Bryan Glick: Why blockchain heralds a rethink of the entire banking industry

24

Share with:


Byran Glick from Computerweekly.com writes a compelling piece on how serious an issue blockchain is for banking industry:

So, why the sudden and rapidly growing interest? Banks are realising thatdigital disruption is on their doorstep. In the early years of the 2000s, all their tech innovation was focused on exotic and ever-more complex financial instruments to squeeze extra margin out of the banking value chain. That led to the 2008 crash as the complexity created went beyond even the big institutions’ ability to prevent disaster.

Since the crash, the focus has been on technology for risk and compliance. But now the sector is feeling a degree of economic confidence again, new technologies such as blockchain are emerging that present both a threat and an opportunity.

Adam Ludwin, CEO of Chain.com, a blockchain software provider, said the technology promises to fundamentally change the way financial institutions operate.

“This is the voice over IP moment for financial services,” he said. “You can go on Skype today, dial your grandmother, have a conversation, hang up, and you’re doing nothing different than 20 years ago when you picked up the phone and there was an analogue dial tone and it was routed over switched networks.

“Similarly, blockchain doesn’t do something fundamentally different for the user, but the voice over IP stack has been transformative and disruptive. We need to separate the user experience from the guts of the infrastructure and the consequent reduction in operating costs.”

Read full article here.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Visit Website
View All Articles
Buy Bitcoin at CEX.IO

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group