Blockchain and Distributed Ledgers: Permission Makes All the Difference

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22 October 2015


In this report, Celent deconstructs blockchain and distributed ledger technology into key constituent parts. The report then adopts a modular approach to identify components of the problems being targeted within capital markets to assess the requirements of a solution.

The Key Components

The constituents of blockchain versus distributed ledgers are different in certain key aspects. This report walks through these differences and the implications for incorporation into the capital markets.

Permissioned Vs. Permissionless

Celent provides definitions regarding the emerging terminology within this sector and additional perspectives on the potential of this technology in an effort to redefine how firms should be thinking about its disruptive potential.

A Framework for Assessing Startups

In our regular dialogue with clients, Celent recognizes that a framework is required to assess the many startups that have emerged. Therefore, Celent provides an overview of the key issues used to assess the startup community. Celent foresees pivoting of business models by certain companies within FinTech, which is likely to be the trend as the true potential of this technology begins to emerge and engagement continues to grow.

Path to Innovation

Finally we set out the three key issues for transitioning the movement of financial assets and consideration onto distributed ledgers, which markets are likely to see disruption first, and how fiat currency on a distributed ledger can accelerate and transform the potential of this technology.

“It appears that initial investments in this technology have focused on taking the first incarnation of blockchain and trying to fit it into the capital markets, rather than identifying capital markets problems and then establishing a solution,” says John Dwyer, senior analyst with Celent’s Securities & Investments practice and author of the report.