Blockchain Trends – 2018

One of 2018’s key developments will be the expansion of blockchain into several new environments that will force companies to react. Firstly, we’ll see blockchain quietly being deployed into production at many banks – there will be less fanfare as we are no longer at the start of the ‘hype’ cycle.

Secondly, there will be consortiums formed in industry to tackle the issue of blockchain standards for specific areas of banking, such as trade finance or cross-border payments.

Finally, I think we can expect to see nation-states – in particular Russia and China – creating their own cryptocurrencies based on blockchain. They’ve been looking for a while at the possibility of trading commodities such as oil and gas in currencies other than the dollar as this removes the need to comply with US regulators. Blockchain offers a clear path to achieving that goal.

 

The article was originally published on Electronic Payments International and is reposted here by permission.

Stephen Holmes

Stephen has over 23 years IT experience with a wide range of Outsourcing experience gained from the supplier side of outsourcing having worked for Atos Origin (European outsourcing focus), Cognizant (offshore focus) and is currently Vice President of FinTech Banking Lab at Virtusa. Where he focuses on disruptive new technologies and applying these to the banking domain. Stephen is currently serving on the British Standards Institute Blockchain Standards group chairing the Privacy and Data governance working group he has also served on the Microsoft Outsourcing Partner Advisory Council whilst at Atos Origin and is a certified Enterprise Architect (TOGAF 9.1). He holds an MBA with specialism in new product and services development. He started his career with IBM UK where he played several key roles in developing CICS ESA 4.3 and IBM MQ Series. He worked for Hewlett Packard where he collaborated with IBM and Seagate to create and license an industry standard for tape backup – Linear Tape Open. His focus within outsourcing has been large scale transformation programs and effective introduction of innovation into organisations. Stephen has worked globally and enjoys the unique challenges of managing international teams. He enjoys exploring the "art of the possible" with Customers to enable business objectives to be defined and successful development of a defined business case as part of the services contract lifecycle. He is an industry expert in Blockchain and has published articles in American Banker, the Times and many Blockchain/Bitcoin publications.

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