This document discusses the potential for blockchain and distributed ledger technology to transform the banking industry. It begins by providing background on blockchain and how major banks are exploring its uses. It then examines different types of ledgers banks could employ, from closed private ledgers to open public ones. The document envisions a future where the financial system is built on an open, public shared ledger and explores how this could deliver benefits like robustness, innovation and transparency. It closes by arguing this technology may help address issues raised by the financial crisis through enabling "ambient accountability".
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.
A discussion about identity and the internet of things, exploring some ideas about the connection between IoT and the blockchain. An edited version of the presentation I gave at TechDaysMunich in July 2016.
The Impact of FinTech on European BanksDavid Birch
Presentation to the Cass business school as part of their #unbundlingbanks discussion, looking at the impact of opening APIs (XS2A) and the potential for FinTech startups to work with banks.
Tomorrow's Transactions UnConference 2016, Opening Monologue.
The notorious war criminal William the Bastard's illegal invasion of England sparked a fintech revolution in London. The invention of Tally Coins and the Norman Blockchain by the unknown Simon Le Knackermouton revolutionised tax transactions and created the London moneymarkets.
Presentation to the Dutch National Bitcoin Congress, June 2015. Includes five examples of new businesses on the blockchain which the audience at the event voted for in increasing order of plausibility.
Why use a Shared Ledger - short introductionDavid Birch
A snappy 20 minute presentation for TechXLR8 in London with an updated version of the "4x4" ledger model that we use to facilitate discussion between management and technologists.
Identity, the Internet of Things and the Blockchain David Birch
Useful models (the Consult Hyperion three domain identity model "3DID" and the "4x4" shared ledger model) employed to help us think through an important topic and explore the outline of a solution.
Help a non-technical audience to under what shared ledgers are and that the Bitcoin blockchain is only one kind of shared ledger. It includes the YouTube video me presenting at the beginnng.
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.
A discussion about identity and the internet of things, exploring some ideas about the connection between IoT and the blockchain. An edited version of the presentation I gave at TechDaysMunich in July 2016.
The Impact of FinTech on European BanksDavid Birch
Presentation to the Cass business school as part of their #unbundlingbanks discussion, looking at the impact of opening APIs (XS2A) and the potential for FinTech startups to work with banks.
Tomorrow's Transactions UnConference 2016, Opening Monologue.
The notorious war criminal William the Bastard's illegal invasion of England sparked a fintech revolution in London. The invention of Tally Coins and the Norman Blockchain by the unknown Simon Le Knackermouton revolutionised tax transactions and created the London moneymarkets.
Presentation to the Dutch National Bitcoin Congress, June 2015. Includes five examples of new businesses on the blockchain which the audience at the event voted for in increasing order of plausibility.
Why use a Shared Ledger - short introductionDavid Birch
A snappy 20 minute presentation for TechXLR8 in London with an updated version of the "4x4" ledger model that we use to facilitate discussion between management and technologists.
Identity, the Internet of Things and the Blockchain David Birch
Useful models (the Consult Hyperion three domain identity model "3DID" and the "4x4" shared ledger model) employed to help us think through an important topic and explore the outline of a solution.
Help a non-technical audience to under what shared ledgers are and that the Bitcoin blockchain is only one kind of shared ledger. It includes the YouTube video me presenting at the beginnng.
A presentation on the "5Cs" who might make money in the future presented at the Russian Fintech Assocation in Moscow in August 2017. Many thanks to BCG for hosting and many thanks to audience for their thoughtful questions and interventions.
A few people asked if they could have a copy of my introduction to the Money 2020 Identity Workshop, so here it is. I hope I set the scene well for my excellent speakers and panelists.
Biometrics in mobile payments bring convenience, and in the mass market that will trump trust. The ApplePay model is the right one, as we have consistently advocated.
The first Amsterdam Tech City meeting was organized on July 6th, 2016. The ambition of AmsterdamTech City is to inform city officials about developments in technology and to connect them with relevant parties. In my presentation 'How the Blockchain Became Mainstream' I gave an overview of the most important news about Blockchain in the media in the past two years. (At the end of the presentation you'll find a video covering my presentation.)
