Unlocking Blockchain will be a game-changer for the future of financial transactions, noted panellists in a session on the innovative digital ledger today at the World Economic Forum’s Annual Meeting of the New Champions 2016 in Tianjin.
“Blockchain will revolutionize banking and financial services as we know it,” acknowledged Pierre Gramegna, Minister of Finance of Luxembourg, “I think it is possible that Blockchain will replace the word ‘internet’. By the time our children have children, the only time they will see the word ‘internet’ is in science and history books.”
“Some say that Blockchain is the new internet of the financial world,” pointed outAxel Lehmann, Group Chief Operating Officer and Member of the Group Executive Board, UBS Group, Switzerland.
Blockchain is a secure ledger database made up of data blocks that are shared by all users in an established, continually evolving platform. For financial organizations, Blockchain allows for faster processing time, lower costs, fewer intermediaries, greater market insight and increased transparency and compliance.
While Blockchain is viewed as the main technical innovation, or underwriter, of the crypto-currency, bitcoin, it is in no way exclusive to it. Indeed, panellists agreed that Blockchain technology has far wider applications.
“We now have non-sovereign money and it has a lot of advantages and it is just going to grow,” explained Jeremy Allaire, Founder and Chief Executive Officer, Circle, USA. “The nature of accounting, insurance, corporate governance, voting, all of these systems can be moved to Blockchain technologies in the future. We are just at the start,” he said.
Blockchain technology has also opened up innovative ways to counter fraud and illegal trade, such as in blood diamonds. “When we start to think about how Blockchain technology can be applied, it can be applied at the level of objects,” explained Leanne Kemp, Chief Executive Officer and Founder, Everledger, United Kingdom.
Through her start-up company, Kemp has utilized Blockchain technology to trace synthetic diamonds that have started to pepper the supply chain, with the goal of curbing diamond fraud. “I would like to see Blockchain being applied to big problems, the proliferation of counterfeit goods and financial inclusion, noted Kemp. “We should be thinking about where we are applying this technology.”
Decentralized technology industries are starting to embrace Blockchain technology, but there are important questions about how it will be regulated. On the banking hub of Luxembourg, Gramegna agreed there are still regulatory and taxation issues to be addressed. Yet governments, he said, should be forward thinking. Luxembourg, for example, was one of the first countries to legalize virtual currencies and it has the same open approach to Blockchain.
“You need a regulator that is keen. The regulator is there to apply the rules, fully and in an equal manner; but, at the same time, the regulator can be innovative,” Gramegna said. “For sharing values and assets and doing payments, all this is going to become a commodity, and for free – this will change the world in which we live.”
The World Economic Forum’s 10th Annual Meeting of the New Champions is taking place on 26-28 June in Tianjin, People’s Republic of China. Convening under the theme, The Fourth Industrial Revolution and Its Transformational Impact, more than1,700 business leaders, policy-makers and experts from over 90 countries will participate and explore more than 200 sessions over the three days of the meeting.
