7 Things Banks should do with Blockchain
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@SDWOUTERS 7 Things banks should do with Blockchain
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Transcript of 7 Things Banks should do with Blockchain
@SDWOUTERS
7Things banks should do with
Blockchain
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Most banks have recently been investigating or “leveraging” blockchain (TECHNOLOGY)
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The race for the blockchain ‘use case’
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Banks try to skip learning about Bitcoin
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1 LaterARTICLE Video Presentation
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“Bitcoin will never scale”
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Your best argument is technological evolution won’t happen?
Mobile
Social Media
DigitalAnalogInternet
Blockchain
Virtual Reality
Nanotech
Artificial Intelligence
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Everyone is betting on the same horse
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the banks in control of a permissioned financial system
A future without the “Internet of Money”
&
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The Blockchain was invented to eliminate “trusted” third parties
bitcoin.org/bitcoin.pdf
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Banks are convinced they can turn this around and use a blockchain to INCREASE EFFICIENCY & save costs
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Dangerous: finance is the only sector in which disintermediation is considered an opportunity
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“The financial services environment seized on blockchain, because they saw within it the possibility of using some elements of bitcoin without being disrupted.”
~Andreas Antonopoulos
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The “Internet of Money”, the (open) blockchain, was invented in 2008 as open source code
Pandora’s Box has opened
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Anyone can copy it, develop it and innovate on top of it to help it solve more problems
…
github.com/bitcoin/bips
github.com/bitcoin
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At least one open blockchain will exist
Which one(s) is irrelevant ?
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Almost nobody in the financial sector acknowledges this
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I don’t expect them to
Abandon shipSupportPraise
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I expect them to
adapt their strategy to something that may take away part of their business
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Open blockchains are driven by the same force that grew the Internet to billions of users: Open innovation
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?
Start thinking about what roles you can play in an open network
??
?
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The advice you will usually get for private blockchains
oliverwyman.com/2016/feb/BlockChain-In-Capital-Markets.pdf
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What I read
oliverwyman.com/2016/feb/BlockChain-In-Capital-Markets.pdf
Find something that sounds good
in theory
Tell others to get on board
Find how much you can save in theory
Work together with others who thought of things that sound
good in theory
Try out a lot of things to figure this
blockchain thing out
Make startups realise they need you for regulation
Prepare to get regulated
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What I read
oliverwyman.com/2016/feb/BlockChain-In-Capital-Markets.pdf
Find something that sounds good
in theory
Tell others to get on board
Find how much you can save in theory
Work together with others who thought of things that sound
good in theory
Try out a lot of things to figure this
blockchain thing out
Make startups realise they need you for regulation
Prepare to get regulated
@SDWOUTERS What I think you should do
Me
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1. Educate everyone, top to bottom, on Bitcoin & Blockchain
Don’t be this guy
Be this guy
Few financial people REALLY
understand them, fix this first
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2. Monitor the development of major cryptocurrencies
Gain insights to make better strategic decisions
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3. Onboard a Bitcoin/blockchain executive or entrepreneur
Upgrade your Digital DNA
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4. Integrate with an exchange or wallet
Play in a real-time environment
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5. Stimulate Bitcoin/Blockchain development
Connect with industry experts
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6. Create a service for Cryptocurrencies
Get direct feedback from customers
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7. Innovate outside of your regulatory framework
To keep up with open alternatives
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7 things banks should do with blockchain
1. Educate everyone on Bitcoin and the Blockchain
2. Monitor the development of major cryptocurrencies
3. Get an executive or entrepreneur on board
4. Integrate with an exchange or wallet
5. Stimulate Bitcoin/Blockchain development
6. Create a service for Cryptocurrencies
7. Innovate outside of your regulatory framework
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If you go the private distributed ledger way, expect:
Industry standards on many levels (who has access, how to update, who is responsible…)
Complying with all (international) financial laws
Intervention from regulators, governments and others, weakening security
Shifting the global financial system to distributed ledgers
And more…
