From the stage of the largest Blockchain conference in the world, Deloitte will give a behind-the-scenes look at one collaborative effort in development in Hong Kong, walking through its creation and some of its challenges to get to this point – as well as what’s ahead.
In addition, Deloitte revealed a number of new Blockchain prototypes it has developed, preview new research on the Blockchain space and unveil two new marketplace consortiums it has joined.
Eric Piscini – a principal with Deloitte Consulting LLP and the global Blockchain leader for financial services – took the stage at CoinDesk’s Consensus 2017 to discuss the latest Deloitte developments.
“The potential to rewire financial transactions is significant with Blockchain,” said Piscini. “Similar to when we rewired the backbones of the power, transportationand information industries, it will take courage and time to change the ways we transact today — and that’s what we hope to show at Consensus 2017. Blockchain will be bigger than you can imagine, but will be harder than everybody expected.”
Piscini also will introduce Lory Kehoe, a director with Deloitte Ireland and leader of Deloitte’s Dublin Blockchain lab, with an executive from the Hong Kong Monetary Authority (HKMA) to discuss a trade finance-focused Blockchain solution.
The new platform was developed for financial institutions, buyers, sellers, and logistics companies to digitize paper-intensive processes through smart contracts. It will also help reduce the risk of fraudulent trade and duplicate financing, and improve transparency and new product innovation of the industry as a whole. The five leading trade finance banks in Hong Kong were also central to its creation.
“Deloitte’s Blockchain team is comprised of more than 800 professionals across 20 countries, with specialists now across every major business sector,” said Piscini. “Not only do we have Blockchain labs in New York and Dublin, but we will be announcing another very shortly.”
Here is a look at what else Deloitte revealed at the conference.
Deloitte showcased a number of new Blockchain prototypes it has built for the first time, adding to its library of more than 30 altogether.
The prototypes will be led by Deloitte Mercury platform, which has re-imagined how trade finance can leverage a Blockchain-based infrastructure to drive efficiencies, reduce cost and open up new revenue opportunities, including newer models of credit and funding guarantees that back a trade. This platform was utilized in the HKMA effort.
Other new prototypes include platforms around reinsurance, know-your-customer regulations, real estate leasing, regulatory reporting for mutual fund administrators, and voting processes. These collectively include efforts from Deloitte’s teams from across the globe, including its member firms in U.S., Ireland, Canada and the Netherlands. Each will be on display at the event.
Finally, Deloitte will release three new white papers, led by “Taking Blockchain Live: The 20 Questions that Must Be Answered to Move Beyond Proofs of Concept.”
Informed by Deloitte’s recent conversations with clients, “20 Questions” finds that there are 20 essential questions that must be asked – and answered – to help determine whether an effort achieves the status of being a successful new technology innovation or an abandoned proof of concept. As the report states, “… by addressing these questions early, the chances of successfully harvesting the benefits of Blockchain increase dramatically.”
Other new research that will be unveiled include looks at both cybersecurity and risk in the Blockchain technology, as well as a preview of a forthcoming Deloitte Center for Financial Services analysis that tracks Blockchain’s growth in the open-source world.
Deloitte will also announce that it has joined two global consortiums:
- The Enterprise Ethereum Alliance, which connects Fortune 500 enterprises, startups, academics and technology vendors to promote, develop and implement enterprise grade Ethereum-based Blockchain applications across industries; and
- Hyperledger Project under the Linux Foundation, a collaborative cross-industry effort created to advance Blockchain technology globally, which is seeking to create an open standard for distributed ledgers for a new generation of transactional applications.
“Blockchain is the catalyst for a larger digital transformation impacting the financial services space,” said Joe Guastella, a principal with Deloitte Consulting LLP and the global leader of Deloitte’s consulting practice focused on financial institutions. “Deloitte’s effort is a global one, as we connect our clients – some of the best-known players in the world – with some of the top vendors and Blockchain technology companies out there. We’re thrilled to be showcasing our collective ecosystem this year at Consensus.”
The event is being livestreamed here.
