Business Strategy: Ethereum and Smart Contracts in Financial Services — An Introduction
This IDC Financial Insights report discusses the opportunities and challenges that financial firms face in using the Ethereum platform. Blockchain and distributed ledger technology (DLT) are gaining momentum in financial services and other industries. Financial firms face increasing pressure from regulators, intense competition from incumbents and new entrants, and pressure from investors to improve firm liquidity. Firms are also looking to lower transaction costs and transaction risks. Building smart contracts and decentralized autonomous organizations (DAOs) on the Ethereum platform can help firms build secure and direct connections with customers, other firms, and intermediaries."As smart contracts and decentralized autonomous organizations gain momentum in financial services and other industries, firms are working more closely with consortiums and platform vendors to deploy these solutions. IDC Financial Insights recommends that firms actively invest in smart contract pilots on platforms such as Ethereum to help lower transaction costs, improve compliance program record keeping, and improve firm liquidity." — Bill Fearnley, research director, IDC Financial Insights
Please Note: Extended description available upon request.
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