Blockchain-Based Financial Networks: A Case Study on Real-World Results

The financial services industry is constantly seeking ways to enhance digital ecosystems and leverage new technologies for a competitive edge. Blockchain technology has shown promise, but the path from discovery to implementation is often unclear. The challenge lies in finding practical uses for the technology and the right go-to-market approach. A significant proof-point of blockchain’s viability for trade finance is komgo, a blockchain-based commodity trade and finance network. However, the challenge for blockchain networks is the protection of private information on the ledger. As networks scale, they need mechanisms that allow for larger sets of blockchain validators. Business consortia also need the ability to govern the digital smart contracts where the business logic is executed.

The customers in this case study are financial services leaders who are seeking to leverage blockchain technology for a competitive edge. These include komgo, a blockchain-based commodity trade and finance network comprised of the world’s largest banks, oil majors, traders, and certification companies, and Project i2i, a blockchain-based payment network spearheaded by UnionBank and others to connect rural community banks in the Philippines. These customers are looking for practical uses of blockchain technology and the right go-to-market approach for their solution. They are also concerned with the protection of private information on the ledger and the ability to govern the digital smart contracts where the business logic is executed.