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s Material9781101980132 Blockchain i-xx 1-348 6P.indd 13/17/16 2:41 AM
T H E G OL DE N E IGH TBlockchain Transformations of Financial ServicesFunctionBl o c kc h a i n I m pac tSta k e hol de r1. Authenticating Identityand ValueVerifiable and robust identities,cryptographically securedRating agencies, consumerdata analytics, marketing,retail banking, wholesalebanking, payment cardnetworks, regulators2. Moving Value—make apayment, transfer money, andpurchase goods and servicesTransfer of value in very largeand very small incrementswithout intermediary willdramatically reduce cost andspeed of paymentsRetail banking, wholesalebanking, payment cardnetworks, money transferservices, telecommunications,regulators3. Storing Value—currencies,commodities, and financialassets are stores of value.Safety deposit box, a savingsaccount, or a checkingaccount. Money market fundsor Treasury billsPayment mechanism combinedwith a reliable and safe store ofvalue reduces need for typicalfinancial services; bank savingsand checking accounts willbecome obsoleteRetail banking,brokerages, investmentbanking, assetmanagement,telecommunications,regulators4. Lending Value—creditcard debt, mortgages,corporate bonds, municipalbonds, government bonds,asset-backed securities, andother forms of creditDebt can be issued, traded, andsettled on the blockchain;increases efficiency, reducesfriction, improves systemic risk.Consumers can use reputationto access loans from peers;significant for the world’sunbanked and for entrepreneursWholesale, commercial,and retail banking, publicfinance (i.e., governmentfinance), microlending,crowdfunding, regulators,credit rating agencies,credit score softwarecompanies5. Exchanging Value—speculating, hedging, andarbitraging. Matching orders,clearing trades, collateralmanagement and valuation,settlement and custodyBlockchain takes settlementtimes on all transactions fromdays and weeks to minutes andseconds. This speed andefficiency also createsopportunities for unbankedand underbanked to participatein wealth creationInvestment, wholesalebanking, foreign exchangetraders, hedge funds,pension funds, retailbrokerage, clearinghouses,stock, futures, commoditiesexchanges; commoditiesbrokerages, central banks,regulators6. Funding and Investing inan Asset, Company,Start-up—capitalappreciation, dividends,interest, rents, or somecombinationNew models for peer-to-peerfinancing, recording of corporateactions such as dividends paidautomatically through smartcontracts. Titles registry toautomate claims to rentalincome and other forms of yieldInvestment banking,venture capital, legal,audit, propertymanagement, stockexchanges, crowdfunding,regulators7. Insuring Value andManaging Risk—protectassets, homes, lives, health,business property, andbusiness practices, derivativeproductsUsing reputational systems,insurers will better estimateactuarial risk, creatingdecentralized markets forinsurance. More transparentderivativesInsurance, riskmanagement, wholesalebanking, brokerage,clearinghouses, regulators8. Accounting for Value—new corporate governanceDistributed ledger will makeaudit and financial reportingreal time, responsive, andtransparent, will dramaticallyimprove capacity of regulatorsto scrutinize financial actionswithin a corporationAudit, asset management,shareholder watchdogs,regulators9781101980132 Blockchain i-xx 1-348 6P.indd 643/17/16 2:41 AM
THE IN-OUT MATRIXYesUnique oYesNoMission-Critical Capabilities9781101980132 Blockchain i-xx 1-348 6P.indd 1123/17/16 2:41 AM
DISTRIBUTED BUSINESS 9781101980132 Blockchain i-xx 1-348 6P.indd 120AutomationHigh3/17/16 2:41 AM
2627282930313233343536N37LGLOBAL SOLUTION NETWORKS9781101980132 Blockchain i-xx 1-348 6P.indd 3003/17/16 2:41 AM
BLOCKCHAIN REVOLUTION 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36N
