationship with Nasdaq, appointing it to upgrade the infrastructure of its derivatives market
More technology news