Explore Industry 


Industry Research Home / Industry Resources  / Industry Research


This curated collection of research papers is recommended reading, for those wanting to have a reasonably in-depth understanding of the Bitcoin, Blockchain & the wider Payments & Financial Technology industries mega trends. 

Join our newsletter and enjoy free insights, charts, events, news & analysis - straight to your inbox!  



These are publicly available documents from major corporations, foundations, banks and/or government bodies and all copyrights go to the respective authors/organisations of each paper. If you would like to contribute to our research by suggesting a relevant paper, or to leave feedback, drop us a note on [email protected]Alternatively, you can submit your research here.

Choose by quarter

To jump to a specific quarter, click the buttons below.


timeline resources Q1 Cover 16
timeline resources Q2 Cover 16
timeline resources Q3 Cover 16
timeline resources Q4 Cover 16




Making Blockchain a Reality 

August 2016 | Temenos

A radical change in culture is required to re-think banks' business models in order to prosper in the future. So banks must devote adequate focus and manpower if they are to keep up pace with the market, but, once established, focus must be on the true benefit rather than just exploratory. So which areas do banks see the most opportunity?

View Report View Report



The future of financial infrastructure: An ambitious look at how blockchain can reshape financial services

August 2016 | WEF

The World Economic Forum (WEF) published a comprehensive, 130-page report which aims to complement existing distributed ledger technology research by providing a clear view into how financial service functions can be reimagined.

View Report View Report



Beyond the Buzz - Blockchain in capital markets and corporate banking

August 2016 | MISYS

The paper outlines an opinion on the real advantages of blockchain technology, and evaluates the use cases which Blockchain and distributed ledger technology have the ability to benefit in the short and medium term. 

View Report View Report



Credit Suisse analysis as to how blockchain can impact stocks

August 2016 | Credit Suisse

This report reassess the views on the extent to which bitcoin and its underlying technology, blockchain, present a disruptive threat and/or opportunity to global incumbents operating in the payments, capital markets, financial services and media ecosystems. The research leverages Credit Suisse's global franchise to deliver the collective cross-sector and cross-border insights of 31 contributing analysts across 5 sectors and 5 key geographies, providing 14 key stock calls.

View Report View Report



Blockchain Reaction - Tech Companies Plan for Critical Mass

July 2016 | Ernst & Young

EY’s analysis of blockchain suggests it may have the most impactful potential of the entire portfolio of disruptive technologies that are now emerging. But it also has the most obstacles to success, ranging from technical to cultural. Tech companies need to understand blockchain’s impact or risk being disrupted going forward.

View Report View Report



Credit Strategy -- Blockchain Technology: Robust, Cost-effective Applications Key to Unlocking Blockchain's Potential Credit Benefits

July 2016 | Moody's Investors Service (MIS)

This report explores how blockchain tech potentially can improve record-keeping and transactional efficiencies across many different processes and industries.

View Report View Report



Unlocking Economic Advantage with Blockchain: A Guide for Asset Managers

July 2016 | Oliver Wyman J.P. Morgan

In this joint report with J.P. Morgan, the authors argue that asset managers need to get off the sidelines and take the initiative to understand and embrace blockchain. The report is designed to serve as a guide to how the technology may evolve, the impact it can have on asset managers, and the action they can take.

View Report View Report



Chain Reaction: How Blockchain Technology Might Transform Wholesale Insurance

July 2016 | PWC, Long Finance

The purpose of the study is to identify practical uses for blockchain technology in wholesale insurance. Practical means having high value to individual firms and relatively low barriers to implementation, without requiring widespread industry consensus or regulatory change.

View Report View Report



The Macroeconomics of Central Bank Issued Digital Currencies

July 2016 | Bank of England - Staff Working Paper No. 605

This paper studies the macroeconomic consequences of a central bank granting universal, electronic, 24x7, national-currency-denominated and interest-bearing access to its balance sheet via the issuance, according to well-specified policy rules, of a central bank digital currency (CBDC). To study this issue we use a monetary-financial DSGE model, calibrated to match the United States in the pre-crisis period, that models CBDC as an imperfect substitute for bank deposits in the provision of monetary transaction services, and that models bank deposits as being created through loans or asset purchases as in Jakab and Kumhof (2015).