Identity Summit UK: THINKING ABOUT WHAT’S NEXTForgeRock
DAVID BIRCH, DIRECTOR OF INNOVATION AT CONSULT HYPERION
It’s always really hard to think about what’s coming next in any industry, but when it comes to identity the question is especially complex because there’s a whole new dimension just around the corner. We haven’t yet solved the problem of identity for citizens, employees and consumers and now we’re going to have to solve a much bigger problem: identity for things. In a connected world, everything has identity, everything develops reputation and everything takes part in relationships. ID for the Internet of Things (#IDIoT) is fascinating, scary and difficult: that’s why I’ll be exploring it in this presentation.
10 Reasons Why Blockchain is a Big Deal for MR - And What You Can do About it Rolfe William Swinton
The blockchain is taking the world by storm. It has already impacted finance, insurance and real estate, has spawned the ICO and is now moving into the marketing and market research space. The blockchain is transforming B2B and B2C in ways we could not have imagined a few years ago and that trend is accelerating. If you want to understand what Blockchain, Cryptocurrencies, ICOs, Token sales and explore specific examples of how all this is now starting to impact our industry - this sets out to be a useful primer.
Blockchain and distributed ledgers: so much more than just bitcoinRobin Teigland
My updated slides that i presented at the Future Focus: Exponential Technologies conference organized by Claudia Olsson at NASDAQ Stockholm in April 2016.
Vitalik Buterin: Cryptoeconomic Protocols In the Context of Wider SocietyEthereum
Vitalik Buterin delivers a special presentation for the first time in London at the Ethereum meetups.
Video: http://youtu.be/S47iWiKKvLA
Q&A: http://youtu.be/qM8zkzFZVok
For more meetups: http://www.meetup.com/ethereum
To learn more about ethereum: https://forum.ethereum.org
A presentation on the "5Cs" who might make money in the future presented at the Russian Fintech Assocation in Moscow in August 2017. Many thanks to BCG for hosting and many thanks to audience for their thoughtful questions and interventions.
A few people asked if they could have a copy of my introduction to the Money 2020 Identity Workshop, so here it is. I hope I set the scene well for my excellent speakers and panelists.
Biometrics in mobile payments bring convenience, and in the mass market that will trump trust. The ApplePay model is the right one, as we have consistently advocated.
The first Amsterdam Tech City meeting was organized on July 6th, 2016. The ambition of AmsterdamTech City is to inform city officials about developments in technology and to connect them with relevant parties. In my presentation 'How the Blockchain Became Mainstream' I gave an overview of the most important news about Blockchain in the media in the past two years. (At the end of the presentation you'll find a video covering my presentation.)
Identity Summit UK: THINKING ABOUT WHAT’S NEXTForgeRock
DAVID BIRCH, DIRECTOR OF INNOVATION AT CONSULT HYPERION
It’s always really hard to think about what’s coming next in any industry, but when it comes to identity the question is especially complex because there’s a whole new dimension just around the corner. We haven’t yet solved the problem of identity for citizens, employees and consumers and now we’re going to have to solve a much bigger problem: identity for things. In a connected world, everything has identity, everything develops reputation and everything takes part in relationships. ID for the Internet of Things (#IDIoT) is fascinating, scary and difficult: that’s why I’ll be exploring it in this presentation.
10 Reasons Why Blockchain is a Big Deal for MR - And What You Can do About it Rolfe William Swinton
The blockchain is taking the world by storm. It has already impacted finance, insurance and real estate, has spawned the ICO and is now moving into the marketing and market research space. The blockchain is transforming B2B and B2C in ways we could not have imagined a few years ago and that trend is accelerating. If you want to understand what Blockchain, Cryptocurrencies, ICOs, Token sales and explore specific examples of how all this is now starting to impact our industry - this sets out to be a useful primer.
Blockchain and distributed ledgers: so much more than just bitcoinRobin Teigland
My updated slides that i presented at the Future Focus: Exponential Technologies conference organized by Claudia Olsson at NASDAQ Stockholm in April 2016.
