Search over 27,600 MOOC courses
enter subject, university name or course name
Career Evolve is your partner in online learning and career development. Search our catalog of 28,000+ courses from over 21,000 top colleges and universities. Our partners have helped over 2 million students and continue to enroll over 30,000 students each month. Career Evolve provides you with access to free and affordable online training.

You can take courses in subjects varying from Philosophy to Computer Science or even Advanced Fiction Writing to Becoming a Physical Therapy Aide. Learn at your pace anytime and anywhere.
Career Evolve also integrates with LinkedIn to profile your achievements to potential employers.

Whether you are searching for micro learning from providers, such as Coursera, EdX or courses from leading Universities like MIT, Stanford and Peking University, Career Evolve is the answer for affordable learning and shrinking training budgets.

Invest in yourself with Career Evolve.

Discover your next learning opportunity from just one of our many Universities

Massachusetts Institute of Technology Georgetown University University of Queensland Boston University McGill University
Harvard University UC Berkeley Cornell University University of British Columbia Hong Kong University of Science and Technology

Wednesday, 1 June 2016

Will Blockchain Become The Internet Of Finance?

I’m the head of the Corporate Market for the Tax & Accounting business at Thomson Reuters – we build the corporate tax software used by many of the world's largest multinationals, as well as the Big 4 accounting firms. I work closely with global business leaders to set up their tax technology, so I have visibility into how they handle financial reporting and the challenges they face. I also serve on the board of a growing medical technology startup. In this blog, I analyze the connections between economics and business opportunities, highlighting examples of where tax helps or hinders growth. Follow the brand @YourONESOURCE.

Perhaps an even better question is: When did back-office record-keeping become so sexy?
For anyone who’s been following innovation in the financial technology space, the word blockchain has become the buzzword du jour in the span of about 12 months. Conference sessionsnews storiesregulatory testimony – they are all consumed with the underlying ledger technology that powers Bitcoin. It’s estimated that $1 billion has been invested in blockchain start-ups since the technology was introduced.
How did this happen and what about this particular technology has so many people in so many different industries tripping over themselves to develop new blockchain-based technologies?
To fully understand the practical potential for blockchain, it is important to first understand how it works and where it came from. In its simplest possible form, the blockchain is a digital platform for recording and verifying transactions. It traces its roots to Bitcoin, the digital “cryptocurrency” created in a 2009 whitepaper written by an unknown author or authors using the pseudonym Satoshi Nakamoto.
The paper outlines the process of creating a purely peer-to-peer version of electronic cash that can be sent directly from one party to another without going through a financial institution. The key to maintaining the integrity of that system is a digital ledger that timestamps transactions by logging them into an ongoing chain of record, providing proof of all transactions on the Bitcoin network. This unbreakable, un-hackable, crowd-sourced chain of record is the blockchain.
Where this concept gets exciting is in its potential application across a number of different industries. The financial services space has been the fastest to adopt the technology, recognizing its potential to streamline cumbersome and costly processes like trade processing, clearing and settlement. This potential led the Bank of England to suggest that blockchain could be the “Internet of finance.” In describing the logic behind their thinking, the BoE wrote:
“The key innovation in this regard is the introduction of a ‘distributed ledger’, which allows a digital currency to be used in a decentralised payment system. Any digital record of currency opens up the possibility that it may be copied and spent more than once. With conventional bank deposits, banks hold the digital record and are trusted to ensure its validity. With digital currencies, by contrast, the ledger containing the record of all transactions by all users is publicly available to all. Rather than requiring users to have trust in special institutions, reliance is placed on the network and the rules established to reliably change the ledger.”
 Basically, what the BoE is saying is that blockchain has the power to remove all of the middlemen that are party to a transaction, creating a pure digital record that exists independent of any single institution and cannot be tampered with or exploited in any way. In that sense, blockchain is a dream come true for the entire financial system, addressing everything from too-big-to-fail to anti-money laundering and corporate transparency issues in a single, elegantly designed package.
It’s not just finance either. One group of big tech and finance companies has combined forces in the Open Ledger Project to create a wide range of different blockchain-style projects for different specialized needs, ranging from conventional supply chain management to basic administrative tasks like exchange of car titles.  Some schools are even using blockchain to record students’ grades and share academic certificates.  And, of course, there is already talk of tax being collected via blockchain at some point in the future.
In many ways, the business opportunities enabled by blockchain technology are not dissimilar in concept from other disruptive technologies built on the peer-to-peer model, such as Uber and Airbnb.  And that’s where things start to get really interesting for blockchain. Like these other types of peer-to-peer applications, blockchain has the power to significantly disrupt the status quo by removing administrative layers from the banking and finance process, ultimately streamlining labor- and cost-intensive functions across a wide array of financial services. While we’ve yet to really see the first real Uber or Airbnb of blockchain emerge, there are dozens of different firms working to develop solutions based on the technology. Imagine what will be possible when they get the recipe right.

No comments:

Post a Comment


Starting a Consulting 


Starting a Consulting Practice

Find out how you can earn income by sharing your training or knowledge with others.
PMP ® Certification Prep 1

PMP ® Certification Prep 1

Begin a well-paying career as a project manager by preparing to take--and pass--the PMP® certification exam.
How to Get Started in Game Development

How to Get Started in Game Development

Take steps toward a new career in game development by building a foundation to design games in a wide variety of genres for different audiences and platforms.
Accounting Fundamentals

Accounting Fundamentals

Gain a marketable new skill by learning the basics of double-entry bookkeeping, financial reporting, and more.
Conversational Japanese

Conversational Japanese

Whether you want to learn conversational Japanese for travel or just for fun, you'll find this course makes it easy and enjoyable for beginners to master the essentials of the Japanese language.
Introduction to QuickBooks 2015

Introduction to QuickBooks 2015

Learn how to quickly and efficiently gain control over the financial aspects of your business using this powerful software program.

Student Profiles