While banks and other financial institutions have yet to deploy blockchain at scale, some $1.4bn has been invested globally in blockchain start-ups in the last nine months. This money has mainly gone in Incumbent or co-owned initiatives.
Financial institutions have moved from discovery to experimentation with blockchain, said PwC director of fintech and digital EMEA, Seamus Cushley. Image source: Richard Trainor Cushley, who heads up PwC’s 25-strong blockchain research lab in Belfast, said that the blockchain concept is catching hold within financial institutions who see it as a means for achieving greater efficiency. Blockchain technology – which underpins emerging digital, virtual, or cryptocurrencies – consists of blocks that hold timestamped batches of recent valid transactions, which form a chain with each block reinforcing those preceding it. ‘There has been $1.4bn in blockchain investments in the last nine months which will give you a sense of the investment by mainstay brands’