In the mid-1980’s, a nascent technology was leveraged to invent the World Wide Web. Few could have foreseen the ubiquity of the internet in 2017. Likewise, blockchain is a relatively new technology, and its full potential may not be realized for some years. In the interim, and as further research continues, a number of applications of the technology have already been deployed in the real world, with many others in pilot or proof concept phase. Just like TCP/IP and email, which eventually unlocked new economic value by dramatically lowering the cost of connections, blockchain could dramatically reduce the cost of transactions.
Every organization that could be impacted by blockchain technology should ensure they are at least fully informed and understand any developing opportunities.
Here’s how Perficient can help you get started in blockchain:
- Give strategic advice on understanding the blockchain and distributed ledger technology environment
- Offer advice on potential blockchain and distributed ledger technology applications in the financial services industry such as cross-border payments, clearing transformation, smart contracts, etc.
- Vendor assessments of blockchain companies
- Impact assessments of blockchain and distributed ledger technologies, including the benefits of public blockchain applications versus private blockchains
- Development of strategic transition plans to blockchain and distributed ledger technology applications
- Research companies that show an interest in blockchain, but that have not yet partnered with any consortium or FinTech
- Evaluate blockchain solution providers and recommend a roadmap for implementation
- Provide expertise to assist with navigating the emerging regulatory landscape for blockchain
- Integration – full SDLC consulting services (requirements, development, implementation)
- Financial institutions will have to integrate blockchain technology with existing systems, such as KYC, AML, data warehouses, customer record systems, and others
- Third-party systems that are currently integrated into banking systems will also need to adopt and integrate their systems with the technology
- Provide advisory consultancy to understand integration requirements initially
- Business process change support
- Business processes in payments, clearing and settlement, legal, and risk will have to be updated because of the adoption of blockchain – a process that may take several years
- Organizational change Support
- Fundamental organizational changes, such as the back-office structure
If you are interested in learning more about blockchain, download our new guide titled “Getting Ahead with Blockchain in Financial Services.”