Blockchain Community Leader, I am part of the Innovation & Digital Transformation team that runs innovation initiative for CACIB

Fabien Legland, Director of Project Management & Innovation for Credit Agricole CIB Americas

However, the Hong Kong Monetary Authority (HKMA) and Monetary Authority of Singapore (MAS) are testing Know Your Customer (KYC) / Anti-Money Laundry (AML) and Interbank Securities Settlement use-cases.

The financial services industry is organizing itself around consortium such as R3 or ConsenSys, going beyond banks to include corporate stakeholders, with the objective to speed the processes of creating and scaling innovation.

The Marco Polo network was formed in 2017 with the world’s leading financial institutions, their corporate clients, the technology firm TradeIX, the enterprise software firm R3, and constituents of the wider trade ecosystem such as Enterprise Resource Planning (ERP) providers and logistics companies. It is one of the fastest growing trade and working capital finance networks.

The KOMGO initiative was formed in 2018 by fifteen of the world’s largest banking and commodity companies to build a global blockchain-based trade financing network.

Of course, non-financial use cases are emerging.

Supply chain monitoring is one example.Corporations are investigating the benefit of blockchain to secure and provide visibility on their supply chain beyond the frontier of their ERP, as the sanitary scandals of the past years have shown that traceability is a major stake for some industries such as healthcare and food & beverage.

Decentralized cloud storage is another example. If you consider that relying on large centralized silos of data, and the risk of breaches and their impacts. Remember Equifax and its estimated cost of $400M. Decentralized storage is a potential solution that blockchain companies are implementing, with a system of being able to store your file without having to rely on traditional cloud or on-premise storage solutions.

Considering the pace of innovation and absorptive capacity of new technology, we are still at the early stage of blockchain and distributed ledger technology adoption. Industries are organizing themselves. Regulators are seeing the benefits and paving the way for wider adoption. We believe that the next ten years will see exponential adoption of this technology in any industry that needs increased efficiency, better resiliency, and more transparency. Don’t stay on the sideline; participate in the transformation!

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