Business Strategy: Exploring Blockchains and Payment Strategy
This IDC Financial Insights report explores blockchain and decentralized ledger technology (DLT), the current state of the market, and its potential impact on the payment industry. Investment and interest in blockchains and distributed ledgers has taken off, and investors, start-ups, and incumbents are beginning to explore the potential of this exciting new technology. It also examines the questions about the utility, scalability, and reliability of blockchains and decentralized ledgers. IDC Financial Insights believes blockchain will affect financial services and payments in profound ways, and that now is the time to understand the technology, why it is well suited for changing the payment space and how to begin integrating it into product and strategy plans.James Wester, research director at IDC Financial Insights, says, "Blockchain has emerged during a time of incredible change in the payment space. Even though banks and technology vendors are grappling with many issues right now, they should pay particular attention to blockchains. It represents a complete shift in the way electronic transactions have been handled for decades, and participants in the market should begin thinking about how they will adapt to it."
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