View Report View Report



Distributed Ledgers in Payments: Beyond the Bitcoin Hype

July 2016 | Bain BriefGlen Williams, David Gunn, Eduardo Roma and Bharat Bansal

The report spends time describing “established technologies,” that distributed ledgers combine. The block chain, Digital signatures, A consensus mechanism, and A digital currency.

View Report View Report



Research on Online Business Models Infringing Intellectual Property Rights

July 2016 | EUIPO

This new study aims to provide an overview of the different online business models infringing IPRs, assessing how they function, how they are financed, and how they generate profits for their operators. It will provide policymakers, civil society and private businesses with a better understanding of the landscape, and starts with a dozen explanations of terms used within the document.

View Report View Report



Blockchain in insurance – opportunity or threat? 

July 2016 | McKinsey & Company

This paper outlines the most promising insurance-related blockchain use cases in three categories: enabling growth, increasing effectiveness, and reducing cost by automating key processes.

View Report View Report



Opportunity Now: Europe’s Mission to Innovate 

July 2016 | European Political Strategy Centre (EPSC)

The 346-page e-book was co-authored David Ringrose, Acting Director at the EC Directorate General for Communications Networks, Content & Technology (DG CONNECT). The pair were commissioned by Juncker, in June last year, to conduct the EU policy review.

View Report View Report



Shared ledger technologies and opportunities 

July 2016 | Henry Stewart Publications

This paper sets out a simple shared ledger taxonomy and layered architecture designed to facilitate communication between technologists, businesses and regulators in the financial services world and explains why the various forms of shared ledgers might be attractive to financial services organisations, borrowing the phrase “ambient accountability” from architecture to suggest a new way to organise a financial sector.

View Report View Report



Revised Uniform Fiduciary Access To Digital Assets Act

July 2016 | General Assembly of the State of Colorado

Colorado has recently enacted the Revised Uniform Fiduciary Access to Digital Assets Act (“RUFADAA”). This new act will be effective as of August 10, 2016 and can be found at C.R.S. § 15-1-1501 et seq.

View Report View Report



Orange Line 750x3

timeline resources Q2 Cover 16



Virtual currencies: Media of exchange or speculative assets?

June 2016 | SWIFT Institute

This paper uses a theoretical model to analyse the dynamic relationship of virtual currency with fiat currency. The model demonstrates that the price impact of potential users and speculators in virtual currencies adversely affects their property as a medium of exchange and renders a crowding out of existing fiat currencies such as the US dollar unlikely

View Report View Report



Consensus - Immutable agreement for the internet of value

June 2016 | KPMG

This paper aims to provide an overview of how Blockchain and other distributed ledgers, specifically their underlying consensus mechanisms, have evolved over time. This research paper will also review how various distributed ledger consensus mechanisms continue to evolve and are currently being tested and, in some cases, implemented.

View Report View Report



Fast forward: Rethinking enterprises, ecosystems and economies with blockchains 

June 2016 | IBM

Distributed ledgers like blockchains are shared and write business transactions to an unbreakable chain that is a permanent record, viewable by the parties in a transaction. Blockchains shift the lens from information held by an individual owner to the cross-entity history of an asset or transaction. This research shows that once that happens, five attributes that are fundamental to blockchains have the potential to vaporize the frictions that hold us back today.

View Report View Report



Blockchain and the law - An uncharted landscape

June 2016 | Clyde & Co

The financial and technological industries are coming together to explore the possibilities in blockchain, or distributed ledgers, the technology underlying the digital currency bitcoin. Blockchain offers the potential to become an essential component of the infrastructure for the Internet of Things. This report explores some of the opportunities and challenges.

View Report View Report



Blockchain and T2S: A potential disruptor

June 2016 | Standard Chartered

T2S has been subject to a number of delays over the last few years although deadlines are fast approaching. The ECB highlights migration of CSDs onto the T2S platform will occur in waves and has been doing so since June 2015. The final wave of CSDs located in countries including the Baltics, Finland and Spain will be migrated onto T2S on September 18, 2017. However, some hypothesise whether blockchain’s evolution and implementation in the securities services industry could threaten or even replace T2S. 

