{"id":15483,"date":"2016-08-11T15:30:55","date_gmt":"2016-08-11T12:30:55","guid":{"rendered":"http:\/\/www.altoros.com\/blog\/?p=15483"},"modified":"2020-02-20T02:00:32","modified_gmt":"2020-02-19T23:00:32","slug":"blockchain-adoption-industry-requirements-and-the-role-of-prototypes","status":"publish","type":"post","link":"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/","title":{"rendered":"Blockchain Adoption: Industry Requirements and the Role of Prototypes"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/#Niche_blockchain_solutions_leading_the_way\" >Niche blockchain solutions leading the way<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/#%E2%80%9CDLT%E2%80%9D_or_%E2%80%9Cblockchain%E2%80%9D\" >&#8220;DLT&#8221; or &#8220;blockchain&#8221;?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/#Why_blockchain\" >Why blockchain?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/#A_successful_DLT-centric_model\" >A successful DLT-centric model<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/#DLT_in_action_European_implementations\" >DLT in action: European implementations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/#Driving_adoption\" >Driving adoption<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/#Want_details_Watch_the_video\" >Want details? Watch the video!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/#Related_reading\" >Related reading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/#About_the_speaker\" >About the speaker<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Niche_blockchain_solutions_leading_the_way\"><\/span>Niche blockchain solutions leading the way<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u201cWe are in an evolution where a lot of companies are creating a niche,\u201d said finoryx\u2019s <a href=\"https:\/\/www.linkedin.com\/in\/olivierroucloux\/\" target=\"_blank\" rel=\"noopener noreferrer\">Olivier Rouclox<\/a> as he opened the floor at a recent <a href=\"https:\/\/www.meetup.com\/Hyperledger-London\/events\/229797775\/\" target=\"_blank\" rel=\"noopener noreferrer\">Hyperledger meetup<\/a> in London.<\/p>\n<blockquote><p><em>\u201cWhen you look at the [blockchain] adoption, you can look at the past. You can see that a lot of very small initiatives happened, nothing major. There is no revolution.\u201d \u2014Olivier Rouclox, finoryx<\/em><\/p><\/blockquote>\n<p>Olivier believed that the future of blockchain banked on the prevalence of niche technologies, stating \u201cthe future will be a consolidation of all the niche that will increase to make something that has a business value for the community.\u201d<\/p>\n<p><center><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Olivier Roucloux talks about evolution not revolution in <a href=\"https:\/\/twitter.com\/hashtag\/Blockchain?src=hash\">#Blockchain<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/FinTech?src=hash\">#FinTech<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/HyperledgerLDN?src=hash\">#HyperledgerLDN<\/a> <a href=\"https:\/\/twitter.com\/gpn01\/status\/755463124115922944\/photo\/1\">pic.twitter.com\/fsKZbmWrd4<\/a><\/p>\n<p>&mdash; Gary Nuttall (@gpn01) <a href=\"https:\/\/twitter.com\/gpn01\/status\/755463124115922944\">July 19, 2016<\/a><\/p><\/blockquote>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/center><\/p>\n<p>He later explained the role of prototypes in this process.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%80%9CDLT%E2%80%9D_or_%E2%80%9Cblockchain%E2%80%9D\"><\/span>&#8220;DLT&#8221; or &#8220;blockchain&#8221;?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>But first, Olivier emphasized the importance of using the term <em>Distributed Ledger Technology<\/em> (DLT) instead of blockchain, because \u201ca lot of integrators are mad about the fact that you don\u2019t have bitcoin on the blockchain.\u201d<\/p>\n<p>He then lauded European Securities and Markets Authority (ESMA) for publishing a <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/2016-773_dp_dlt.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">paper<\/a> on DLT and for their understanding of the technology, its impact, and its effect on existing regulations.<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Olivier-Roucloux-finoryx-DLT-Distributed-Ledger-Technology-Blockchain-1-press-highlights.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Olivier-Roucloux-finoryx-DLT-Distributed-Ledger-Technology-Blockchain-1-press-highlights.jpg\" alt=\"Olivier Roucloux finoryx DLT Distributed Ledger Technology Blockchain 1 press highlights\" width=\"640\" class=\"aligncenter size-full wp-image-15674\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_blockchain\"><\/span>Why blockchain?