S&P: widespread use of blockchain will lead to a revision of the company’s rating
Standard & Poor's (S&P)
The leading credit agency Standard & Poor's (S & P) may initiate a revision of the rating of major institutions of finances if blockchain will receive a widely distribution and will start to affect the current business model.
This is transmitted in a new S & P report, inform CNBC.
According to the report, the growth of investments in blockchain system suggests that the industry of finances could expect a "transformation" in the near future.
However, in spite of the possibilities of blockchain such as optimization of back-office operations, the time reducing of payment processing and the creation of new revenue streams, S & P does not expect the fast adoption of its transformation.
"Blockchain, apparently, will be used in recess applications, but its practice in a market scale is still far away, because it needs in conducting of consensus among the market participants and, in certain cases, approval of the regulator," – says in the document.
"As a result, in the near future, we don’t consider blockchain technology as a determining factor in the preparation of the credit rating. Perhaps we can even talk about the long term perspective. Nevertheless, we believe that, depending of the areas of applying the technology and its ability to engage in the industry of finances, it can influence to the business models of institutions of finances. "
As well, the company does not exclude that they could afford to firms an advantage over competitors, or even reduce the value of certain business models. In this case, S & P does not rule out that it can review the ratings of companies, if the widespread adoption of blockchain system will happen before than it was expected.
It should to mention that in a recent study of Accenture consulting firm showed that 90% of large institutions of finances in North America and Europe are investing their time and money in blockchain projects.