View Report View Report



Blockchain ReactionUnderstanding the opportunities and navigating the legal frameworks of distributed ledger technology and blockchain

June 2016 | Allens

The authors of the report predict distributed ledger technology will fundamentally reorder the mechanics of both financial and other transactions. In the meantime, businesses will need to decide to what extent they will participate and invest in its ongoing development. Few can afford to sit on the sidelines waiting for total clarity as the technology evolves and is deployed by longstanding competitors and new entrants alike.

View Report View Report



Is RegTech the new FinTech?

June 2016 Deliotte

This article is based on research and interviews Deiotte undertook with RegTech companies and seeks to explore how firms can benefit from regulatory technology and how they can leverage regulatory focused data to better understand and manage their compliance risks.

View Report View Report



Discussion Paper: The Distributed Ledger Technology Applied to Securities Markets

June 2016 ESMA

ESMA is seeking feedback from stakeholders on the possible use of DLT in securities markets, its potential benefits and the risks that such broader use may pose. In the Discussion Paper, ESMA analyses the potential benefits of DLT such as higher security, greater efficiency in clearing and settlement and reduced costs.

View Report View Report



Bitcoin: Ringing The Bell For A New Asset Class

June 2016 | ARK INVEST - Coinbase

ARK Invest and Coinbase explore the merit of bitcoin as the first of its kind in a new asset class—cryptocurrency—distinct from all other asset classes. Universally, we think traditional asset classes must meet the requirement of investability. However, traditional asset classes then differ in their politico-economic features, correlation of price movements, and risk reward profiles. In this paper, all four criteria are explored in the context of the major asset classes.

View Report View Report



Blockchain Technology: Possibilities for the U.S. Postal Service

May 2016 Office of Inspector General - United States Postal Service

This paper proposes that blockchain technology could impact the Postal Service’s business in several ways. For example, blockchain is already disrupting the global financial services industry — an industry the Postal Service is involved in through services such as money orders and international money transfers.

View Report View Report



FinTech – Challenges and Opportunities 

May 2016 | McKinsey & Company

The financial services sector in Germany is facing unprecedented change. Startups and other attackers are jostling for their place in the market, backed by new technologies. Known as FinTech (Financial Technology) companies, they provide alternative solutions and business models that could render traditional banking processes obsolete in many areas. This worldwide trend will become very evident. In Germany, it may jeopardize around a third of all bank revenues over the next few years. 

View Report View Report



Social KYC for Cryptocurrencies

May 2016 Veridu - Rampants

This paper offers some ideas about identity verification in an online world. It explores some common challenges when using traditional methods, and will introduce a new approach — social KYC, using a person’s digital footprint and online social identities to instantly verify and authenticate their identity with a high degree of confidence. This approach can also be used to reduce fraud and to manage compliance requirements as a complementary approach with other forms of KYC and IDV as required. 

View Report View Report



Blockchain developments at ASX

May 2016 |Blockchain Summit

Blockchain developments at the Australian Securities Exchange (ASX) have graced media headlines over the last year, with many covering the recent partnership with Digital Asset Holdings. 

View Report View Report



Blockchain Basics: A Primer

May 2016 |Pillsbury

Blockchain, the technology underlying the cryptocurrency Bitcoin, is poised to revolutionize how all commercial transactions are 

View Report View Report



Fujitsu European Financial Services Survey 2016  

May 2016 |Fujistu

This report examines how banking and insurance are evolving and the impact on consumer channels, data sharing and personalization, as well as what all this means for customer loyalty. 

View Report View Report



The Impact and Potential of Blockchain on the Securities Transaction Lifecycle

May 2016 | Swift Institute

This paper reports the outcome of a series of interviews and focus group meetings with professionals working in post-trade processing and the provision of mutual distributed ledger services. The objective was to elicit and document views on three research hypotheses about the potential impact of mutual distributed ledger technology (‘blockchain’) on post-trade processing global securities markets. 

View Report View Report



GST Treatment of Digital Currency  

May 2016 | Australian Treasury

The Australian Government has released a discussion paper entitled ‘GST treatment of digital currency’. This paper provides background and questions for consultation on the potential approaches available to identify digital currencies in the GST law and change their GST treatment to remove ‘double taxation’.