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Olivier points out some key aspects of blockchain (or DLT) that is critical to any industry and not just financial services.<\/p>\n<ul>\n<li><strong>Transparency.<\/strong> All members of the ecosystem can see what\u2019s going on. <\/li>\n<p><\/p>\n<li><strong>Permanence.<\/strong> All actions conducted in blockchain are lasting. <\/li>\n<p><\/p>\n<li><strong>Collaboration.<\/strong> All members are expected to contribute to blockchain as a community. <\/li>\n<p><\/p>\n<li><strong>Business continuity.<\/strong> Distributed process ensures continuous and uninterrupted processing.<\/li>\n<p><\/p>\n<li><strong>Security.<\/strong> A combination of proven unbreakable cryptotechnology together with a distribution of security enforcement processes at different endpoints.<\/li>\n<p><\/p>\n<li><strong>Operations harmonization.<\/strong> Joint processes using smart contracts and similar open-source technology at all endpoints.<\/li>\n<p>\n<\/ul>\n<blockquote><p><em>&#8220;It&#8217;s interesting to ask yourself, &#8216;should I follow the hype of the technology or should I really think in terms of business value for blockchain?'&#8221; \u2014Olivier Rouclox, Vision and Product Strategy, finoryx<\/em><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"A_successful_DLT-centric_model\"><\/span>A successful DLT-centric model<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>To Olivier, the perfect blockchain technology would have the following attributes:<\/p>\n<ul>\n<li>It would have to be community-driven.<\/li>\n<li>It would have to be launched by a major infrastructure like a group of banks.<\/li>\n<li>It would have to be configured using recommendations from market representatives, working groups, and committees.<\/li>\n<li>It would have to use business standards edited by the most recognized bodies, implemented within autonomous smart contracts.<\/li>\n<li>It would have to be accessible to all members but with different levels of accessibility.<\/li>\n<\/ul>\n<blockquote><p><em>\u201cYou really need credibility behind your initiative, because if you don\u2019t have any credibility, you don\u2019t have any adoption.\u201d \u2014Olivier Rouclox, Vision and Product Strategy, finoryx<\/em><\/p><\/blockquote>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Olivier-Roucloux-finoryx-DLT-Distributed-Ledger-Technology-Blockchain-2-potential-new-infrastructure.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Olivier-Roucloux-finoryx-DLT-Distributed-Ledger-Technology-Blockchain-2-potential-new-infrastructure.jpg\" alt=\"Olivier Roucloux finoryx DLT Distributed Ledger Technology Blockchain 2 potential new infrastructure\" width=\"640\" class=\"aligncenter size-full wp-image-15675\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"DLT_in_action_European_implementations\"><\/span>DLT in action: European implementations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Olivier cited some cases where the tangible benefits of the DLT were being explored.<\/p>\n<ol>\n<li>Seven major financial institutions have started a collaboration to develop a blockchain infrastructure for SMEs in Europe.<\/li>\n<p><\/p>\n<li>In Luxembourg, 12 banks have joined forces with a Big Four company to create an infrastructure for bookkeeping of investment funds in Luxembourg.<\/li>\n<p><\/p>\n<li>KBC, a Belgian bank that has an e-banking platform with crowdfunding, has added a secondary market for crowdfunding which is essentially a safe keeping market infrastructure for post-trade based on blockchain.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Driving_adoption\"><\/span>Driving adoption<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Olivier states, \u201cthere is no one-stop-shop solution.\u201d There is no single blockchain solution that fits the whole ecosystem. So, to drive DLT adoption, Olivier suggests to learn what&#8217;s going on and build prototypes. &#8220;Don\u2019t wait, do something,&#8221; he said.<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Olivier-Roucloux-finoryx-DLT-Distributed-Ledger-Technology-Blockchain-3-adoption-conclusion.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Olivier-Roucloux-finoryx-DLT-Distributed-Ledger-Technology-Blockchain-3-adoption-conclusion.jpg\" alt=\"Olivier Roucloux finoryx DLT Distributed Ledger Technology Blockchain 3 adoption conclusion\" width=\"640\" class=\"aligncenter size-full wp-image-15676\" \/><\/a><\/p>\n<p>Proof of concepts may never become products, but if you don\u2019t start with a proof of concept, then you will truly never have a product.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Want_details_Watch_the_video\"><\/span>Want details? Watch the video!