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PwC Sees 2016 As The “Summer Break” For Blockchain Technology
Major global banks and tech companies have started to recognize the potential of blockchain technology. Financial institutions spent an estimate $75 million on the technology in 2015. Various initiatives have been started last year that focus on exploring the blockchain technology, the most prominent ones being R3 blockchain consortium and Open Ledger Project led by IBM.
In an article published on CoinDesk, Jeremy Drane and Cathryn Marsh outline their predictions for 2016 in blockchain tech and the trends that will likely be crucial. Drane is practice leader of US FinTech, blockchain and smart contracts at PriceWaterhouseCoopers (PwC), and Marsh is leader of PwC FSI Institute.
Drane and Marsh see three important trends for this year:
Drane and Marsh see microconsortiums (strategic partnerships between market participants and “handful” of players) in the future that focus on transforming expensive internal processes into efficient shared platforms, which could be sold as a service to smaller competitors.
“The ability to collaborate on both the strategic and business levels with a few key partners, in our view, could become key to competitive advantage in the coming years”, said Drane and Marsh. “Given the speed of adoption of blockchain technology, it may feel as though you're sending your recent kindergarten graduate off to college. We see 2016 as the summer break, when a great deal of preparation must be packed into a short time frame.”
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