View Report View Report



Blockchain And The Law: Practical Implications Of A Revolutionary Technology For Financial Markets And Beyond   

April 2016 | DLA Piper

This paper looks into how Blockchain Technology is affecting the financial landscape, and what should you know about the legal challenges surrounding it.

View Report View Report



Disruptive Innovation: 'New Markets New Metrics'   

April 2016 | ARK INVEST

This paper explores some of the broad thematic research areas upon which ARK Investment Management is focused today. These subjects fit squarely in the macro realm that portfolio managers should understand when analyzing investment opportunities. Like changes in economic policy, nonlinear changes in technology can have dramatic effects on industries across the globe.

View Report View Report



Banking in a world of programmable assets  

April 2016 | Accenture

The Bitcoin cryptocurrency has been making headlines for several years. But in recent months the focus has widened to the broader potential of the blockchain technology that underpins it—including the creation of distributed consensus ledgers (DCLs). Now the focus has shifted again, to the implications blockchain brings for financial assets in general.

View Report View Report



Distributed ledger technologies in securities post-trading 

April 2016 |  ECB

This paper analyses the main features of DLTs that could influence their adoption by financial institutions and discusses how use of these technologies could affect the European post-trade market for securities.

View Report View Report



A brave new world? What impact will distributed ledger technology have on the financial industry?  

April 2016 | ECB

One of the more recent technological developments that holds potential for the financial industry is distributed ledger technology, or DLT. This article looks briefly at what exactly this new technology is and what the potential implications are for Europe’s financial market infrastructure.

View Report View Report



Securing Personal Genomic Data: The Potential of The Blockchain  

April 2016 | Curlew ResearchRichard Shute

View Report View Report



The Use of Distributed Ledger Technologies in Payment, Clearing, and Settlement  

April 2016 |US federal Reserve - Lael Brainard

This paper will focus on newly emerging distributed ledger technologies and related protocols, which were inspired originally by Bitcoin, and their potentially important applications to payment, clearing, and settlement in the wholesale markets.

View Report View Report



SWIFT and Accenture outline path to Distributed Ledger Technology adoption within financial services  

April 2016 | SWIFT - Accenture

This paper investigates how Distributed Ledger Technologies (DLTs) could be used in financial services. Published in collaboration with Accenture, the paper is based on an in-depth technology assessment by SWIFT of DLT usage across financial institutions, highlighting the opportunities as well as the challenges for industry wide adoption. 

View Report View Report



Global Insight: Blockchain in Banking: Disruptive Threat or Tool?  

April 2016Morgan Stanley

Blockchains could have widespread potential to disrupt financial intermediaries. This in-depth study suggests several misconceptions & identifies 10 hurdles to overcome to make blockchain a reality in banking. The opportunity is clear but the bluesky is too far off to impact our 2017/18e.

View Report View Report



Financial Stability In The Digital Age 

April 2016 | Banque de France

Innovation shapes the evolution of the financial system and plays a crucial role in economic development. Yet innovative technologies may also make more questionable contributions, like during the 2008 financial crisis. 

View Report View Report



Tech Trends 2016 - Innovating in the digital era

April 2016 | Deliotte  

The 2016 report identifies eight trends that reflect macro forces fuelling innovation: digital, analytics, cloud, the renaissance of core systems, and the changing role of IT within the enterprise, balanced with the implications of cyber risk—security, compliance, regulatory and compliance, quality, and safety.

View Report View Report


10th Advanced Payments Report 2016

April 2016 | Edgar, Dunn & Company

Edgar, Dunn & Company (EDC), the global strategy consultancy, released their 10th Advanced Payments Report 2016 (APR 2016), sponsored by Wirecard, the global financial services and technology company. It provides perspectives and insights from payment industry executives, analysts, and stakeholders obtained from interviews, discussions, and EDC’s annual online advanced payments survey of over 500 industry professionals.

View Report View Report

Orange Line 750x3

timeline resources Q1 Cover 16



Bitcoin Investment Trust (GBTC)

March 2016 | Needham & Company, LLC

The Bitcoin Investment Trust is a private open-ended Trust that invests exclusively in Bitcoin, and consequently the value of shares in the Trust is driven primarily by the price of Bitcoin.

