On May 22, 2017, in New York, global network of tax advisory firms, Deloitte, announced new blockchain prototypes, revealed new research on the blockchain ecosystem, and disclosed partnerships with two consortiums.
Eric Piscini, global blockchain leader for financial services, will discuss the developments today at 4:45 pm EST.
"The potential to rewire financial transactions is significant with blockchain," said Piscini. "Similar to when we rewired the backbones of the power, transportation and information industries, it will take courage and time to change the ways we transact today – and that's what we hope to show at Consensus 2017. Blockchain will be bigger than you can imagine, but will be harder than everybody expected."
The Deloitte Mercury platform leads the prototype development, innovating blockchain based infrastructure to suit trade finance applications, cultivate efficiency, reduce spending, and generate new revenue streams through credit funding guarantee models that back trades. According to the announcement, among the new prototype platforms are "reinsurance, know-your-customer regulations, real estate leasing, regulatory reporting for mutual fund administrators, and voting processes," which a global partnership of Deloitte's member firms endeavor to research.
Three new white papers are to be revealed by Deloitte as well, led by "Taking Blockchain Live: The 20 Questions that Must Be Answered to Move Beyond Proofs of Concept." The report is an assessment as to whether a technology is successful or simply an "abandoned proof of concept." The report concludes that this may be a pivotal time for commercial application of blockchain technology:
"2017 could be the year in which organizations take foundational steps toward commercializing their blockchain solutions. The many experimental PoCs [Proofs of Concept] observed throughout the global marketplace served the important purpose of helping us learn what it takes for blockchain to move forward; now is the time to seize these learnings and take blockchain live."
Deloitte also announces it has joined 85 other companies, which have entered the ranks of the Enterprise Ethereum Alliance (EEA). The EEA is a growing partnership of companies that continues to work towards standardizing protocols for the Ethereum blockchain ecosystem. In addition, Deloitte will announce a partnership with the Hyperledger Project under the Linux Foundation, with similar goals.
Joe Guastella, a principal with Deloitte Consulting LLP and global leader of Deloitte's consulting practice focused on financial institutions, spoke of the comprehensive effort:
“Blockchain is the catalyst for a larger digital transformation impacting the financial services space. Deloitte’s effort is a global one, as we connect our clients – some of the best-known players in the world – with some of the top vendors and blockchain technology companies out there. We’re thrilled to be showcasing our collective ecosystem this year at Consensus.”
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