Blockchain does not provide value for all processes and smart contracts are not suitable for all on-premises systems. Blockchain is best for processes involving multiple participants but stored data may need to be outside the blockchain to ensure GDPR compliance. A blockchain business case requires a global view beyond a single institution as benefits often accrue to new market entrants. Changing existing processes to use blockchain may be more viable than replacing technology if current processes are expensive. Blockchain will not solve all problems or be free, so opportunities should be pragmatic and focus on existing inefficiencies or new business models rather than replacing efficient processes.

1. © finoryx 2016
Lessons learned from our
Blockchain projects
Olivier Roucloux
Fintech Belgium Summit 2017

2. Lessons Learned (1/3)
▪ Blockchain does not bring value for all your processes
▪ Smart contract vs on-premises
▪ Processing vs results
▪ Number of participants?
▪ Need to store data outside Blockchain
▪ GDPR compliant architecture

3. Lessons Learned (2/3)
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?
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▪ Blockchain is all about community:
▪ Makes no sense to look at the business case
considering your sole institution –need a global view!
▪ Often benefits will be for the new market participants
▪ Change mngt costs often make Blockchain business case negative
▪ It implies a new market business model
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4. Lessons Learned (3/3)
▪ Innovation is about the way business is done:
▪ Replacing a business process makes more sense than replacing
technology
▪ Positive business case can exist only if current process is expensive
From >30€ To <5€
2->3 weeks

5. Conclusions
▪ Don’t try to replace existing efficient processes
▪ You’ll not get a positive business case
▪ Look at inefficiencies first -or new business!
▪ Start from a white page
▪ Technology replacement makes no sense
▪ If there is no incentive for users, it will fail
▪ Don’t overestimate technology, be pragmatic!
Blockchain will not solve …
… all your problems
… for free !

6. Today’s speaker: Olivier Roucloux
Professional Background (before finoryx)
▪ 20+ years in Financial Services
▪ Worked for Euroclear, SWIFT, Euronext,…
▪ Management consultant on Securities Market
Modernisation as well as Product Director for
Clearing/Settlement solution
▪ SEPA Migration expert for a dozen of clients
Blockchain Experience
▪ Conceived “securities on the blockchain” in 2014
▪ Created finoryx in early 2015
▪ Now a leader in blockchain solution
for capital markets
▪ Speaker at 30+ conferences on the subject
▪ Building Cryptody prototype
▪ Participation to five Proofs of Concept (large banks)
▪ Advising & coaching a growing number of clients
▪ Pioneering business cases for
blockchain based solutions
▪ Currently building a syndicated loan market place
for a large asset manager