Blockchain consortium has found a new follower in Deloitte.
The “Big Four” consulting firm, according to a report, attributes the success of blockchain technology to various groups. The consortium of global banking and financial institutions headed by R3 and other similar consortia seems to have played an important role in blockchain adoption.
Deloitte is one of the early adopters of distributed ledger technology. It has been supportive towards startups working in the sector. Recently, the company announced the launch of Deloitte Catalyst incubator focused on disruptive technologies including blockchain. In addition, the company has also invested in SETL, a startup working on blockchain based payments and settlements solution provider.
A survey conducted by Deloitte has shown that a significant number of executives interviewed had at least some understanding of blockchain and its potential. In addition, the survey report has revealed increased interest among consumer products and B2B manufacturing industries.
A representative of Deloitte was quoted by one of the payments technology publication saying,
“Industry consortia will be critical to unlocking mass-scale value and keeping blockchain relevant in 2017… With more than 20 consortia in place already, we are on our way to success.”
These consortia will offer a way for companies and even different industrial sectors to collaborate with each other to create better value for development, testing and implementation of blockchain solutions. The current trend indicates the growth of distributed ledger technology beyond fintech to other sectors as well.
The coming year is expected to be a great one for innovation in distributed ledger technology. Many new projects are expected to be launched and few implemented into mainstream following successful trials in 2016. There are still few unchartered territories that need to be explored by cryptocurrency technology, and the results of such ventures may vary. But, in the end, it will be a learning process, shaping the future of Bitcoin and blockchain.
Ref: PYMNTS | Image: NewsBTC