R3 research - how blockchain can develop financial services market

R3 research - how blockchain can develop financial services market

Blockchain consortium R3 researched blockchain potential for financial market. The aim of research is to solve the main problems existing in the sector of commercial activity.

One of the main problem of this sphere is low level of effectiveness of operations processing process. It leads to time losses and increase in transactions cost. The researchers are sure that blockchain technology will allow to automatize completely the procedure of processing, avoid errors, long period of testing and operations with paper documents. Besides technology can consider activities of some sides. At the same time smart-contracts will provide the control of measures and conditions execution.  

The next important issue is authenticity of information. The risks in cooperation or financing are rated on the basis of achievable information. But nowadays it is very difficult to get complete package of data about activities. To process the data is even more difficult. Blockchain will give a chance not only to study all information, but also will simplify the process of necessary data search, analysis and identification.

The next issue is trust and confidence. This factor is the reason of 29% of refusals in cooperation and financing. Blockchain will provide digital notarial certification and access of regulators to data about activities. Besides, the distributed registry excludes the opportunity to change data after recording.


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