As The Blockchain Revolution Moves Offshore, What Are The Challenges?

Blockchain has been widely touted as the most significant technology of the last 20 years, with the potential to revolutionise the financial services industry across a range of applications, from crypto-currencies to smart contracts, to fully automated clearing and settlements systems for payments.

Crucially, blockchain networks can operate securely without the need for any central administrator, and the technology can work for almost every type of transaction. The technology is particularly appealing as a possible replacement for existing processes, which are largely manual, labour-intensive and paper-based but require sensitive information to be transferred and stored in a secure manner, for example, know-your-customer (KYC) processes for identifying new clients. Its potential uses are almost limitless.