Our own Peter Borovykh was a prominent speaker at the Blockchain on Wall Street Conference in New York City. Those in finance services have found that the road from proof of concept (POC) to actual product has been more difficult than previously believed. Several media outlets covered the conference, including Markets Media.
“That firms are trying to do this in one of the most highly regulated markets adds to the difficulty, according to Peter Boroykh, blockchain-solution architect at BlockchainDriven and head of trading strategies with AxionV, during a panel discussion at the Blockchain for Wall Street conference in lower Manhattan. Due to the independent approach that many firms take and the absence of broad leadership across the industry, Boroykh was pessimistic that Wall Street would see blockchain “solutions” anytime soon.”
The panelists all agreed with Borovykh and confirmed that firms looking to simply reduce their operational costs aren’t doing enough to maximize on blockchain technology. It seems having a viable business use case is the primary gating factor.
“Everybody is playing with their own things,” Borovykh said. “The only way to create a solution is through collaboration and partnership.”
Rather than tweaking existing work flows, the panelists advised firms to discover new business opportunities, such as rescuing stranded capital. Innovation within finance and creative ways to use this new technology will pave the way for such firms to move beyond the pilot and POC stage to a real working blockchain solution, and part of that is cooperation and data exchange.
The future of finance is blockchain and the Conference in New York was both enlightening and thrilling. Peter was swarmed with questions from those working with large banks and hedgefunds as they endeavor to flesh out their own blockchain use cases and projects. The networking opportunities were plentiful and he was glad to impart his considerable expertise to those in attendance.