Vitalik Buterin: Cryptoeconomic Protocols In the Context of Wider SocietyEthereum
Vitalik Buterin delivers a special presentation for the first time in London at the Ethereum meetups.
Video: http://youtu.be/S47iWiKKvLA
Q&A: http://youtu.be/qM8zkzFZVok
For more meetups: http://www.meetup.com/ethereum
To learn more about ethereum: https://forum.ethereum.org
Distributed Ledger Technology as Financial Market InfrastructureTim Swanson
Keynote first presented at "The Future of Financial Payment Services Driven by Technology Innovation" on November 22, 2016 from Korea Finance Telecommunications & Clearings Institute (KFTC) 30th Anniversary Seminar in Seoul, South Korea.
First presented on June 27, 2015 for Blockchain University hosted at PricewaterhouseCoopers in San Francisco. [Video: https://www.youtube.com/watch?v=8-OxnJip-bA ] Additional notes, references and citations are in the comments of each slide. I would like to thank Arthur Breitman, Richard Brown, Alexandre Callea, Pinar Emirdag, Andrew Geyl, Dave Hudson, Hyder Jaffrey, Yakov Kofner, Antony Lewis, Todd McDonald, Piotr Piasecki, Robert Sams and John Whelan for their feedback.
The tech landscape surrounding distributed ledgersTim Swanson
This is an abbreviated presentation based on R3CEV research first publicly shown at the Gaiax – Blockchain University event “Blockchain Summit” held in Tokyo on December 18, 2015: http://gaiax-blockchain.com
All citations and references can be found here: http://www.ofnumbers.com/2015/12/19/the-evolving-distributed-ledger-tech-landscape/
Copyright R3CEV 2015 All Rights Reserved
This was first presented on July 20, 2015 at Infosys in Mysore, India with the Blockchain University team. Additional references and citations are in the notes section.
On February, 13th at 3pm, Cogite Coworking Space will organized a workshop about Cryptocurrency technologies and Blockchain.
The workshop will covered the following:
- Introduction to Blockchain technology
- Why it matters and why it will change the world?
- Brief introduction to potential use cases
- Highlights of key projects around the world
- The 4th Revolution, an opportunity for Tunisia
- Q&A and debate
Few words about our guest:
The workshop was lead by Walid Driss:Walid is and entrepreneur, co-founder of Blockchain Innovation Group Middle East North Africa.
A look inside the top 4 trends driving the FinTech industry today. How technology is impacting financial services and how they can benefit from advanced data analysis. Presented by Peter Huang, Director of Data at Beyondsoft.
AIRBNB/UBER ... was yesterday - PlatformCooperativism ... will be tomorrowThomas Doennebrink
Where the Sharing Economy meets PlatformCooperativism the Collaborative Economy 3.0 begins.
Cooperativism in general & cooperative banking associations in particular have the potential to give the rapidly changing economy and society an URGENTLY needed and
in the meantime by more and more people wished turn, as they have two aces up their sleeves which are strongly needed by platform cooperatives and can give them leverage, and would help to co-create the necessary and supportive ecosystem: millions of members and billions of capital. What is still lacking is the knowledge, willingness and the action.
A high-level view of what tokens are and how they can be used to create Distributed Bearer Instruments (DBIs), a exploration of one obvious thing that DBIs can be used for (ie, money) and a model of digital currency to inform discussion.
Third & Fourth Industrial Revolution - DalarnaRobin Teigland
My slides from a presentation in Falun, Sweden in June 2016 for a networking event for SMEs from the Dalarna region: http://www.mellansvenskahandelskammaren.se/Events/4201/Valkommen-pa-Supernatverkstraff
Is crypto eating fintech?
Digital assets are fighting for their place alongside stocks, shares and other asset classes.
Digital assets are changing the ecosystem & infrastructure that has been built around buying,
trading and holding those assets.
Inbound 2017 the blockchain technology revolution coming to marketing (1151...Mark Mueller-Eberstein
Introduction to Blockchain technology, cryptocurrency, Smart contracts, ICOs for marketers. "Bold Talk" presentation at the 2017 Inbound conference in Boston, USA. The video of the speech is posted on the Inbound Marketing event page.
