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Cryptocurrencies

TMG and CO-OP FS provide update on Mercator blockchain studies

Thursday 23 June 2016 | 11:21 AM CET

TMG, CO-OP Financial Services and Mercator Advisory Group have started working on a collective plan to create clarity around the potential for blockchain technology.

Together, the companies have developed and begun testing a strategic decision framework for blockchain – something the companies have found does not exist today. The tool eventually will serve as an evaluation template for financial institutions exploring use cases for the emerging digital ledger technology.

Identifying business problems that may benefit from blockchain technology requires three steps. First, the problem must be defined in terms specific to how it might operate on the blockchain. Second, the current value chain must be examined to see if blockchain deployment is likely to be accepted by existing business partners. Third, the scope must be expanded to include relevant risk and regulatory considerations, according to a CO-OP representative.

A blockchain is a distributed database that maintains a continuously growing list of transaction records hardened against tampering and revision. It includes two types of records, transactions and blocks. Transactions include the actual data stored in the blockchain, and blocks confirm exactly when and in what sequence transactions have occurred.

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