Overview There has been a lot of noise recently about terms like "bitcoin," "blockchain," and "cryptocurrency."Some of it is hype, but some of it points to important forces in the financial services industry.So what does it all mean?We’ve pulled together a few short articles that explain why a lot of industry observers are paying close attention.Let's start with some quick definitions.Blockchain is the technology that enables the existence of cryptocurrency (among other things).Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented.A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.Blockchain also has potential applications far beyond bitcoin and cryptocurrency.Blockchain is, quite simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network.

The major innovation is that the technology allows market participants to transfer assets across the Internet without the need for a centralized third party.From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software.Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance.For an overview of cryptocurrency, start with “Money is no object.” This paper, from PwC’s Financial Services Institute, focuses on cryptocurrency.We explain where it came from, how much consumers know about it and use it, what it will take for the market to grow, and what the regulators think.

We also look at how market participants, such as investors, technology providers, and financial institutions, will be affected.For some quick background on blockchain, take a look at “What is blockchain?” This short article provides some examples of the innovative uses of blockchain already being implemented by financial institutions.It also provides an overview of the challenges and opportunities that blockchain presents for the industry.For a look at blockchain’s future, peer into our crystal ball with “What’s next for blockchain in 2016?” This short article discusses the trends that will shape how blockchain technology  will be used and developed.From financial institutions needing to think about protecting their intellectual property to a shakeout in venture capital funding, this will be a busy year.For a deeper dive into blockchain’s implications, read “A strategist’s guide to blockchain.” This article, from strategy+business, examines the potential benefits of this important innovation — and also suggests a way forward for financial institutions.

Put simply,  proceed deliberately.Explore how others might try to disrupt your business with blockchain technology, and how your company could use it to leap ahead instead.bitcoin ruby on railsIn all cases, link your investments to your value proposition, and give your business partners and your customers what they want most: speed, convenience, and control over their transactions.bitcoin taxable ukFor a peek into the application of blockchains for smart contracts, check out “Blockchain and smart contract automation”.bitcoin reboundThis short series of articles explore how blockchains, both public and private, have triggered a global hunt for ways to remove friction from transaction-related processes, including the process of reaching contractual agreements.ethereum chain id

Learn about the precursors, challenges, and future outlook of implementing smart contracts.We also chat with Gideon Greenspan of Coin Sciences to learn about his views on the legal ramifications of public blockchains and why companies are seeking alternatives.bitcoin ticker proWhen a technology moves so quickly, it’s dangerous to sit on the sidelines.ethereum decentralized appsWe’re watching blockchain move from a startup idea to an established technology in a tiny fraction of the time it took for the Internet or even the PC to be accepted as a standard tool.Blockchain technology could result in a radically different competitive future for the financial services industry.These articles will help you understand these changes — and what you should do about them.Digital disruptor: How Bitcoin is driving innovation in entertainment, media and communications May 2014 Digital disruptor Bitcoin is a digital peer-to-peer currency which has been gaining momentum globally.

In 2013, Bitcoin had 3.4 million online mentions and in the US, many small and large entertainment, media and communications companies have begun experimenting with it.PwC commissioned an online consumer survey to gather awareness, attitudes and behaviors about Bitcoin.What should executives know about Bitcoin and its potential impact?What are the risks and benefits?PwC's point of view is that Bitcoin can be part of an innovative strategy for products, services and payment systems.Read PwC's report to learn about the evolution and impact of Bitcoin, and its adoption in sectors such as entertainment, media video games, casino gaming, travel & tourism, telecom and internet.Visit the Consumer Intelligence Series archive page for more issues.Download Digital disruptor: How Bitcoin is driving digital innovation in entertainment, media and communicationsRepresentatives from each of the 'Big Four' global auditing firms were in attendance yesterday at New York's Fordham University to discuss blockchain in the capital markets.

There, members of Accenture, Deloitte, EY, KPMG and PWC joined blockchain startup ConsenSys to discuss the future of the industry and to provide career advice to students on the cusp of beginning their professional careers.While no companies provided new insight into their public strategies, their off-the-cuff remarks shed light on how traditional financial institutions are becoming more comfortable with the increasingly nuanced technology.When given an opportunity to address the crowd, Subhankar Sinha, a PwC fintech director, told students that the best way to get involved in the industry is to buy and hold bitcoin and ethereum."Buy it with your own money.That will give you a tremendous dividend.You have to put yourself in uncomfortable situations.Have an open mindset.” Elsewhere, there was discussion about how the industry might evolve.An introduction from Fordham professor Dr Frank Hsu outlined the history of blockchain, drawing analogies to the TCP/IP protocol – an internet technology developed in 1983, but that did not gain mainstream adoption until 1995.

"Using that framework, blockchain, started in 2008, should gain mainstream status by 2020," he said.Panelist Chris Broderson, Capital Markets researcher at Accenture, focused on healthcare, stating that cryptographic technology will allow medical records to be easily stored and transferred via blockchain applications while also reducing fraud.Finally, panelist Vanessa Grellet, an ethereum executive and chair of Nexus Impact Investing Group, predicted that blockchain will disrupt the legal, financial services and remittance industries.She ended with an appeal to students: "Follow your passion, doing something you love, stick with something for two to three years to build expertise and knowledge in your field."And stressing the passion that those in the industry have for the technology, panelist and EY financial services manager Mike Maloney said: "Nobody gets in Twitter fights over Swift and ACH."Image by Michael del Castillo for CoinDesk The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.