View Report View Report


De Nederlandsche Bank N.V. 2015 Annual Report

March 2016 | De Nederlandsche Bank

The 2015 Annual Report from De Nederlandsche Bank

View Report View Report


Blurred lines: How FinTech is shaping Financial Services

March 2016 | PricewaterhouseCoopers

This PwC report assesses the rise of new technologies in the financial services sector across the globe, the potential impact of FinTech on market players and their attitudes regarding the latest in technology developments. Additionally, it offers insight as to the responses of the sector to this ever-changing environment.

View Report View Report


Money Of The Future: Results of 2015 / Trends for 2016

March 2016 | Life.SREDA

Annual fintech research by Life.SREDA VC. In collaboration with INSEAD business school and Deloitte.

View Report View Report


Backing Australian FinTech

March 2016 | Australian Treasury

At the recent World Economic Forum it was noted that 90 per cent of the data we use today has been created in the past two years. The ability of new technology to capture and process big data is changing how we do business and the way consumers use products and services.

View Report View Report


Bitcoin Investment Trust - 2015 Annual Report

March 2016 | Grayscale Investments, LLC

View Report View Report


Banking Industry Outlook: Banking reimagined

March 2016 | Deliotte - Val Srinivas

In this special report, we examine how various disruptive trends we are seeing today in areas such as artificial intelligence and machine learning, blockchain technology, collaborative ecosystems, cryptocurrencies, demographics, and customer experience are coming together to influence the future of banking. This outlook is part of Deloitte’s Financial Services Industry Outlooks series, which provides disruptive trends and bold predictions over the long term for banking, insurance, investment management, and commercial real estate.

View Report View Report


Central banks and digital currencies - Speech by Ben Broadbent

March 2016 | Bank of England - Ben Broadbent

Speech given by Ben Broadbent, Deputy Governor for Monetary Policy, Bank of England at the London School of Economics on Wednesday 2 March 2016.

View Report View Report


Israel - A Hotspot For Blockchain Innovation

February 2016 | Deliotte 

This report is the first of its kind, offering a laterally overview of the blockchain technology - the ecosystem, benefits & challenges and the blockchain startup landscape in Israel.

View Report View Report


How blockchain-timestamped protocols could improve the trustworthiness of medical science [version 1; referees: 2 approved]

February 2016 | F1000 ResearchGreg Irving, John Holden

Trust in scientific research is diminished by evidence that data are being manipulated. Outcome switching, data dredging and selective publication are some of the problems that undermine the integrity of published research. This report is a proof-of-concept study using a ‘blockchain’ as a low cost, independently verifiable method that could be widely and readily used to audit and confirm the reliability of scientific studies.

View Report View Report


Draft Report on Virtual Currencies - Committee on Economic and Monetary Affairs 

February 2016 | European Parliament - Jakob von Weizsäcker 

This report, authored by European Parliament member (MEP) Jakob von Weizsäcker of the Committee on Economic and Monetary Affairs, calls for the creation of a horizontal Task Force DLT to be set up under the leadership of the Commission. 

View Report View Report


FinTech 2.0: Creating new opportunities through strategic alliance

February 2016 | Deutsche Bank

How financial technology firms and digital ecosystems can leverage banks’ core competencies through equal partnerships, to innovate and grow in the B2B space.

View Report View Report


Distributed Ledger : The technology behind the virtual currency on the example of the blockchain

February 2016 | BaFin

This article explains how DLT works, how it can be applied and what effect it may have on the financial market.

View Report View Report


Eurosystem's vision for the future of Europe’s financial market infrastructure

February 2016 | European Central Bank

The launch of TARGET2-Securities (T2S) as a new platform for securities settlement provides an ideal opportunity for the Eurosystem to develop a vision for evolving its market infrastructure services.

View Report View Report


Five Things Blockchain Must Get Right to Realize Its Full and Transformative Potential

February 2016 | DH Corporation

D+H outlines key considerations blockchain technology must achieve to fully capitalize on its potential to revolutionize payments.

View Report View Report


How Can Cryptocurrency and Blockchain Technology Play a Role in Building Social and Solidarity Finance?

February 2016 | United Nations Research Institute for Social Development

This paper provides a primer on the basics of Bitcoin and discusses the existent narratives about the technology’s potential to facilitate remittances, financial inclusion, cooperative structures and even micro-insurance systems.

