Blockchain in Financial Services

Digital process automation and blockchain in financial services

Share this post:

Blockchain is more than a buzzword — it is a game-changer with the potential to revolutionize business operations across industries and the replay of a blockchain webinar will expand this discussion into the ongoing impact of blockchain in the financial services sector.

Financial institutions handle multi-party business transactions daily, and many are investing heavily in blockchain. According to a World Economic Forum study, by the end of the year 80 percent of banks plan to initiate blockchain projects. And there is certainly global interest, with companies in over 24 countries currently investing in blockchain projects.

Blockchain technology significantly affects a company’s business processes, becoming part of a multi-party automated process sharing a distributed transactional hyperledger. An essential part of implementing and adopting blockchain technology is to rethink these processes and the business rules associated with them.

IBM provides a suite of products to help enable this business transformation:

  • IBM Blueworks Live fosters collaborative discovery and not only serves as an intuitive way to document all workflows and exceptions, but as a single source of truth for all process models.
  • IBM Business Process Manager automates processes and provides end-to-end visibility of process statuses and exceptions.
  • IBM Operational Decision Manager codifies and automates business policies as well as externalize business rules so that they can be quickly and easily updated.

Blockchain for financial services means more trust for all

Implementing blockchain technology requires companies to develop and implement smart contracts, which are business rules that regulate transactions occurring on the hyperledger. Read more about how to make your blockchain smart contracts smarter with business rules.

Business process management streamlines business processes within an organization where participants normally trust each other. In contrast, blockchain enables the execution of business processes across multiple organizations with unfamiliar participants. Combining business process management and blockchain technologies leads to smarter business processes.

Want to learn more? Tune in to the replay of the webinar, Blockchain in Financial Services: Digital Process Automation and Smart Contracts, featuring:

  • Harley Davis, IBM Vice President, France Lab and Decision Management
  • Matthias Kloppmann, IBM Distinguished Engineer, CTO, Digital Process Automation
  • Stephane Mery, IBM Distinguished Engineer, ODM Chief Architect, IBM Hybrid Cloud

Discussion topics include how to incorporate blockchain into existing and future systems, assess the readiness of your core business processes, and evaluate the tangible benefits of smart contract-based distributed transactions.

Learn more about more how blockchain and digital process automation can be integrated to improve business processes.

Learn more about blockchain today

Distinguished Engineer - CTO, Digital Process Automation - Member, TEC CR and Ao, IBM Hybrid Cloud

More Blockchain in Financial Services stories

Symbiotic collaboration: A key to succeed with blockchain in financial services

What’s stopping blockchain from becoming a more pervasive technology in financial services? If you think it has something to do with the technology behind blockchain, you’re partially wrong — it’s the nature of the solution that is causing the barrier. For a blockchain-based solution to work successfully, it requires multiple entities to come together in […]

Continue reading

Blockchain in insurance: Five reasons why openIDL will succeed

As an IBM Distinguished Engineer, I have spent the last two and a half years working on blockchain with our U.S. banking and insurance clients. More recently, I have been the IBM technical executive overseeing open Insurance Data Link (openIDL), the insurance network partnership with the American Association of Insurance Services (AAIS). It’s been very […]

Continue reading

How blockchain can drive sustainability accounting

Blockchain technology is, almost without argument, the topic of the year and is even more high profile for the accounting and financial services industries. Almost without exception, major conferences, journals, media publications and most conversations, are impacted by this technology. Even with all of the excitement, investment and analysis, however, most of the conversations have […]

Continue reading