FinTech Magazine October 2020 | Page 53

BLOCKCHAIN : EVOLUTION OR REVOLUTION ?
“ BLOCKCHAIN IS ESSENTIALLY AN INTEGRATED NETWORK OF INDIVIDUAL , IMMUTABLE RECORDS OF INFORMATION CALLED ‘ BLOCKS ’”
Harnessing the Power of Blockchain | BCG
• Finally , the created block is given a unique identifier and added to the chain , where its record cannot be altered
BLOCKCHAIN : EVOLUTION OR REVOLUTION ?
As a highly secure , transparent and decentralised public ledger , blockchain has the capability of producing truly disruptive results in the payment solutions arena . In fact , some of the biggest challenges facing this aspect of FS , such as data integrity , fraud and tech integration , can be significantly addressed by blockchain . However ,
PwC ’ s ‘ Financial Services Technology 2020 and Beyond ’ report found that 57 % of those it surveyed were unsure or unwilling to make use of it , despite an almost equivalent amount ( 56 %) stating that they recognised its significance . The dissonance of these conflicting viewpoints appears to

“ BLOCKCHAIN IS ESSENTIALLY AN INTEGRATED NETWORK OF INDIVIDUAL , IMMUTABLE RECORDS OF INFORMATION CALLED ‘ BLOCKS ’”

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Harnessing the Power of Blockchain | BCG
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