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"video-details-td\">\n<div style=\"float: right; width: 45%; padding-left: 15px; font-size: 14px;\">\n<p><strong>Table of contents<\/strong><\/p>\n<ol>\n<li style=\"margin-bottom: 6px;\">What&#8217;s happening with the adoption of DLT? (<a href=\"#wistia_kxs8rxyggi?time=271\">4&#8217;31&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">What does DLT bring in to FinTech? (<a href=\"#wistia_kxs8rxyggi?time=574\">9&#8217;34&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">An ideal use case for the DLT-centric model (<a href=\"#wistia_kxs8rxyggi?time=794\">13&#8217;14&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">What would the DLT-centric model look like? (<a href=\"#wistia_kxs8rxyggi?time=1337\">22&#8217;17&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Conclusions on the DLT and its future in FinTech (<a href=\"#wistia_kxs8rxyggi?time=1577\">26&#8217;17&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Q&#038;A. What&#8217;s the difficulty involved in getting multiple users to agree to sharing a defined set of data? (<a href=\"#wistia_kxs8rxyggi?time=1913\">31&#8217;53&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Q&#038;A. What kind of token can be used for security in the DLT? (<a href=\"#wistia_kxs8rxyggi?time=2088\">34&#8217;48&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Q&#038;A. Are there any initiatives for standardizing businesses standards in the DLT? (<a href=\"#wistia_kxs8rxyggi?time=2276\">37&#8217;56&#8221;<\/a>)<\/li>\n<\/ol>\n<\/div>\n<p><script charset=\"ISO-8859-1\" src=\"\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_embed wistia_async_kxs8rxyggi\" style=\"height:320px;width:440px\">&nbsp;<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Related_reading\"><\/span>Related reading<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/\">The Royal Bank of Scotland Builds a Hyperledger Digital Wallet: the Lessons Learned<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/blockchain-bottlenecks-in-finance-healthcare-and-insurance\/\">Blockchain Bottlenecks in Finance, Healthcare, and Insurance<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/hyperledger-blockchain-requirements-and-adoption-bottlenecks\/\">Hyperledger\/Blockchain Main Drivers, Use Cases, and Implications<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/hyperledger-and-blockchain-are-in-the-wright-brothers-era\/\">Hyperledger and Blockchain Are in the Wright Brothers Era<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/what-is-the-future-of-blockchain\/\">What Is the Future of Blockchain?<\/a><\/li>\n<\/ul>\n<hr\/>\n<h3><span class=\"ez-toc-section\" id=\"About_the_speaker\"><\/span>About the speaker<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div>\n<div style=\"float: right;\"><a href=\"https:\/\/www.linkedin.com\/in\/olivierroucloux\/\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Olivier-Roucloux-finoryx-bio.png\" alt=\"Olivier Roucloux, finoryx bio\" width=\"150\" height=\"150\" class=\"aligncenter size-full wp-image-15521\" \/><\/a><\/div>\n<div style=\"width: 600px;\"><small><a href=\"https:\/\/www.linkedin.com\/in\/olivierroucloux\/\">Olivier Roucloux<\/a> is a FinTech and innovation enthusiast with 20 years&#8217; experience in financial markets. He is the founder of finoryx, a solution company leveraging the blockchain concept to increase operational efficiency in the financial services industry. Before being an entrepreneur, Olivier held senior positions in innovation, business development, strategy, or product management. He worked for Euronext, SWIFT, Euroclear, and couple of service providers; with experience in diverse working locations including Brussels, Paris, Luxembourg, and London.<\/small><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Niche blockchain solutions leading the way<\/p>\n<p>\u201cWe are in an evolution where a lot of companies are creating a niche,\u201d said finoryx\u2019s Olivier Rouclox as he opened the floor at a recent Hyperledger meetup in London.<\/p>\n<p>\u201cWhen you look at the [blockchain] adoption, you can look at the past. You can see [&#8230;]<\/p>\n","protected":false},"author":32,"featured_media":15544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[7],"tags":[672,972,753],"class_list":["post-15483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-opinion","tag-blockchain","tag-finance","tag-hyperledger"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Blockchain Adoption: Industry Requirements and the Role of Prototypes | Altoros<\/title>\n<meta name=\"description\" content=\"What are the success criteria for a perfect blockchain technology? What does blockchain bring to the table, not only in FinTech? 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