Business Strategy: Smart Contracts and Blockchain Ledgers and Compliance
This IDC Financial Insights report takes a look at the challenges and opportunities that firms face in developing and deploying distributed blockchain ledgers technology (DLT) and smart contracts. A number of global financial firms, technology providers, and market participants are experimenting with and developing DLT and smart contracts individually and in consortiums. IDC Financial Insights recommends financial firms and market participants actively research and experiment with DLT and smart contracts. We believe the blockchain ledger space will be a marathon versus a sprint given the myriad of technology, business process, and regulatory opportunities and challenges that need to be addressed and solved.Bill Fearnley, research director, IDC Financial Insights, reports, "Blockchain distributed ledger technology (DLT) is gaining momentum in financial services as firms and service providers look for new ways to reduce transaction times and transaction costs. Firms should be actively researching blockchain ledger solutions and deploying experiments and proof-of-concept (POC) projects. As DLT gains momentum, it will be harder for firms to catch up with leading firms and market participants that are working with these technologies now."