Blockchain in Financial Markets and Beyond
First published:
ISBN: 9781782723448
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Blockchain Use Cases: Reference Data
Will Janensch
Introduction
Blockchain Technology: Emerging Opportunities and Risks
Permissioned Versus Permissionless Blockchain
Cryptocurrencies, Digital Assets and ICOs: Definitions, Valuation and Investment Opportunities
Code is Not Law: Code Can be a Language Used to Create Smart Contracts
Smart Contracts: Definition and Uses
Managing Privacy and Digital Identities with Blockchain Technology
Regulation of Blockchain Technology
Blockchain Use Cases: Reference Data
The Humanitarian Space and Business Opportunity of Blockchain
The Impact on Supply Chain Opportunities
The Promises and Limitations of Blockchain: Taking Stock and Lessons Learned
Blockchain Use Cases in Financial Markets and Beyond
Many highly promoted enterprise blockchain use cases have focused on payments, transaction settlement and chain of custody/provenance (Shepherd et al, 2016). These are highly compelling uses cases, with many start-up and legacy players developing solutions. However, data management and the creating of “golden records” of the truth is an equally compelling blockchain use case that has received far less attention. This chapter will therefore focus on the consolidation, management and use of reference data by enterprise organisations, an area of data management for which blockchain could be a transformative technology.
Although reference data has not received the attention of other blockchain use cases, several start-ups and established companies have started to develop proof of concepts for how blockchains can be used to solve long-standing reference data pain points and disrupt legacy business models that do not effectively meet customers’ needs (Finextra, 2016).11For full disclosure, the author of this chapter is the co-founder of TruSet, a start-up that is building a blockchain-based solution to improve the quality and usability of financial instrument reference data.
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