- UC Berkeley Opens New Blockchain Lab – Steve Chen Appointed to Co-Lead Newly Formed Berkeley Blockchain Lab - December 10, 2017
- Peter Vessenes Announces Deluge Network To Support a Safe and Direct Way to Contribute Bitcoin Directly to ICOs - December 5, 2017
- EXMO Launches Token Sale with Blockstarter’s ICO Solution - December 5, 2017
- AdHive, A Blockchain-Based Native Advertising Platform, Engages with WINGS DAO Platform - December 5, 2017
- Perkins Coie Adds SEC Attorney in San Francisco with Fintech and Blockchain Experience - December 5, 2017
- Cryptocurrency Monero Announces Breakthrough Online Shopping Initiative Featuring Top Global Artists’ Music and Merchandise - December 5, 2017
- Bitcoin for a ‘bit’ of Caribbean paradise - December 5, 2017
- With the Launch of SunCoin, Solar Bankers Takes On the World’s Energy Giants - December 4, 2017
- Blockchain News Is Merging With Token Report - November 30, 2017
- Mira launches Pre-ICO for Mira – an Easy and Convenient Way to Buy, Store and Send Cryptocurrency - November 23, 2017
- Dash and KuvaCash Partner to Fight Inflation in Zimbabwe with Cryptocurrency - November 22, 2017
- INS Ecosystem Partners with Ambrosus to Overhaul the Grocery Supply Chain - November 22, 2017
- Global Debt Registry Unveils Collateral Pledge Blockchain Proof of Concept - November 22, 2017
- Ripple Appoints Former New York State Superintendent of Financial Services Benjamin Lawsky to Its Board and Ron Will as CFO - November 22, 2017
- Advised by the Co-Founders of YouTube and Twitch, Theta Announces a Blockchain-based Video Delivery Network - November 22, 2017
- Modex adds top advisor from Google ahead of ICO - November 22, 2017
- Decentralized Ad Exchange AdEx Partners with INK to Handle the World’s First Blockchain-based Ad Auction - November 22, 2017
- Zilliqa Lowers Funding Cap Despite Heavy Demand from Investors - November 22, 2017
- Health Startup Etheal Combines Blockchain Technology with Micro-Incentives to Build a Peer-Reviewed Global List of Health Professionals - November 22, 2017
- Bitquence Rebrands as Ethos.io, Charting a Course to Unlock Crypto and the Future of Investment for the Masses - November 22, 2017
- Eidoo Introduces User Friendly ICO Engine – Allowing Crypto Startups To Launch And Manage Their Own ICOs For Fundraising On The Blockchain - November 22, 2017
- Simdaq Launches Social Platform for Democratisation and Development of Cryptocurrency Trading - November 22, 2017
- Gameflip Shatters FLIP Pre-Sale Goals, Sets Sights on December 4, 2017 ICO - November 22, 2017
- Golden Alliance Gold Mining Launches Token Sale - November 22, 2017
- Genaro and Storj Labs Announce Collaboration and Product Integration - November 22, 2017
- Metal (MTL) Now Available on the Chinese Cryptocurrency Exchange - November 22, 2017
- Mark.space & Jaguar Land Rover Announce Cooperation - November 22, 2017
- Exscudo – EON Testnet Was Successfully Updated - November 22, 2017
- Valorem Foundation Launches All-new Cryptocurrency Platform - November 22, 2017
- WAX Partners with Xsolla to Offer Its Platform to More Than 2,000 Video Games - November 22, 2017
- Brave expands Basic Attention Token platform to YouTube - November 22, 2017
- Narrative Launches Blockchain Based Social Network That Puts Revenue In Your Pocket, Not Mark Zuckerberg’s - November 22, 2017
- Gladius Uses Blockchain and Spare Bandwidth to Revolutionize Cyber Security - November 22, 2017
- Indorse Announces Partnership with App Store Cryptocurrency, AppCoins, ahead of MVP Launch - November 22, 2017
- Secutix And The Paléo Festival Nyon Announce The Success Of Their Blockchain Pilot Project - November 22, 2017
- ING launches major addition to blockchain technology: Zero-Knowledge Range Proof solution - November 22, 2017
- Cofound.it Announces Teams Participating in Upcoming Live Crowdsale Event - November 22, 2017
- PUBLIQ goes public: The blockchain and AI company that fights fake news announces the start of its Initial Token Offering - November 22, 2017
- Blockchain for Business SophiaTX Reveals New Details of Platform; Confirms Date for Token Generation Event - November 22, 2017
- BCShop.io Launches Partner Program - November 22, 2017
- World’s First Social Entrepreneurship Platform Moms Avenue Challenges Etsy by Gearing Up With Blockchain - November 21, 2017
- WAX Partners with Xsolla to Offer Its Platform to More Than 2,000 Video Games - November 20, 2017
- Pundi X integrates NEM blockchain to Bring Cryptocurrency Payments Into Retail Stores - November 20, 2017
- Fujitsu Develops Security Technology to Safely Connect Blockchains - November 20, 2017
- Jibrel Network Announces a Highly Successful Pre-sale Round - November 20, 2017
- KRAFTWERK on Blockchain - November 20, 2017
- MintHealth: Empowering Patients to Take Control of their Health and Data via Blockchain Technology - November 20, 2017
- IBM Completes PoC Of Blockchain-based Shared KYC With Deutsche Bank, HSBC, MUFG And Cargill, IBM Treasuries - November 20, 2017
- LetsEnhance.io to process images on Neuromation Platform - November 20, 2017
- Blockchain And AI Researchers Propose A New Model To Return The Control Over Human Life Data To The Patients And Accelerate Biomedical Research - November 20, 2017