Resham Karira believes the Global Blockchain Business Council may boost blockchain uptake, and reveals a few of its core objectives.

A collaborative approach among a broad range of institutions is essential for the expansion of blockchain, and the Global Blockchain Business Council aims to unify the technology’s ecosystem.

Over the last few years, blockchain has seen increasing interest from banks and other financial institutions. Alipay recently announced it’s planning to expand globally to serve two billion consumers within the next 10 years. To achieve this, it plans to underpin its network with blockchain technology, which will be used as a base protocol to process transactions in a cheaper, more robust and more efficient ecosystem. In search of similar benefits, many major banks have made significant investments in the technology.

However, one of the conditions for blockchain to become widely adopted is that multiple parties must embrace the technology. In 2016, internal blockchain labs, partnerships with blockchain tech companies, and collaborations with the R3 consortium were formed. In 2017, this trend is accelerating with the launch of the Global Blockchain Business Council. The council is an important step in the global advancement of blockchain technology, and a few of its core objectives are worth highlighting:

  • Education: Support best practice among participants and improve awareness of blockchain technology.
  • Partnership: Connect global leaders and assist companies and governments around the world looking to advance and improve their business using blockchain.
  • Collaboration: Foster relationships and collaboration between organisations of all kinds, including educational institutions, regulators and companies around the world.

Blockchain is still an emerging technology in the early stages of its development, meaning there’s a tremendous need for a global body dedicated to educating and connecting relevant parties in the banking and business worlds. The Global Blockchain Business Council has the potential to fill that gap.

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– This article is reproduced with kind permission from Verdict Financial. Some minor changes have been made to reflect BankNXT style considerations. Read more here. Main image: Vectortone, Shutterstock.com

About the author

Resham Karira

Resham Karira is a retail banking analyst at Verdict Financial. She looks at current trends and how different factors such as innovative products and services, technological development, and forecasting and meeting consumer demands, interplay with each other to create a winning proposition for a bank.

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