The Cryptocurrency Revolution by Rhian Lewis

Author:Rhian Lewis
Language: eng
Format: epub, pdf
Publisher: Kogan Page
Published: 2021-02-15T00:00:00+00:00

Banking

R3

Insurance

B3i

Shipping

Tradelens

Internet of Things

Trusted IoT Alliance

Oil and Gas

Oil & Gas Blockchain Consortium

Automotive/Mobility

MOBI

Trade Finance

Marco Polo Network

Unsurprisingly, banks and other financial institutions are among some of the pioneers initiating proofs of concept and pilot projects in this area, not only for settlement of institutional transactions, which is currently a time-consuming process that makes use of decades-old technology in some cases, but also for retail customers. Accenture calculated that the use of distributed ledger technology could reduce central reporting costs by up to 70 per cent for some financial services companies (Accenture, 2017). Having said this, the subject of how blockchain technology or DLT can smooth existing processes and even create new business models in financial services is enough to fill a book in itself, so we will not be examining every single use case in this chapter. We will divide these examples into those which use a native token and those which do not.

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