Blockchain holds the potential for a better-connected future for businesses. At the very heart of the hype surrounding this technology is the issue that the platforms used by businesses today simply do not talk to each other effectively.

Today, the systems used for various functions in a bank’s front, middle and back offices usually run on completely different technologies, standards and protocols, as do the systems used by their counterparties. This means that data is not the same in different locations across the bank and at the institutions with which it trades. And billions, if not trillions, of dollars are wasted every year dealing with the implications. However, in the blockchain-enabled future these isolated islands of asset representations will be no more.