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1、11January2018GlobalEquityResearchTechnologyBlockchain2.0TheCreditSuisseConnectionsSeriesleveragesourexceptionalbreadthofmacroandmicroresearchtodeliverCONNECTIONSSERIESincisivecross-sectorandcross-borderthematicinsightsforourclients.CryptocurrenciesareonlythebeginningResearchAnalystsCharlesBrennanC
2、FALaunchingtheCreditSuisseBlockchainRevolutionSeries:Inthisin-442078834705depthreport,weanalysethemarketimplicationsofblockchaintechnologyincharles.brennan@credit-suisse.comlightofthebitcoinboomsinceourinitialcross-sectorandcross-borderBradZelnick212325-6118publication,Blockchain:TheTrustDisrupter
3、,roughlyayearago.Whilewebrad.zelnick@credit-suisse.commakenocommentonthevaluationofparticularcryptocurrencies,webelieveMathewYatestheriseofbitcoinandInitialCoinOfferingshighlightshowtransformativethe442078835370mathew.yates@credit-suisse.comunderpinningblockchaintechnologywillbeacrosssectors,withf
4、inancialservicesandcapitalmarketsatthefrontofthequeue.Variousblockchainprojectswediscussedinourpreviousreportarearrivingatpreliminaryconclusions,transitioningfromProofofConcepttoPilotandevenProductionphasesofdevelopment.Tocontextualisetheseoverthemediumtolongterm,weonceagaindeliveracollaborativean
5、alysisofthefollowing:■CryptocurrenciesandICOs:Crucially,weseetheseprovidingmomentumforfurtherblockchaindevelopment,evenifbitcoinandInitialCoinOfferingscontinuetoencounterchallengestowidespreadadoption.■Blockchain’sutility:Weexaminethekeyadvancesanddiversificationoftheapplicationsthatsitatopblockch
6、ainplatforms–aswellasthetheoreticalriskstoblockchainitself.Wealsoshowprojecttimelinestoillustratecurrentandfuturepositioningontheblockchainlandscape.■Marketimplications:Contributionsfrom23analystsacrossthreegeographiesprovideuswithacross-sectorblockchainwindowthroughwhichweexaminethePayments,Secur
7、ity,Banks,Exchanges,BusinessServices,Leisure,andRealEstatesectors.FeaturedstocksincludeSophos(Outperform;CSEuropeanSMIDFocusList),Square(Neutral),LSE(Outperform;CSEuropeanFocusList),ASX(Underperform),Equiniti(Und