ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Monday Jun 25th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Is Collaboration Crucial To Blockchain Adoption In FinTech?

By

Dan

Cummings

WriterETHNews.com

A survey has been conducted in the financial services industry that has revealed collaboration as an obstacle for many firms.

New Jersey-based multinational software development firm Cognizant has released the results of a survey investigating blockchain technology’s role in the financial services industry. According to the survey, which consisted of interviews of 1,520 executives from 578 financial service firms with blockchain experience that varied from novice to expert, collaboration is a significant obstacle to mainstream blockchain use.

“Roughly two-thirds of respondents reported that their firm is working with external partners and with other industry partners/competitors, but 56% cited working with partners/ecosystem members as one of the top external obstacles to blockchain adoption.”

Cognizant’s data remains consistent with recent FinTech industry dynamics. Recently, the R3 consortium has experienced a significant number of its major players drop out of its association. In November 2016, banking magnates Goldman Sachs, Banco Santander SA, Morgan Stanley, and National Australian Bank announced they would no longer be participating in the consortium. According to an R3 Spokesman, "Developing technology like this requires dedication and significant resources, and our diverse pool of members all have different capacities and capabilities which naturally change over time."

Nevertheless, the survey revealed that many industry execs (47 percent) believe collaboration with competitors is crucial to the success of blockchain adoption, as many see consortiums overseeing blockchain initiatives in their respective industries. However, the survey also revealed that many firms are culpable for subdued blockchain growth due to issues like internal conflicts, interoperability problems, and reluctance to share use case data with competitors. Most firms don’t recognize they need to alter their traditional methods of doing business because, according to the survey, only six percent of respondents see cultural change as a key element of adopting blockchain.

Needless to say, many industry leaders might want to conduct a little introspection, as collaboration is becoming more common within a number of other industries utilizing blockchain technology and could ultimately facilitate rapid growth within sectors.

“Collaborating successfully requires participants to have a network mindset, where they are focused on growing the size of the pie and not simply on their own individual slice of the market. With network-based markets, a firm can often increase its margins by including competitors, which adds to the value of the network.”

Dan Cummings

Dan is a Los Angeles-based musician, writer, and veteran passionate about science and technology, current events, human rights, economic impacts, and strategic calculus.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest FinTech Collaboration, survey or other Ethereum business and finance news.