Since 2015, the financial industry and other industries have been discovering the possibilities resulting from using blockchain technology and so-called distributed ledger technologies. Experts are convinced that blockchain technology can revolutionize the economy and society in a similar way as the internet. For most, the technology still stands at the beginning of a comprehensive development process. It has the potential to bring fundamental changes to existing business models and the business systems behind it. In joint projects like Hyperledger or R3, companies and credit institutions are developing new solution standards and visions for the future.
The blockchain technology (distributed ledger) extends the current possibilities of web technologies essentially by three application benefits:
The distributed structure of the network makes blockchains extremely failure-proof and difficult to manipulate. The technology is especially applicable when a large number of persons or companies are involved in a process and decentralized data storage and execution thus suggest themselves. The potential for savings and automation, the high transparency, ever new applications, and the greatly increased demand for payment processes with virtual currencies have also made blockchains into a key process digitalization technology for financial services providers.
Blockchain technology with its P2P functionality permits the representation of completely new business processes and eco-systems. This will result in completely new business models.
Previous intermediaries like trade platforms, banks, or retail businesses must rethink their business models. Due to its great scalability and potential for automation, they can also use the technology to implement their digitalization strategy. The Internet of Things is also much more scalable using distributed ledgers.
Financial institutes and intermediaries can still play an important role for decentralized technologies like blockchains. Regulatory authority, trust, and responsibility cannot be transferred to one technology or a so-called Decentralized Autonomous Organisation (DAO). Depending on purpose, various types of blockchain solutions are possible:
Many new questions arise when using the technology. They concern the organization and access to the blockchain, the topics of law and regulation, as well as the security and operation of the blockchain solution.
Measures should be taken today in order not to miss out on the development:
syracom supports its customers in the decision-making process and the implementation of projects based on the blockchain technology. Our methodology ensures that
Based on your needs, we will help your business in the next strategic, technical, and technological steps with the following services
Together we will find out what potential blockchain technology has for the digital transformation of your business. We have many years of experience and industry know-how and will find the right solution for you – always with the practical end in mind and with mutual trust.
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