In 2016, blockchain technology will move out of the laboratory and become a reality

Over the past year, Deloitte’s Global Digital Currency Community (DC3) has been actively working to bring together the firm’s strategy and innovation consulting practices with a growing ecosystem of leading entrepreneurs, scientists, technologists and business leaders around the world.

For example, groundbreaking collaborations with organizations such as the World Economic Forum, Singularity University, and the MIT Media Lab’s Digital Currency Initiative.

As an industry thought leader, Deloitte aims to provide a forward-looking perspective: What can people hope for blockchain development in 2016?

Deloitte surveyed its cryptocurrency community on this question: What do you think will be the biggest breakthrough in the blockchain space in 2016?

The results of the survey are shown in the figure below:

Based on the detailed results of the survey, Deloitte summarized the development themes of the industry in 2016 into the following three points:

1. Out of the lab

2. The era of consortiums, alliances, and management

3. Next-generation platform

The following is a detailed explanation of the above three points

Outside the lab

2015 was a key year for the development of blockchain. Discussions surrounding blockchain technology were generally positive, with financial institutions and the general public gradually becoming less skeptical and more knowledgeable about it.

Respondents believe that 2016 will continue or even accelerate this trend, with many predicting that blockchain prototypes, which have been developed with multi-million dollar investments, will become reality.

We hope to see the application of blockchain technology use cases in life, the emergence of new use cases, and more joint products launched by financial institutions and blockchain startups.

Deloitte has worked with several large financial institutions in the past to develop multiple blockchain proofs of concept (PoCs). Deloitte expects that many of these tested financial services use cases, such as cross-border payments, trade settlements, loyalty programs, KYC (know your customer), etc., will slowly roll out into full-scale products in 2016.

Whether through internal blockchain labs, direct partnerships with blockchain tech companies, or collaborations with platforms such as Deloitte’s own Rubix platform, many major financial institutions are beginning to move from the ideation and “testing the waters” phase to product development.

We believe that the full potential of blockchain has not yet been tapped.

With the launch of platforms or products such as Augur’s prediction market and Symbiont’s blockchain equity trading platform, we will continue to see thoughtful innovations in the blockchain field, and our experts are very optimistic about the future development of the blockchain industry.

The era of consortiums, alliances and management

In today’s rapidly evolving environment of innovation and solutions, many established companies, startups, groups and regulators are finding that collaboration is key to success in the industry.

This trend will only intensify in 2016, with companies likely to leverage the capabilities of alliances to help drive important research and development of new blockchain use cases in specific sectors.

One of the most high-profile consortiums is the New York-based R3 blockchain alliance, a large group of more than 40 banks and financial institutions that promotes innovation and the establishment of standards in the financial services sector.

In the Internet era, a governing body emerged to create and maintain standards and ensure interoperability. Similarly, in 2016, governance and standards will emerge in the blockchain space, especially for public blockchains. While this may go against the original intention of the technology, it can be a catalyst for widespread adoption.

Some companies also look forward to providing customers with "network leadership" in this area, that is, helping to connect different groups in the ecosystem, so that they can come together to share their views and showcase their products.

Deloitte is currently playing such a role and is committed to becoming a key player in promoting the development of the blockchain industry. Such cooperation has also been formed at some important conferences, such as Money 20/20, SXSW and the World Economic Forum.

Choosing the right groups and partners is also a challenge.

Next-generation platform

The final trend predicted by Deloitte experts is next-generation platforms such as Ethereum and interoperable platforms.

We are already seeing a lot of interesting use cases combining the power of smart contracts with existing technology trends like the Internet of Things, and we expect these to become operational and available in 2016.

An example of this is Slock.it, which is developing an Ethereum computer that shows us the potential of smart contracts and Decentralized Autonomous Organizations (DAOs).

Equally important is the rise of interoperable blockchain platforms. As many financial institutions choose to build private federated blockchains, the need for interoperability will grow in the near future.

Companies such as Credits recently partnered with the Linux Foundation to create an open source platform, and Deloitte’s Rubix platform partnered with Colu to explore the role of colored coins in interoperability, which are integral to the long-term effectiveness of the technology.

Blockchain has the potential to change the infrastructure of financial services. As the technology develops, more use cases will emerge and impact more industries, such as saving costs and creating new revenue.

We predict that 2016 will be the year blockchain becomes a reality.

Original note: “Deloitte” as used in this article refers to Deloitte Consulting LLP, a subsidiary of Deloitte Touche Tohmatsu Limited.

Original article: http://www.coindesk.com/2016-blockchain-reality-deloitte/
By Eric Piscini, Andrew Garfrerick & Simon J Lapscher
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/2016-blockchain-reality)