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.