- Founder and CEO of eToro, Yoni Assia, Joins Bancor Protocol Advisory Board - May 25, 2017
- Blockchain Startup Exscudo Rolls Out EON Source Code On GitHub - May 24, 2017
- Blockchain Startup Binded Raises $950k in Seed Round to Democratize Copyright - May 24, 2017
- Waves launches Gatway for the Euro - May 23, 2017
- Netki & Bitt Production Release Underway with Caribbean Financial Institution - May 23, 2017
- Kibo Lotto Launched in Ethereum Test Network - May 23, 2017
- Deloitte’s Blockchain Team Unveils Prototypes, Research and Alliances at Consensus 2017 - May 23, 2017
- Swiss e-government startup Procivis releases integrated e-identity platform - May 23, 2017
- Blockchain Wallet Jaxx Announces Massive Expansion - May 22, 2017
- ShapeShift Launches First Trustless Asset Portfolio Platform - May 22, 2017
- Status.im and Bancor Protocol Cut Deal to Issue Tokens From Smartphones - May 22, 2017
- Future\Perfect Lab Launches Blockchain, IoT, Artificial Intelligence and Security Convergence Project - May 21, 2017
- Storj Labs Claims Number Two ICO Spot With $20 Million Raised in Less than Six Hours - May 19, 2017
- Starta ICO Announces Crowdsale for Eastern European VC Vehicle on Waves Platform - May 19, 2017
- SingularDTV Announces New 11 Application Ecosystem - May 19, 2017
- Storj Labs Launches Token Sale - May 19, 2017
- CORION Announces Full-Service Blockchain Platform to Build and Manage Any Business - May 19, 2017
- Luxembourg Blockchain Group Incorporates Infrachain a.s.b.l. - May 18, 2017
- Fintech Investment Group Launches With AI Forex Trading Platform And Compcoin Digital Tokens Ahead Of Initial Coin Offering - May 18, 2017
- IBM and Chile’s Santiago Exchange to Deliver World’s First Securities Lending Blockchain Solution - May 18, 2017
- Supercomputer Organized by Network Mining (SONM) announces ICO - May 18, 2017
- Digital Assess Wants to Use Blockchain Technology to Replace Paper Qualifications - May 18, 2017
- Aragon Smashes ICO Record Pulling in $25 million in 15 Minutes - May 18, 2017
- Bloq Launches BloqLabs to Bring Open Source Blockchain Technologies to Enterprise - May 17, 2017
- Wagerr (WGR) — Sports Betting on the Blockchain - May 17, 2017
- Avalon Life Puts Land Ownership on Blockchain, Launches GREEN EARTH ZERO Service with NEM Technology - May 17, 2017
- Swiss EY Team Joins Polybius Cryptobank as Advisors, ICO to Follow - May 17, 2017
- IOTA Announces $2 Million IOTA Ecosystem Fund - May 17, 2017
- Crypviser Blockchain-Based Encrypted Communication Platform Announces the ICO of CVCoin Tokens - May 17, 2017
- Blockchain App Puts An End To Medical Records Being Held To Ransom - May 17, 2017
- Report on Blockchain Start-up Marketing Maturity Shows Challenges and Opportunities Ahead - May 17, 2017
- BlockEx Partners With Winston & Strawn to Leverage Blockchain for Bond Issuance - May 17, 2017
- US Brokerage Petitions SEC to Get Moving on ICOs - May 17, 2017
- Silicon Valley’s Boost VC to Invest in ICOs - May 16, 2017
- Aragon Partners with Leading Digital Asset Exchange ShapeShift Ahead of Highly Anticipated Token Sale - May 16, 2017
- LuxTrust and Cambridge Blockchain Announce Privacy-Protecting Identity Platform - May 15, 2017
- Sphre Partners with Airbitz to Power Secure Blockchain-Based Identity Management - May 15, 2017
- Furtherfield Gallery – Blockchain Art Exhibition London - May 12, 2017
- P2pfisy: An Innovative, Cross-sectoral Perspective On The Ongoing Disintermediation Of Financial Systems. - May 12, 2017
- How Exscudo Helps You To Store Cryptocurrencies - May 12, 2017
- Blockchain-Fueled Waves Platform Integrated in Microsoft Azure - May 12, 2017
- Nick Gogerty Joins the Lykke Team as Chief Strategist - May 12, 2017
- Countr POS Partners with Coinify to bring Blockchain Payments to its Merchants - May 12, 2017
- Wall Street Fintech PR Agency, Wachsman PR, Chooses Dublin as European HQ - May 12, 2017
- London Crypofinancing Conference – The Future of Startup Finance – Initial Coin Offerings, Token Sales, Cryptocurrencies and Blockchain - May 12, 2017
- AST to Deliver Blockchain-based Proxy Voting Solution - May 10, 2017
- Cofound.it Launches Token Sale for Startup Platform - May 10, 2017
- Global Graphchain Project FERMAT Expands, Partners with Cicada - May 9, 2017
- Gideon Greenspan – Where Flexible Thinking is Preferable to Dogmatism – The Blockchain Immutability Myth - May 9, 2017
- Mathematician and Israeli Bitcoin Association Chairman Meni Rosenfeld Joins Bancor Advisory Board - May 7, 2017