With any new technology platform there is often a scramble to find the one killer app that drives adoption to the mainstream and blockchain is no different.
New research from Morgan Stanley estimates blockchain can cut between $15-20 billion (USD) in costs from the global financial market. However the distributed database technology has potential uses far beyond financial services and ConsenSys, a decentralized application and tool venture production studio, are on a mission to find and as many of them as possible.
Initially founded as a hub for building decentralized applications, mostly on Ethereum, ConsenSys now also offers consultancy services, often to multi-national enterprises who have woken up to the potential of blockchain technology.
Last year ConsenSys announced a partnership with Microsoft to integrate some of their tools into Visual Studio, Microsoft’s developer toolbox.
“Focusing on financial services we saw a lot of potential for a framework and platform like Ethereum to go across the platform of financial institutions and modernize a lot of processes that were stuck in the past,” said Marley Gray, Director of Technology Strategy, US Financial Services at Microsoft. “We thought that Ethereum was a really good platform for building distributed ledger applications.”
We recently spoke to Joseph Lubin, founder of ConsenSys and co-founder of Ethereum to find out more about the company and their vision for blockchain technology. Listen below.
We’re proud to support Consensus 2016