More and more clients are asking us: ‘Should we use blockchain too?’. Blockchain has the potential to trigger a digital disruption and should be given serious attention for simply that reason. Alertness is also recommended, since applications such as Bitcoin and other cryptocurrencies as well as initial public offerings with cryptocurrencies (ICOs) bring risks with them, next to opportunities. Therefore, if you want to make a well-considered choice, it is important that you are aware of both the risks and opportunities and that you understand to what extent and in what way blockchain technologies can genuinely help your organisation.
Various organisations are experimenting with blockchain and smart contracts. Others await their maturity. They are all looking for answers to questions such as:
- What is the added value of blockchain for our organisation?
- What processes or applications can benefit from blockchain implementation?
- When do smart contracts add value?
- Will we miss the boat if we do not use it?
BDO can help you to reach an informed decision about blockchain applications. Our specialists are fully up to speed with all the latest developments and will help you weigh up the opportunities and risks of using blockchain in your specific situation. Our main objective is for you to be able to make a responsible, well-considered choice. For businesses looking to be licensed or register with the Malta Financial Services Authority (MFSA) or to voluntarily register their ITA with the MDIA, a system audit is required.