Eight new essential technology trends: PwC

Blockchain

Blockchain can provide transparent, cost-effective and secure ways to store, track and transfer information and assets – enabling new digital business models and revenue opportunities. Growing adoption, interoperability advancements, and regulatory clarity position blockchain as an important enabler of enterprise innovation and trust.

Blockchain is designed to seamlessly integrate with existing enterprise systems, processes and data sources, while enabling trusted interactions between participants in the external ecosystem. Its decentralized nature can provide businesses with greater agility, flexibility, and new, reliable ways to communicate with customers, counterparties, and other stakeholders. Even better, the ecosystem effect enables companies to offer integrated solutions or services that combine the strengths of multiple participants to attract new customers.

Bottom line: Blockchain is a building block of the global economy, improving trust and securing financial transactions, protecting data, verifying digital identities and streamlining essential business processes.

Technology in action

  • Global Payments: Blockchain’s identity and value portability features could be a game changer for cross-industry financial processes and transactions such as customer and merchant payments, global payroll and treasury management.
  • Asset Tokenization: Blockchain enables the creation, transfer and tracking of digital representations of tangible assets, including investment funds and real estate, more seamlessly throughout their lifecycle.
  • ESG Movement: Blockchain can improve environmental monitoring and reporting, and it can provide a more sustainable alternative to legacy data and information systems to support a company’s decarbonization efforts. Furthermore, it will help provide greater access to quality and reliable financial services – payments, savings accounts and investments, for example – to support greater uptake in financially disadvantaged communities.
  • Technology and Data Management: Blockchain’s fundamental feature of immutable records can help manage and promote stakeholder trust in other emerging technologies that are increasingly being adopted by businesses.

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