Blockchain and its application in Financial Services

This article provides an introduction to the concepts of what is commonly referred to as “blockchain technology”.

Introduction

Banks, institutions and even governments are looking at blockchain technology as a secure storage and distribution solution. There is growing demand to understand the implications of blockchain and how to respond to it.

While there is a debate on the role of bitcoins as a mainstream “currency”, the underlying blockchain technology, consisting of "blocks" of data in a digital ledger, is believed to be highly resistant to malicious tampering, thus offering significant advantages to governments, banks and the financial services sector in general. 

 

Blockchain in Financial services

The financial services industry is currently shifting to a higher gear when it comes to using Distributed Ledger Technology. In this chapter the following points are discussed:

  • What is the current situation?
  • What are the points of view of the regulators? 
  • The regulators as conductors for innovation?
Red and yellow Blockchain visual

"The internet revolutionised the way we exchange information. Blockchain is revolutionising the way we exchange value on the internet."

- Marc Sel, Director at PwC Belgium

 

Blockchain in a nutshell

To help you understand what the blockchain technology is, we have covered it under six angles

Target icon

 

the purpose

Security shield icons

 

functioning and security functions

 

advanced applications - smart contracts

Wheels icon

 

building blocks

Money icon

 

basic applications - virtual coins

Icon handshake for respect

 

blockchain applications and the trust model

Contact us

Filip De Wolf
Partner
Tel: +32 (0)2 710 4251
Email

Marc Sel
Director
Tel: +32 (0)3 259 3410
Email

Marleen Mouton
Director
Tel: +32 (0)2 710 4735
Email

Follow PwC Belgium