The Future of Blockchain for Business

by Steve Murphy 0

Blockchain word with icons as vector illustration

This indicated blog is essentially a summary piece that touches upon general business usage of blockchain technology.  It is very high-level and really just an narrow view of the overall tech category, mostly referencing bitcoin and payments, as well as possible misses on how to use it. The POV is mostly from a consumer and SME perspective.

“You may not want that data warehouse published on a blockchain,” said Brownworth. “You may not want your financial data on a blockchain. Ultimately, you could have a record of my financial history, perhaps not on a public blockchain but even on a private one.” 

Mercator recently published a viewpoint titled Corporate Banking Now Peeking Through the Blockchain Window,  which addresses specifics around blockchain definitions and use cases, as applied to FIs providing useful services to corporate clients. In this we discuss some real scale for certain use cases starting to impact the landscape in 2018.

In this indicated blog, the author does mention that blockchain types of products and services are yet to be industrialized, and then the likelihood is consumers and small businesses will not necessarily have a product facing view.  Obviously most people and companies don’t much care how everything hangs together in the background, as long as they get a good result at a reasonable price.  We certainly agree.

“As with consumers, many of the mainstream applications of cryptocurrencies and blockchain that you will see in the next few years may be invisible to small and medium sized businesses,” Catalini said. “A blockchain may be used in the back end of a service, but the consumer or small business may no need to know. They may just enjoy lower prices because of it.”

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

Read the quoted story here

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