Digital Asset and Oliver Wyman Introduce the Global Economic Network and its Transformative Impact on Financial Services
Emerging Digital Ecosystem Will Shift Control of Value from Legacy Silos to an Open Business Environment
January 27, 2022
Digital Asset, a software and services provider that helps enterprises build economic value through interconnected networks, and Oliver Wyman, a leading global international management consulting firm, published a joint report that introduces the Global Economic Network — a network-of-networks in which information and value are shared efficiently and transactions occur seamlessly, while data from all parties remains private and secure. Click here to download a full copy of the paper.
The report shows that the Global Economic Network is gaining traction toward enabling financial institutions to reach the most users, assets, and markets with minimal friction, ushering in a new wave of innovation across the industry. According to the paper, in order to realize the benefits of the Global Economic Network, financial institutions need to make changes in business strategy and architecture to be more open, enabling information and value to flow freely. This model shift is called Open Business. The paper suggests that adopting an Open Business strategy affords financial institutions with 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 and your customers’ businesses and determine where value is shifting in an open and fully digital environment
Determine where central utility constructs, such as data sharing, will provide higher value and migrate or centralize accordingly
Start greenfield Open Business experimentations and co-create solutions with targeted customer segments to build capabilities
Build and maintain a set of service partners to provide customers with relevant ready-to-go service options
Monitor your network and ensure you are part of “early experiments” – successes in early innovation may not occur in your core markets.
The Global Economic Network is underpinned by a new generation of technology that seamlessly connects previously incompatible infrastructures while enabling enterprises to exchange assets and share authorized data between multiple business parties. Daml, Digital Asset’s core technology, is the first system to fulfill the key requirements of a network-of-networks for global commerce. Daml solutions have been selected for production rollout at several of the world’s top exchanges, and already powers the daily processing of tens of billions in financial transactions.
Click here to download the press release