What is Blockchain?
At a very high level, Blockchain is a decentralised ledger or list of all transactions across a peer-to-peer network. It’s the technology that underlies Bitcoin and other cryptocurrencies, and it has the potential to disrupt a wide variety of business processes.If the internet is the foundation for all kinds of digital innovation, Blockchain technology is the root of radical rethinking of how we pay for things — as well as how we verify who owns what and who has the right to buy and sell it.
Blockchain technology is complex, although an eloquent overview from The Economist offers a way in. At a very high level, though, the Blockchain is a decentralised ledger, or list, of all transactions across a peer-to-peer network. This is the technology underlying Bitcoin and other cryptocurrencies.
Blockchain is here. What’s your next move?
What’s the state of blockchain today? In PwC’s 2018 survey of 600 executives from 15 territories, 84% say their organisations have at least some involvement with blockchain technology. Everyone is talking about blockchain, and no one wants to be left behind.
PwC’s Blockchain solution for derivatives transactions reporting for FISMA
FISMA, the directorate of the European Commission responsible for EU policy on banking and financial stability asked PwC to investigate Blockchain as a solution to make mandatory reporting on derivatives transactions traceable and compliant with applicable regulations. Together with Claryon, we devised a Blockchain solution that uses smart contracts to implement ‘digital doppelgängers’, or digital representations of derivatives trading documents, created on the Blockchain.
Transparency
All transactions are logged and stored securely offering immutable history and an audit trail. All transactions are always auditable.
Automation
Automated events can be defined using smart contracts when certain conditions are met in the transactions, such as automatic report generation.
Security & Trust
The integrity and security of transactions are guaranteed via cryptography and trust provided via consensus between all members.
To create transparency and trust each transaction is logged and stored into the Blockchain. Transactions can be verified by any member of the Blockchain. Smart contracts can be defined to automatically generate financial regulatory reporting allowing transparency and compliance.
Alice sends transaction data to Betty containing value (e.g. financial, monetary or legal)
Transaction is represented online within a block
The block is broadcasted to every party on the network
The network comes to a consensus of adding the block
The block is added to the chains a transparent & irreversible record of transactions
Betty receives the transaction data from Alice and verifies its authenticity
Our approach covers the complete spectrum from strategy to execution
- Understand the business processes and model the transactions
- Define the functional, technical and security requirements
- Analyse and design tailored Blockchain architectures
- Ensure the development and implementation to demonstrate practical benefits
Our approach covers the complete spectrum from strategy to execution
- Understand the business processes and model the transactions
- Define the functional, technical and security requirements
- Analyse and design tailored Blockchain architectures
- Ensure the development and implementation to demonstrate practical benefits
Our approach covers the complete spectrum from strategy to execution
- Understand the business processes and model the transactions
- Define the functional, technical and security requirements
- Analyse and design tailored Blockchain architectures
- Ensure the development and implementation to demonstrate practical benefits
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