By Ken Cottrill, Co-Founder and Research Principal
2017 was supposed to be the Year of the Blockchain Pilot in the financial services industry, but it didn’t quite pan out like that.
What blockchain lessons can the supply chain community learn from the financial markets?
Several industry panels at the Blockchain for Wall Street conference on November 14, 2017, in New York City, took a retrospective view of their efforts to advance blockchain solutions during the year. They reported significant achievements in many key areas, but patchy progress towards the completion of fully-fledged pilots.
In their defense, the task of changing multi-trillion-dollar, heavily regulated banking systems is not to be taken lightly, especially when the existing technology – albeit now quite old – functions well. Also, there was a general acceptance that the industry is a comparatively slow innovator.
Still, the lack of successful pilot completions this year underscores just how challenging it is to implement a highly disruptive technology.