STARTING A BROADER CONVERSATION
Enabling a whole new generation of secure and incorruptible data platforms , the disruptive potential of Ethereum ’ s technology and by extension blockchain itself is summed up by the following : “ Ethereum is for more than payments . It ’ s a marketplace of financial services , games and apps that can ’ t steal your data or censor you .”
PWC ’ S FOUR STRATEGIES FOR BLOCKCHAIN SUCCESS
1 . Emphasise the ‘ evolutionary ’ rather than ‘ revolutionary ’ aspects .
2 . Prepare for a potential culture shift as collaboration becomes more important to solving blockchain-related industry challenges .
3 . Recognise that blockchain can be deployed in different ways and carefully consider which approach would fit best .
4 . Keep the business agile to accommodate regulatory changes and avoid being hesitant or indecisive – “ Watch , but don ’ t wait .”
STARTING A BROADER CONVERSATION
Although the technological sophistication of blockchain and its potential to fundamentally alter the nature of payments solutions seems well founded , there clearly remains industry uncertainty about how the technology is best used . If a company prides itself on delivering exceptional customer service and building trust with its clients , what tangible benefit does it gain from the transparency of blockchain , surely best employed when trust between parties is limited ? After all , if an FS provider neglects its responsibilities in a highly regulated sector the potential repercussions are generally sufficient to prevent infraction . Similarly , blockchain ’ s removal of the ‘ middle man ’ can serviceably act as a rallying call for greater digital efficiency generally , without the need for actual investment in the technology .
Furthermore , Beard states , the problem is compounded by blockchain still being in its infancy in many ways . “ At Xpring , one of the most significant barriers to entry we ’ re seeing is having a one-size-fits-all solution . Developers don ’ t want to get locked
59 fintechmagazine . com