Matter Labs and Oliver Wyman Release New Report on Public and Private Blockchain Infrastructure Feasibility for the Financial Services Industry
November 15, 2023
New York, NY, November 15, 2023 – A new report released today by Matter Labs, the core contributing team to zkSync, the first Layer 2 zkEVM, and leading management consultancy, Oliver Wyman, provides deep insights into the feasibility of public and private blockchain infrastructure for the financial services industry. The report titled, All Roads Lead to Rome, examines the evolving public and private blockchain landscape, and provides insights into the technological infrastructure, the sector’s challenges in terms of scalability, privacy and interoperability, and the innovative solutions developed over time for making blockchain integration into financial services impactful.
Pearl Imbach, BD Lead for Financial Institutions at Matter Labs said: “In recent months we have seen an increasing number of financial institutions experiment with blockchain technology. The most prominent use cases and benefits are tokenization, automating workflows using smart contracts and enhancing global interoperability. The choice is almost always between a private blockchain, ensuring a permissioned environment, and a public Layer 1, allowing for interoperability and enhanced liquidity, most often the battle-tested Ethereum for its security, decentralization, and smart contract capabilities. However, now there are options to have the best of both worlds: privacy and customization of your own app chain while enjoying the benefits of operating on a public network. Our report explains more recent developments in blockchain technology and how they can unlock the future of on-chain finance.”
The report is inspired by the old adage, "All Roads Lead to Rome," as the city ultimately served as a nexus of connectivity and commerce linked by a sophisticated network of roads. In the blockchain universe, both public and private domains reflect these foundational pathways. Though each brings unique challenges akin to different terrains, they all converge towards a shared vision: an interoperable and scalable ecosystem. Towards this vision, public and private blockchains serve different purposes today and offer distinct solutions to safeguarding privacy and enabling interoperability. Those financial institutions investing in blockchain and working on their infrastructure decisions can integrate the insights from this report, especially the articulation of the merits and constraints of various public and private blockchain solutions, into their assessment along with institution-specific roadmaps, preferences, constraints and risk parameters.
“There is still a lot of work ahead for the financial services industry. Potential mass adoption with interoperable and scalable blockchains hinges on at least six essential advancements: enhanced privacy, digital identity management, prudent security, balanced governance structures, compatible protocols, and appropriate regulations. In addition to the industry participants, regulators and public policy makers have to deepen their understanding of blockchain to foster innovation within safe-rails,” said Ugur Koyluoglu, Partner and Global Head of Digital Assets at Oliver Wyman.
About Matter Labs
Founded by seasoned software architects and backed by top-tier investors such as a16z, Blockchain Capital, and Dragonfly, Matter Labs is an engineering team with a passion for blockchain and mathematics. They are the core contributors to zkSync, the first Layer 2 zkEVM, enhancing Ethereum’s scalability using advanced zero-knowledge technology. It is designed to scale blockchains like the internet: processing an unlimited number of transactions without compromising on security or decentralization. Its open-source framework is free, and its modularity allows the adopters to build custom, zero-knowledge powered, interoperable Layer 2s and Layer 3s. For more details, visit https://matter-labs.io/
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 6,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on X @OliverWyman.
T: +1 646 859 5953
T: +1 347 260 3819