Filling the blockchain chasm
Summary
“Blockchain is developing quickly, but significant business challenges and technology gaps remain before widespread use cases and ways to generate value emerge,” said the analyst firm in a statement.Then there is an HSBC and ING trial of blockchain’s application to trade financing , which the companies claim has been a success, leading the way to faster, cheaper and more secure transactions.Quoting Gartner, he said enterprises passed the peak of inflated expectation in 2016, adding that the industry had hoped, after a period of disillusionment, that blockchain would have a wider application in business by now.One such ecosystem that already exists is the Society for Worldwide Interbank Financial Telecommunication ( Swift ), whose head of UK, Ireland and the Nordics, Vikesh Patel, also spoke at Blockchain Live.It recently organised a pilot to apply blockchain to enable banks to manage nostro accounts , which are used to make cross-border payments in real time.