Drivers for CBDC and implications for architectureDavid Birch
A discussion of the key drivers for central bank digital currency and the implications of those drivers for the likely technical architecture of a retail implementation.
Why anonymity - unconditional anonymity - in central bank digital currency would be a disaster. Hence central bank digital currency cannot be "just like cash".
My presentation to the OMFIF Digital Monetary Institute Symposium, April 2021.
A Short, Strategic Comment on Digital IdentityDavid Birch
A short talk for the Biometrics Congress, explaining the digital identity vision in contrast to the dead-end digitised identity vision.
Here are what people tweeted about it...
@FGQuismondo "I ain’t gonna comment about the brief keynote by @dgwbirch today, no sir, I am not going to... oh, dammit, I can’t resist it: I absolutely love this gentleman! His slide about differences between “digitized identity” and “digital identity” will be in my mind for many many time"
@rickynav "Great presentation from @dgwbirch, a strategic view on digital identity at #BiometricsCongress @BiometricsInsti . Clever and mind opening as always!
@TOC_biometrics proud member."
@seif_benmabrouk "Very interesting session #BiometricsCongress : Digital Identity vs Digitised Identity.
Thank you @BiometricsInsti"
Mobile payments haven't set the world on fire, but there are reasons for thinking that downstream the mobile wallet will become the normal way to pay for things, in time displacing the plastic card as the consumer's preferred choice.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
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Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Pitch Deck Teardown: RAW Dating App's $3M Angel deck
Towards Ambient Accountability
1. www.chyp.comPlease Copy and Distribute1
Toward Ambient Accountability
Or
“Hey, I may have figured out
what fintech is for”
Next Bank Europe
Barcelona
September 2015
2. www.chyp.comPlease Copy and Distribute
David G.W. Birch
Director of Innovation at Consult Hyperion
An internationally-recognised thought leader in digital identity and
digital money;
Named one of the global top 15 favourite sources of business
information (Wired magazine);
One of the “Fintech Titans” (NextBank);
In the London FinTech top 3 most influential powerlist (City A.M.)
One of the top ten Twitter accounts followed by innovators, along
with Bill Gates and Richard Branson (PR Daily);
One of the top ten most influential voices in banking (Financial
Brand);
Voted one of the European “Power 50” people in digital financial
services (FinTech Awards);
Ranked Europe’s most influential commentator on emerging
payments (Total Payments magazine).
2
4. www.chyp.comPlease Copy and Distribute
Section 1: What is “Blockchain”?
4 22/09/2015
The new technology.
The replicated decentralised
shared ledger formerly known
as “the blockchain”.
12. www.chyp.comPlease Copy and Distribute
“Smart” “contracts” and “property”
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.
12
13. www.chyp.comPlease Copy and Distribute
Section 2: So What?
13 22/09/2015
A new narrative.
How can we create a story
around the shared ledger so that
technologists and bankers can
communicate effectively and
build something GREAT?
17. www.chyp.comPlease Copy and Distribute
Section 3: Bank Backbone
17 22/09/2015
A new paradigm for finance.
What would financial services
built around an open ledger
look like?
18. www.chyp.comPlease Copy and Distribute
It’s a Platform World
Rather than create a new blockchain for each new idea, we will eventually have blockchain platforms on
which new ideas could be implemented in situ (Wood & Buchanan).
18
19. www.chyp.comPlease Copy and Distribute
Open Public Ledger Platform
Homomorphic encryption
Delivering paradoxical privacy and transparency
Publicly-private records
Value-added applications that transform the mundane
Real reputation
Bottom-up identity infrastructure
19
23. www.chyp.comPlease Copy and Distribute
Section 4: The Big Idea
23 22/09/2015
This is where fintech is going…
“ambient accountability”
What if the replicated,
decentralised, open, public,
shared ledger is the real legacy
of the financial crisis?
25. www.chyp.comPlease Copy and Distribute
Contact
25
Browse www.chyp.com
Follow @chyppings
Mail info@chyp.com
Comment http://www.chyp.com/media/blog/
Listen http://www.chyp.com/media/podcasts/
Consult Hyperion UK
Tweed House, 12 The Mount
Guildford, Surrey GU24HN, UK.
