Blockchain Weekly Recap 8-13-2016
Accounting Firms Considering New Blockchain Consortium
Representatives from four of the world’s accounting giants were scheduled to meet late this week at Microsoft’s offices in New York City to explore the possibility of joining together in a new blockchain consortium. Hosted by Consensys, the gathering involved four firms that enjoyed a combined $123 billion in revenue in 2015 - Ernst & Young, PwC, Deloitte, and KPMG, and focused on roundtable discussions about how the accounting industry can best combine its efforts to explore the technology’s benefits for their businesses.
For many of the more than 40 representatives in attendance, distributed ledger technology represents an opportunity to simplify many repetitive aspects of accounting, while offering new possibilities for revenue generation. And while some assume that the truly disruptive aspects of the blockchain may not be felt by the accounting or financial industry for several more years, the move toward a cooperative consortium is clear evidence that these firms recognize the need to plan and prepare for those disruptions now.
Ethereum Developers Claim First Off-Blockchain Transaction
A group of Ethereum developers recently claimed that they have made the first successful off-blockchain transaction. That transaction successfully sent ether from Denmark to India using member=operated clients. The feat is being hailed by some as an important advancement in the effort to create the type of scalability blockchain networks will need if they want to efficiently compete with the existing centralized payment networks. The group behind this successful off-blockchain transaction, Raiden Network, hopes to have its software ready for a beta launch later this year.
BoA Teams with HSPBS for Trade Finance Blockchain Project
Bank of America and HSBC - along with the Infocomm Development Authority of Singapore (IDA) -recently announced that they have created a Hyperledger protocol-based blockchain app that can essentially recreate the same letter of credit process currently utilized by banks, exporters, and importers. The proof-of-concept authenticates data using a seven-step process, and provides yet another demonstration of the technology’s potential for everyday use even in an area as complex as trade finance.
New Poll: Payments Industry on Blockchain’s Potential Impact over Next Decade
In a new poll released by the European Payments Council (EPC), 90% of surveyed respondents in the payments industry said that they expected blockchain technology to alter their industry – though there was little agreement as to what form those changes would take. The polling was conducted this summer, and was done to assess industry opinions of distributed ledger technology. The poll question used to generate responses was generic enough to allow for the wide variety of responses: “How may blockchain technology impact the European payments landscape by 2025?”
More than a third – 36% - said that they expect that blockchain technology will impact some niche areas of activity as it is adopted for those purposes. Another 30% said that they expect that the technology will be adopted to an extent that it helps to create new customer payment solutions. 24% expect that the blockchain will have a more comprehensive transformative effect, serving as the foundation for a complete shift in the payment infrastructure and creating a fundamental paradigm shift in the industry. The remaining 10% of respondents said that the technology would have no impact of significance in the industry.