Where Do We Come From? Where Are We Going?

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As I continue to crawl the web for blockchain industry fundamental data and reliable statistics I occasionally stumble on curious old relicts, which I, for some reason, neglected to notice back in the time, when they were still relevant. However, some of those remnants of old days sometimes draw a picture, which is more powerful than thousands words.

One of those pieces is Accenture’s “Building the future-ready banks: Banking technology vision 2018”. It comprises 5 parts each of which, in a typical “top-notch” consultant manner, intends to lure their potential corporate clientele into a lucrative engagement solely by the richness of authors’ vocabulary.

For example (citing): “The so-called “freeze and wrap” strategy retains existing core product systems, but minimizes development and investment while customer engagement and analytics systems are decoupled and powered by a cloud-based data layer that connects to the legacy systems as needed.”

You’re right. That’s about blockchain they are babbling about 🙂 Here’s another example (citing): “It is a distributed ledger technology (DLT) that stores groups of transactions (the blocks), and then links and sequences the list of transactions using cryptography.” Who even talks like that today? 🙂

Authors also stated: “DLT-based systems currently make the most sense for retail banks when deployed at a market or industry level for example, where they are used for property title registers, inter-bank clearing and settlement, or a central bank-issued official cryptocurrency.”

Remind me, please, how many retail banks have done that “deployment” for the moment? What about “CBCs crypto”? 🙂 Of course, hindsight is easy and I can’t criticize Accenture employees, chronically over-stressed about their weekly “time-reports”, to be living on hopium those days. Many of us were too 🙂

Nonetheless, some of their assertions might still be relevant today, for example (citing): “71% of banks report that blockchain and smart contracts will be critical or very critical for their organizations over the next three years.”. This coincides with more recent reporting cited earlier in the group about financial industry along with manufacturing (supply chain) taking lead in “implementing” blockchian solutions. But, of course, it’s still happening overwhelmingly on the verbal — not business level.

For more information on this subject join the Whitepapers analysis Telegram group: https://t.me/joinchat/I5eQ-A6FSC2vXg_PNgFwJw

or my Twitter: https://twitter.com/SvjatoslavSedof

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