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Blockchain consortium networks: Adding security and trust in financial services
Author(s) -
Nathan Julia,
Jacobs Bob
Publication year - 2020
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.22428
Subject(s) - blockchain , financial services , business , database transaction , distributed ledger , transaction cost , finance , computer security , accounting , computer science , programming language
This article explores blockchain consortium networks as an emerging technology for financial institutions. Blockchain is quickly becoming recognized for its value as an immutable ledger within the financial services industry. While Blockchain provides direct benefits in fraud prevention and transaction efficiency, consortium networks specifically address a need for increased trust and security in shared business processes. Also discussed are strategic decisions needed for implementing blockchain consortium networks at the enterprise level with topics ranging from membership choices to use of cloud services.