Presentation to the European Payment Summit 2017. My bold claim that shared ledgers are a regtech not a fintech. It's all to do with ambient accountability.
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David G.W. Birch
Global thought leader in digital identity and digital money;
Global top 15 favourite sources of business information (Wired);
London FinTech Top 10 most influential commentators (City A.M.);
Top 20 Fintech Influencer (JAX London);
Top five Leaders in IDentity (Rise);
Top 10 Twitter accounts followed by innovators, along with Bill Gates
and Richard Branson (PR Daily);
Top 10 most influential voices in banking (Financial Brand);
Top 50 blockchain insider (Richtopia);
Europe’s most influential commentator on emerging payments (Total
Payments).
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Mystic Dave
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Brexit if it rains…
https://www.facebook.com/MoneyConf/videos/2088666904690996/
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Gnosis
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The moving finger writes; and having writ
Moves on; nor all your piety nor wit
shall lure it back to cancel half a line,
Nor all your tears wash out a word of it.
Omar Khayyam (1048-1131)
#Blockchain
Dave Birch (1959-)
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Spreading the Word
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I took the word of the blockchain
out to the people – well, out to the
people who would listen to me
anyway
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What’s in the Blocks?
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Time to pause for breath and ask
ourselves what is the reality
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Why Use a Shared Ledger?
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What’s wrong with DB2?
It was good enough
for my father
and his father before him
There are reasons to use shared ledger
even a double-permissioned ledger
with known participants
and central co-ordination
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Contract: Flexibility
p.225 Smart contracts need not be limited to finance and when paired with "smart property" — where
deeds, titles and other certifications of ownership are put in digital form to be acted on by software —
these contracts allow the automatic transfer for ownership of a physical asset.
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Shared Ledger is a Regtech
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A shared ledger doesn’t by itself
make payments cheaper or faster
But it might make the payments industry
cheaper and faster
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What’s a Fintech?
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A fintech uses new
technology to change the
cost-benefit for private
stakeholders
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What’s a Regtech?
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A regtech uses new
technology to change the
cost-benefit for society
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08/03/201723
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opportunities and threats which result from the
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The first is robustness. If some or all of the participants in some marketplace each has an instance of the complete ledger, then the system as a whole might be expected to be more resistant to individual failures, errors and attacks. Think about the recent ATM and debit card system crashes that plagued one of the UK banks.
The second is transparency. As I mentioned in the discussion about the "glass bank", transparency may be the defining characteristic of the new financial order and I expect this to be a focus of our clients' attention in the near future. I advance the theory here that the next generation of financial applications will focus on transparency as the key to the new way of doing things: the robustness and the innovation are great, but it is in area of transparency that new cryptographic techniques make it possible to create a new kind of ledger. I'll write more about this in the future, but I will exploring the idea that transparency may be the lasting legacy of the financial crisis in my keynote at Next Bank Barcelona on