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CHANGING THE WAY OF DOING BUSINESS: BLOCKCHAIN

​The history of the human race is littered with transformational and disruptive technologies that appeared at the right time and solved the complex problems in simple yet elegant ways. The most recent of such technologies is the internet which has radically altered the finance sector and brought about unprecedented efficiency gains and new business opportunities. Yet, despite advancements, middle and back-office financial functions remain mostly antiquated, and stuck in the same slow and inefficient processes. Firms still have to grapple with overly complex procedures involving multiple counterparties, manual processes and third-party service providers. The past few years have been witness to blockchain technology gaining traction and there is widespread recognition that we are in the throes of a possible revolution in finance sector powered by one of the most exciting technological developments in recent times. Its open approach could be a goldmine of foreseen as well as unforeseen opportunities leading to far-reaching and widespread innovation. The technology has the potential to be a positive disruptor across the financial sector and beyond. In our report we have attempted to make the reader see beyond the veil that surrounds the technology behind blockchain, and decipher the reasons for the eager anticipation and nervous energy around the potential applications of the technology which has the potential and wherewithal to be the transformative technology of the current era.