“In distributed ledger technology, we may be witnessing one of those potential explosions of creative potential that catalyse exceptional levels of innovation.”
The sentiment behind this proclamation in a report by the UK Government’s Chief Science Advisor is shared in the private sector. Accenture estimates DLT can save eight of the ten largest banks 30 percent in costs. Goldman Sachs estimates it can save global capital markets $6 billion annually. And Santander believes it can save the banking sector $15 and $20 billion a year in infrastructure costs. DLT can elegantly and securely solve the inefficiencies presented by storing data in centralized ledgers.
However, while DLTs can verify transactions, they cannot automate their execution. Business processes will still be run through complex, error prone, and highly inefficient models that often rely on third party “black box computation.” These existing processes are inefficient, opaque, and costly.
Innovators in financial markets, the Internet of Things, healthcare, and other sectors are on the cusp of disruptive solutions promising significant economic benefits. Yet, this infrastructure will stymie these innovations. New technology and business models that rely on complex, data-rich processes need a new business processing solution.
It is this challenge that drives Clearmatics.