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Blockchain’s power revolutionizes M&A

By Barak Ravid Managing Director, Co-head of Technology, Parthenon Deloitte.

Trust is the cornerstone of every transaction, whether it is buying a book online or selling shares of stock on an exchange. Transactions often rely on intermediaries such as real estate agents and stock brokers to facilitate trust between the parties.

Without these intermediaries, or “trust vendors,” many markets would simply not exist. Hence, these trust vendors act as market makers. In return, they are able to command a high price for their services; for example, average fees for a real estate broker can equal up to 6% of the transaction value.

This high price does not guarantee fast and efficient service. Some financial transactions can take up to 20 days to clear, and purchasing a house is a complicated, months-long process. Although there are ways to optimize the current framework of intermediation, the most revolutionary of these lies in the blockchain, the technological infrastructure that underlies bitcoin.

A blockchain is a fast, decentralized and irrefutable ledger of transactions that is maintained by the participants in a system, thereby eliminating the need for an expensive intermediary. As an agent of trust, a blockchain has the power to (i) expand current “transactional” markets through infusion of trust and reduction of transaction costs, and (ii) create new markets through capabilities enabled by the blockchain.

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Mardi 29 Novembre 2016