A new report from consulting and technology services firm Capgemini advises financial services firms that they can no longer "afford to ignore" blockchain technology.
Released on 13th November, the paper argues that the blockchain and distributed ledgers have the potential to broadly impact traditional financial services providers. It proceeds to outline steps affected institutions can take to evaluate various platforms and players currently available.
Overall, the report argues that traditional financial providers will look to the technology as a way to reduce costs related to data management in the short term and make existing processes "more efficient, transparent and inexpensive".
The report reads:
Included is Capgemini's nine-step approach to evaluating blockchain technology providers, which encourages institutions to analyze factors including security, decentralization, privacy, scalability, usability, extensibility, cost, operational impact and community support.
The report further highlights the differences between permissionless blockchains – those that do not restrict participants from transaction verification – and permissioned alternatives that allow for more control over who participates in the creation and procurement of a shared ledger.
Image via Capgemini
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