Blockchain Use Cases: Reference Data

Will Janensch

Many highly promoted enterprise blockchain use cases have focused on payments, transaction settlement and chain of custody/provenance (Shepherd et al, 2016). These are highly compelling uses cases, with many start-up and legacy players developing solutions. However, data management and the creating of “golden records” of the truth is an equally compelling blockchain use case that has received far less attention. This chapter will therefore focus on the consolidation, management and use of reference data by enterprise organisations, an area of data management for which blockchain could be a transformative technology.

Although reference data has not received the attention of other blockchain use cases, several start-ups and established companies have started to develop proof of concepts for how blockchains can be used to solve long-standing reference data pain points and disrupt legacy business models that do not effectively meet customers’ needs (Finextra, 2016).11For full disclosure, the author of this chapter is the co-founder of TruSet, a start-up that is building a blockchain-based solution to improve the quality and usability of financial instrument reference data.

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