There is a lot of excitement about new technology – Bitcoin’s blockchain and the Internet of Things in particular – but also a lot of hype. Blockchain advocates say it will transform every aspect of business from legal contracts to audit and compliance. Similar great things are claimed about the Internet of Things – that it will revolutionise manufacturing, transport, healthcare and home life.
The challenge is to sift out from all the different grand visions the practical possibilities – here is one from a paper on Rebooting Financial Services put together by Santander InnoVentures. It has the advantage of focusing on a single aspect of business – trade finance, of bringing together both the blockchain and the Internet of Things and can be explained in a couple of sentences.
