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Digital Pulse

in·no·va·tion – A creation resulting from study and/or experimentation. The act of starting something new.

dis·rup·tion – An act of delaying or interrupting continuity. An event that results in displacement or discontinuity. The act of causing disorder.

Digital change is a journey, not a destination.
It requires agility and flexibility to underpin a continually evolving business environment.

Industry Change – The ongoing economic, technological and social development of commercial business and market sectors.

Infographic: Blockchain explained

Blockchain reached a milestone last year. In 2015, Oxford Dictionaries announced it had added the portmanteau to its definitions online, welcoming the term to the English lexicon alongside other entries such as cat café, mic drop and, tellingly, Brexit.

While blockchain’s ascendancy as a concept of interest caps off several years of exploding popularity since 2013, the technology itself remains a mystery to many.

In fact, blockchain’s public perception could be compared to that of another disruptive innovation: GPS navigation. Rooted in Einstein’s general theory of relativity, the workings of GPS are complex but how the technology could be applied is well understood. A similar fate for blockchain would be a positive pathway to adoption.

Some sectors of the financial services already recognise the competitive potential of blockchain. There are two particularly attractive aspects to the technology: first, that blockchain could make the financial services industry’s infrastructure much less expensive. Second, that its potential uses go well beyond financial transactions. That doesn’t mean to say blockchain will transform every part of a developed economy, but it is very well suited for specific industries and uses.

As part of our focus on upcoming technology trends, PwC paper Financial services technology 2020 and beyond offers this infographic on how blockchain operates — and where we might soon see it at work.

pwc blockchain infographic

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Source : Financial services technology 2020 and beyond: Embracing disruption, PwC, 2016

One Comment

  1. avatar
    Peter says:

    Thanks, there isn’t that much content on Blockchain out there. Seems like its use in voting and financial service could be pretty impactful if implemented properly. It would be pretty interesting to see an article about safety risks and can they be minimized to the point where we would be comfortable using it for voting and financial services.

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