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7 Things Banks should do with Blockchain

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Most banks are currently investigating or “leveraging blockchain”. Some of them are even testing “use cases” to go beyond the talk and hype. All of them are focusing on a single future scenario, which is dangerous. In this slide deck, I give banks 7 tips on what they should do with a blockchain.

https://twitter.com/SDWouters
http://samwouters.com/

Published in: Economy & Finance
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7 Things Banks should do with Blockchain

  1. 1. @SDWOUTERS 7 Things banks should do with Blockchain
  2. 2. @SDWOUTERS Most banks have recently been investigating or “leveraging” blockchain (TECHNOLOGY)
  3. 3. @SDWOUTERS
  4. 4. @SDWOUTERS The race for the blockchain ‘use case’
  5. 5. @SDWOUTERS Banks try to skip learning about Bitcoin @SDWOUTERS
  6. 6. @SDWOUTERS 1 Later ARTICLE Video Presentation
  7. 7. @SDWOUTERS
  8. 8. @SDWOUTERS “Bitcoin will never scale”
  9. 9. @SDWOUTERS Your best argument is technological evolution won’t happen? Mobile Social Media DigitalAnalog Internet Blockchain Virtual Reality Nanotech Artificial Intelligence
  10. 10. @SDWOUTERS Everyone is betting on the same horse @SDWOUTERS
  11. 11. @SDWOUTERS the banks in control of a permissioned financial system A future without the “Internet of Money” & @SDWOUTERS
  12. 12. @SDWOUTERS The Blockchain was invented to 
 eliminate “trusted” third parties bitcoin.org/bitcoin.pdf
  13. 13. @SDWOUTERS Banks are convinced they can turn this around and use a blockchain to INCREASE EFFICIENCY & save costs @SDWOUTERS
  14. 14. @SDWOUTERS Dangerous: finance is the only sector in which disintermediation is considered an opportunity @SDWOUTERS
  15. 15. @SDWOUTERS “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 @SDWOUTERS
  16. 16. @SDWOUTERS
  17. 17. @SDWOUTERS The “Internet of Money”, the (open) blockchain, 
 was invented in 2008 as open source code Pandora’s Box has opened @SDWOUTERS
  18. 18. @SDWOUTERS 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
  19. 19. @SDWOUTERS At least one open blockchain will exist Which one(s) is irrelevant ?
  20. 20. @SDWOUTERS Almost nobody in 
 the financial sector acknowledges this @SDWOUTERS
  21. 21. @SDWOUTERS I don’t expect them to Abandon shipSupportPraise
  22. 22. @SDWOUTERS I expect them to adapt their strategy 
 to something that may take
 away part of their business @SDWOUTERS
  23. 23. @SDWOUTERS Open blockchains are driven by the same force that grew the Internet to billions of users: Open innovation
  24. 24. @SDWOUTERS ? Start thinking about what roles you can play in an open network ? ? ? @SDWOUTERS
  25. 25. @SDWOUTERS The advice you will usually get for private blockchains oliverwyman.com/2016/feb/BlockChain-In-Capital-Markets.pdf
  26. 26. @SDWOUTERS 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
  27. 27. @SDWOUTERS 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
  28. 28. @SDWOUTERS What I think you should do Me @SDWOUTERS
  29. 29. @SDWOUTERS 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
  30. 30. @SDWOUTERS 2. Monitor the development of major cryptocurrencies Gain insights to make better strategic decisions
  31. 31. @SDWOUTERS 3. Onboard a Bitcoin/blockchain executive or entrepreneur Upgrade your Digital DNA
  32. 32. @SDWOUTERS 4. Integrate with an exchange or wallet Play in a real-time environment
  33. 33. @SDWOUTERS 5. Stimulate Bitcoin/Blockchain development Connect with industry experts
  34. 34. @SDWOUTERS 6. Create a service for Cryptocurrencies Get direct feedback from customers
  35. 35. @SDWOUTERS 7. Innovate outside of your regulatory framework To keep up with open alternatives
  36. 36. @SDWOUTERS 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
  37. 37. @SDWOUTERS 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…
  38. 38. Thanks! 
 Want to learn more? WWW @sdwouters sam.wouters@duvalunion.com samwouters.com

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