The global financial sector has gradually opened up to the use of blockchain, with interest in this technology growing rapidly throughout 2015. Blockchain technology has already attracted significant investment from many major banks, in the belief that it can make their operations faster, more efficient, and more transparent. However, one of the conditions for blockchain to become a reality is that multiple parties must be involved.

2015 spawned a range of internal blockchain labs, partnerships with blockchain tech companies, and collaborations such as the R3 consortium. 2016 will see the continuation and acceleration of this trend, though financial institutions are now past the debate stage and are developing proof of concepts in the product development stage.

New York-based R3 CEV (a firm leading a consortium of banks to expand a common blockchain framework), is a perfect example of “network leadership” within this space. Launched in September 2015 with the support of just nine financial companies, it is now a consortium of 42 members. Many leading global banks – from universal providers such as Barclays, BBVA, Credit Suisse, and Santander to institutional banks such as JP Morgan and Morgan Stanley – have joined the blockchain innovation initiative.

The R3 consortium marks the first time banks have come together to collaborate on research, design, and engineering to improve and advance security, reliability, performance, scalability, and auditing in financial services. A collaborative approach among a broad range of institutions is essential to developing the use cases of distributed ledger technologies, and will truly benefit the financial services industry as a whole.

Post original: verdictfinancial.com/network-leadership-essential-to-blockchain-success/

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