In 2016, blockchain took giant steps forward in gaining wider acceptance, especially in areas such as cross-border payments and
post-trade in capital markets. However, as Deloitte’s Eric Piscini pointed out earlier this year in CoinDesk, the fear is that if you “poll anyone in the financial services industry, they will likely tell you that the technology is still in need of its break-out moment. If significant headway isn’t made—or real value delivered, whether in cost savings or new revenue generation—by the end of 2017, I suspect the technology will risk developing fatigue in executive suites.” So, despite a unanimous consensus about blockchain benefits, why haven’t we yet seen any use cases go live at scale?
Between Deloitte’s blockchain team—now comprised of more than 800 professionals
across 20 countries—and Blockchain Labs in Dublin and New York, we have developed over 30 proofs of concept (PoCs) and have
designed countless commercialization strategies with clients. We have found that there are 20 essential questions, summarized within Deloitte’s Blockchain Readiness Framework, that must be asked (and answered) to help determine either failure in an abandoned PoC or a successful new technology innovation, thanks to blockchain. By addressing these questions early, the chances of successfully harvesting the benefits of blockchain increase dramatically.