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The emerging digital ecosystem will displace control of value from legacy silos to an open business environment
NEW YORK–(BUSINESS WIRE)–Digital Asset, a software and services provider that helps businesses create economic value through interconnected networks, and Oliver Wyman, a leading international management consulting firm , released a joint report that outlines the Global Economic Network — a network of networks where information and value are shared efficiently and transactions occur seamlessly, while all parties’ data remains private and secure. Click here to download a full copy of the document.
The report shows that the global economic network is gaining momentum to enable financial institutions to reach the greatest number of users, assets and markets with minimal friction, ushering in a new wave of innovation in the industry . According to the document, in order to realize the benefits of the global economic network, financial institutions need to make changes to business strategy and architecture to be more open, allowing information and value to flow freely. This change of model is called Open Business. The paper suggests that adopting an Open Business strategy offers financial institutions the best opportunity to unlock the full potential of decentralized finance (DeFi) and distributed ledger technology (DLT).
Among the strategic recommendations:
Understand the end-to-end value chain of your own business and that of your customers and determine where value is moving in an open and fully digital environment
Determine where core utility constructs, such as data sharing, will provide greater value and migrate or centralize accordingly
Launch Open Business experiments and co-create solutions with targeted customer segments to build capacity
Build and maintain a pool of service partners to provide customers with relevant, out-of-the-box service options
Monitor your network and make sure you are part of the “early experiences” – early innovation successes may not happen in your core markets.
“We are excited to launch our vision for the global economic network,” said Shaul Kfir, co-founder and chief architect of Digital Asset. “This is a fundamental shift for market players as the industry moves towards a more open mindset and enterprise architecture. We believe that the future of the global economy is a network of networks that allows the value of information to flow freely across organizational boundaries.
“Just as the internet has rapidly disrupted historical and historic players, the global economic network will force organizations to adapt,” said Michael Wagner, partner at Oliver Wyman. “The most successful organizations will reinvent their systems, technical architecture, and business models to facilitate shared processes and co-creation capabilities with customers, strengthening their ability to generate seamlessly integrated innovative solutions. By embracing this change, these entities will seize a huge opportunity to lead this revolution into its next phase.
The Global Economic Network is built on a new generation of technology that seamlessly connects previously incompatible infrastructures while enabling businesses to exchange assets and share authorized data among multiple trading parties. Daml, the core technology of Digital Asset, is the first system to meet the key requirements of a network of networks for global commerce. Daml solutions have been selected for production deployment in several of the world’s largest exchanges and already power the daily processing of tens of billions of financial transactions.
About digital assets
Digital Asset is a software and services provider that helps companies create economic value through interconnected networks. The company designs and delivers technology that transforms existing systems and workflows into efficient, secure and interconnected applications. Daml, our core technology, is a platform for building multi-party applications. It extracts and simplifies business processes to make data accessible and optimizes workflows using smart contracts. Leading financial services, insurance and healthcare organizations are partnering with Digital Asset to create new multi-party solutions that transform disparate silos into synchronized networks.
To learn more about the company’s vision to build the global economic network, visit https://www.digitalasset.com/global-economic-network
To learn more about digital assets, please visit www.digitalasset.com. Click here to follow us on Twitter and LinkedIn.
About Olivier Wyman
Oliver Wyman is a global leader in management consulting. With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management and organizational transformation. The firm has more than 5,000 professionals worldwide who work with clients to optimize their businesses, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.
Source: Digital Asset