Alara Basul, Reporter, bobsguide
Blockchain has created a huge amount of buzz in the financial services industry since its official debut into the market in 2009. The question of when blockchain will go mainstream is yet to be answered, but there is constant speculation around the topic. However, the technology has been widely recognised by financial services and industries are slowly coming around to the idea of moving to a decentralised consensus system.
Blockchain technology is a useful tool that can be used to assist banks in trading assets, reducing back office costs, and helping with real estate transactions. As momentum builds behind blockchain, industries are realising the potential behind the technology.
Alex Hammond, Managing Editor, bobsguide
BTCC CEO Bobby Lee was in London to discuss the recent launch of his new Bitcoin-driven mobile wallet Mobi. We caught up with the business mogul to discuss how developments in blockchain technology could drive other areas of fintech in the future.
Nikita Ivanov, Founder & CTO, GridGain
A 2016 Deutsche Bank survey of 200 participants in the global financial industry found a very high degree of enthusiasm for blockchain, the digital-ledger technology behind Bitcoin. A remarkable 87 percent of respondents expect it to have a major impact on the securities services market, with 75 percent looking for widespread adoption within three to six years, and nearly two-thirds anticipating substantial cost savings in the range of 11-25%.
Kate Rogerson, Content and PR Manager, Divido
In 2009, a little-known currency entered the market. If you had bought one thousand of them at this time, you would have had to hunt around for about £4.16 of change in your sofa. Purchase one thousand today, and your credit card will take a hit of over £2m. This phenomenon? Bitcoin.
Bitcoin has become the buzzword of 2017, alongside its younger competitor, Ethereum, which has also experienced astronomical rise in the past two months. They are both examples of digital currencies that enable users to purchase goods or services with online credit. However, though these two digital currencies are grabbing most of our attention, the underlying technology that powers them is what contains the real value. This is blockchain.
The hype around technology, such as blockchain and Artificial Intelligence (AI), shows no sign of abating; it is currently riding an impressive wave of publicity. The trade press and thought leadership portals are filled with articles on how these technologies will disrupt the industry. Is this interest, however, sustainable? Or even correct?
It is clear that stakeholders fuel much of this ‘noise’ with a strong self-interest in promoting themselves and their vision, but in the majority of cases their opinions are without any real, viable operational focus.