techUK, the voice for the UK technology industry, has today published ‘The Industrialisation of Distributed Ledger Technology in Banking and Financial Services’, a new paper exploring how to industrialise distributed ledger technology.
Written in partnership with Tata Consultancy Services (TCS), the paper provides a roadmap for financial service institutions looking to implement the technology. The paper also marks the launch of a new techUK Blockchain working group. The new group will explore the potential for this technology in the financial sector and beyond.
Ruth Milligan, Head of Financial Services & Payments, techUK said:
“With a world leading financial industry and an innovative tech sector, the UK is uniquely placed to take advantage of this exciting sector. This new group will explore the growing capability in the UK, and how this technology can be applied in industries as diverse as financial services, smart cities, energy & utilities and property.”
Over the past year, techUK's Financial Services and Payments Programme has facilitated a host of seminars educating members and stakeholders alike on the 'technological art of the possible' surrounding the blockchain, applied to financial services and beyond.
Rodger Oates, Consulting Partner, Tata Consultancy Services:
"Distributed Ledgers have the potential to be hugely transformative to financial services. However, the technology still needs to mature and the conversation needs to be about the business requirements and opportunity, not just the technology"
Shankar Narayanan, VP & Country Head, TCS UK & Ireland:
"TCS is pleased to support this techUK initiative as we are seeing great interest in Blockchain from our banking clients and other sectors such as Communications and Media Industries. TCS is keen to help ensure our clients benefit from this exciting new technology"
The paper differs from the many other recent blockchain publications in that it starts to sketch out what organisations can do in developing an enterprise blockchain solution. With a lot of the hype surrounding the blockchain starting to settle, the time is now ripe to address cultural, regulatory and organisational barriers to the adoption of multiple use cases that have been touted.