Displaying items by tag: Report

Wednesday, 07 November 2018 11:48

2018 GLOBAL BLOCKCHAIN SURVEY: DELOITTE

Breaking blockchain open... Deloitte’s new global survey of more than 1,000 global blockchain-savvy executives from seven countries and nine industries is a leading indicator of where blockchain is headed.

While not quite ready for primetime yet, blockchain is getting closer to its breakout moment with every passing day.

Momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications. It just may not be happening when and where we expected.

The global executives with excellent-to-expert knowledge of the technology we surveyed hold more pragmatic views and look poised to make some major moves over the next year. They see great value in blockchain’s potential to reinvent processes across the business value chain—and there is interest and investment in a wide range of use cases.

For example, 74 percent of all respondents report that their organizations see a “compelling business case” for the use of blockchain—and many of these companies are moving forward with the technology. About half of that number (34 percent) say their company already has some blockchain system in production, while another 41 percent of respondents say they expect their organizations to deploy a blockchain application within the next 12 months. In addition, nearly 40 percent of respondents reported that their organization will invest $5 million or more in blockchain technology in the coming year.

As more organizations put their resources behind this emerging technology, we expect blockchain to gain significant traction as its potential for greater efficiency, support for new business models and revenue sources, and enhanced security are demonstrated in real-world situations...

Source: Deloitte | Audit, Consulting, Financial, Risk Management, Tax Services.

Published in INDUSTRY REPORTS

The Financial Conduct Authority (FCA) published a report on the UK's policy and regulatory approach to cryptoassets on 29 October, as part of the Treasury (HMT) led Cryptoasset Taskforce.

The Taskforce Report has considered the policy and regulatory implications of distributed ledger technology (DLT), and cryptoassets, and at a high level set out some of the opportunities and risks they present. The FCA has previously published a Discussion Paper and Feedback Statement on DLT more broadly. The FCA has made clear that in its view cryptoassets have no intrinsic value and investors should therefore be prepared to lose all the value they have put in.

Whilst the Taskforce appreciates that cryptoassets have the potential to bring benefits to markets, firms and consumers, there remains considerable risks that HMT, the Bank of England and the FCA will take action to mitigate.

Key risks include: harm to consumers and market integrity, the use of cryptoassets for illicit activities and potential future threats to financial stability.

In order to mitigate these risks, the Taskforce has committed to a number of actions, including consulting on:

- Perimeter guidance by the end of 2018 to clarify which cryptoassets fall within the existing regulatory perimeter, and those cryptoassets that may fall outside;

- Whether the regulatory perimeter requires extension to capture cryptoassets that have comparable features to specified investments, but currently fall outside the perimeter;

- A separate consultation by Q1 2019 on a potential prohibition of the sale to retail consumers of derivatives (including contracts for differences, options, and futures) referencing certain types of cryptoassets;

- Given the complexity and new challenges presented to traditional forms of financial regulation, more time is needed to consider how regulation can meaningfully address the risks posed by exchange tokens, such as Bitcoin. The government will issue a consultation in early 2019 to further explore whether and how exchange tokens, and related firms such as exchanges and wallet providers, could be regulated effectively; and

- Implementing one of the most comprehensive responses globally to the use of cryptoassets for illicit activities by applying and going further than the fifth EU Anti-Money Laundering Directive.

The authorities will continue to monitor market developments and work with international counterparts to consider appropriate domestic and international responses. 

Source: Financial Conduct Authority | FCA.

Published in INDUSTRY REPORTS
Friday, 02 November 2018 19:46

BLOCKCHAIN IN FINANCIAL SERVICES: PWC

We’ve been reading about the promise of blockchain technology for several years now. Many skeptics are beginning to wonder if the “year of blockchain” will ever really arrive. Blockchain isn’t a cure-all, but there are clearly many problems for which this technology is the ideal solution. We continue to see banks, brokerages, insurers, regulators, and others actively testing ways to harness the benefits of blockchain. The journey has only just begun.

By definition, blockchains allow multiple parties to work together effectively, even if they don’t fully trust each other. The most exciting opportunities come when the largest industry players unite with a common approach. While many financial firms have banded together in various efforts on blockchain initiatives, 2017 also saw some large players step away in favor of working on their own projects internally and keeping the intellectual property.

Exchanges embrace blockchain and regulators warm up. We’ve seen several global securities exchanges launch blockchain-based platforms. Regulators are working with the exchanges to explore what oversight should look like. And most industry players still struggle with how to audit systems with almost-instant clearing and consensus-based verification...

Source: PwC: Audit and assurance, consulting and tax services.

Published in INDUSTRY REPORTS
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