Blockchain consortium networks: Adding security and trust in financial services. Issue 2 (22nd November 2019)

• Record Type: Journal Article
• Authors: Nathan, Julia; Jacobs, Bob
• Is Part Of: Journal of corporate accounting & finance. Volume 31:Issue 2(2020)
• Page Start: 29
• Page End: 33
• Publication Date: 2019-11-22
• Subjects: blockchain -- cloud services -- consortium network -- know your customer -- standby letter of credit; Accounting -- Periodicals; Accounting -- Law and legislation -- United States -- Periodicals; Corporations -- United States -- Finance -- Periodicals; Corporations -- United States -- Accounting -- Periodicals; 657
• DOI: 10.1002/jcaf.22428
• Languages: English
• ISSNs: 1044-8136

Abstract

Abstract: 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.