Report: Deloitte Exploring Blockchain Technology Applications for Clients

Professional services firm Deloitte has reportedly been exploring Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology with its clients for 18 months, now working on more than 20 use cases for the technology.

Speaking to CoinDesk, Deloitte Consulting principal Eric Piscini explained how as a 200,000-person company, the initiative started with a very specific mandate: understand the blockchain and its technology, since it can really change how the firm and its clients operate.

A group called the Deloitte Cryptocurrency Community (DCC) was formed, with about 100 members in 12 countries. Thus far, it has worked on communicating the benefits to banking and retail clients, and coordinate collaboration between and industry startups.

A number of protocols and technologies are being tried, including Blockstream, Counterparty and Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term. Some clients are still in the exploratory phase, while others are seriously thinking of real applications that can help increase revenues or reduce costs. These include reconsolidation between trading partners, real-time auditing, land registry and loyalty points.

Thus far, the firm has developed Rubix, a software allowing clients to build applications using the blockchain.

The firm joins more than a half-dozen major financial or professional institutions in their ambitions to explore distributed ledger technology. One of the heavy hitters, Citi, has apparently been researching the area for 3 years.

The report also comes days after the firm issued a report envisioning state-sponsored cryptocurrency, a position it likely arrived at after studying the field for a year and a half.