View Report View Report


CAPITAL MARKETS UNION: The Road to Sustainable Growth in Europe

February 2016 | Nasdaq

In February 2015, the European Commission launched a consultation on the measures needed to unlock investment in the EU and create a single market for capital. More than 700 responses were received reflecting broad support for the Capital Markets Union (CMU).

View Report View Report


Blockchain in Capital Markets - The Prize and the Journey

February 2016 | Euroclear

This joint report by Euroclear and Oliver Wyman aims to help leaders in capital markets to understand the potential of blockchain technology while laying out the paths for its adoption, and presenting the decisions that are required by capital markets firms today.

View Report View Report


Payment Survey 2016-2 Distributed Director and Technical Status and implications of the digital currency

February 2016 | Bank of Korea - Payment Systems Research Team

Status and implications of the  distributed ledger technology and digital currency.

View Report View Report


Virtual currencies: what are the risks and benefits? 

January 2016 | European Parliament

Are virtual currencies an opportunity to transfer money more cheaply or just a way for criminals to trade in illegal goods? The Parliament's economic committee held a hearing in January to discuss the issues involved with experts, who told them EU regulation should not go beyond preventing and fighting crime. Parliament is currently working on a report on virtual currencies, which the economic committee is expected to vote on in April.

View Report View Report


Economy in the digital transformation 

January 2016 | Deutsche Bundestag


View Report View Report


Perspective on the structure of the Dutch banking sector

January 2016 | DeNederlandscheBank

This vision paper focuses on the structure of the Dutch banking sector, within the context of the European banking union. 

View Report View Report


Virtual Currencies and Beyond: Initial Considerations

January 2016 | IMF

This document provides an overview of virtual currencies, how they work and how they fit into monetary systems, both domestically and internationally.

View Report View Report


Blockchain. Enigma. Paradox. Opportunity

January 2016 | Deliotte

There are new and emerging opportunities for organisations in all sectors to create and deliver compelling services for their customers using the power of disruptive innovation. As organisations formulate their plans for the coming months, this paper aims to help business and public sector leaders understand the cultural and organisational challenges that are inevitably brought by the use of blockchain technologies, and provides them with the insights they need to overcome them.

View Report View Report


The promise of Bitcoin and the Blockchain

January 2016 | Consumer Research - Bretton Woods

This paper identifies and explains the opportunities presented by blockchain technologies, the challenges faced by those opportunities, and potential ways to address those challenges.

View Report View Report


Q & A - What’s next for blockchain in 2016?

January 2016 | PricewaterhouseCoopers

Blockchain technology is being adopted at unprecedented speed. Financial institutions are realizing the potential of this next-generation business process improvement software to alter shared practices between customers, competitors, and suppliers.

View Report View Report


Opportunities and risks associated with the advent of digital currency in the Caribbean

January 2016 | Economic Commission for Latin America and the Caribbean

This report examines the usage of digital currency technology in the Caribbean subregion with a view to drawing attention to the opportunities and risks associated with this new phenomenon. It discusses the broader context of an emerging activity at the global level and considers how this technology could address subregional deficiencies in the electronic payment infrastructure.

View Report View Report


Embracing Disruption: Tapping The Potential Of Distributed Ledgers To Improve The Post-trade Landscape 

January 2016 | DTCC

This paper calls for industry-wide collaboration in leveraging distributed ledger technologies to modernize, streamline and simplify the siloed design of the financial industry infrastructure and address certain limitations of the current post-trade process.

View Report View Report


Economy in the digital transformation

January 2016 | Deutsche Bundestag

View Report View Report


A Strategist’s Guide to Blockchain

January 2016 | John Plansky, Tim O’Donnell, and Kimberly Richards (PWC)

The distributed ledger technology that started with bitcoin is rapidly becoming a crowdsourced system for all types of verification. Could it replace notary publics, manual vote recounts, and the way banks manage transactions?

View Report View Report


Distributed Ledger Technology: beyond block chain

January 2016 | UK Government Chief Scientific Adviser

This report makes a number of recommendations which focus on ministerial leadership, research, standards and the need for proof of concept trials.

View Report View Report

 Orange Line 750x3