+44 1483 301793
Consult Hyperion USA
535 Madison Avenue, 19th Floor
New York, NY 10022, USA.
+1 888 835 6124
Editor's Notes
Technology’s Martyrs: The Slide Rule” by Kirk Johnson in the New York Times (3rd January 1987) covers the story of Keuffel & Esser.
This company, founded in 1867, was America’s pre-eminent manufacturer of slide rules. In 1965, they sold one million of them. In 1967, their centenary, they were commissioned to prepare a report about the future called “Life in the year 2067″, looking a century on. They interviewed scientists to come up with a vision that predicted electric cars and 3D TV. What it didn’t predict was that they would be out of business within a few years because of the electronic calculator. The end came quickly. On this day in 1976
K&E produced its last slide rule, which it presented to the Smithsonian Institution.
[From Computer History Museum | Exhibits | This Day in History: July 11]
In less than a decade they were gone because of technological change. But note the “Gibson” take on this: the invention that destroyed them, the electronic calculator, already existed when they wrote their report. In fact the first all electronic calculator desktop calculator went on sale in 1961
At the end of 1961 the Bell Punch Company put the Anita Mk VII on the market in continental Europe and the Anita Mk 8 in the rest of the world as the world’s first electronic desktop calculators. These were the only commercial electronic desktop calculators for more than 2 years
[From Anita: the world’s first electronic desktop calculator]
What’s more, the first electronic all-transistor calculator (from Sharp) went on sale in 1964. So by the time the slide rule guys did their study, the technology that would destroy them had been on open sale for several years. They made the mistake, I guess, of thinking that because slide rules cost $10 and calculators cost $1,000 they would never compete, forgetting that the inevitable curve of technology price/performance would do for them in time. And, I suspect, the scientists that wrote the report all used slide rules and were perfectly happy with them.
Blythe Masters ofDigital Asset Holdings, who really does understand financial markets in a way that I really do not (she was rather impressively called "the woman who invented financial weapons of mass destruction" by The Guardian) said when speaking at the recent American Banker conference on “Digital Currencies and the Blockchain” that "It's important to be aware as you think about this that there is more than one distributed ledger technology, not all of them share the same strengths and weaknesses and furthermore, that the thinking in this space is evolving very rapidly” (my emphasis). Absolutely.
In her book "Blockchain", Melanie Swan points in the same direction. She says that even if all of the infrastructure developed by the Bitcoin blockchain industry were to disappear then its legacy could persist. The blockchain has provided new larger-scale ideas about how to do things. She goes on to say that even if you don't buy into the future of Bitcoin as a stable long-term crypto-currency, or blockchain technology as it currently is conceived, there is a very strong case for decentralised models. I strongly agree with her view here that "decentralisation is an idea whose time is come" and her characterisation of the Internet as a new cultural technology that opens up techniques such as distributed public ledgers that could allow more complicated coordination across society than those through centralised models. Whether this will, as she says "speed our progress toward becoming a truly advanced society" I cannot say (although I have my doubts!).
I don't think this is necessarily the way forward though. It seems to me that "mining" presupposes a particular blockchain architecture. That architecture has been developed, as noted, to deliver a modus vivendi unrelated to the world of financial services, where banks are supposed to trust each other and to know their customers (and their customers’ customers). Financial services do not want, or need, any such thing. This is why it is not at all surprising to see this kind of proposition emerging.
ItBit has revealed new details about its formerly top-secret Bankchain project, a private consensus-based ledger system aimed at appealing to enterprise financial institutions [...] without using bitcoin or its blockchain.
[From ItBit Reveals Bankchain Project Won't Use Bitcoin]
The chap from ItBit who is being interviewed in this article goes on to say that their architecture is “inspired by” the blockchain even it is not actually the blockchain (or, for that matter, a blockchain at all). I love this, and I expect to see more of it in the near future, because there must be a lot of people who think that a replicated, distributed shared ledger is an excellent architectural concept but they don’t want to use a cryptocurrency and nor do they want to use a proof-of-work protocol to defend against subversion by unknown actors since all of their actors are already known and trusted.
At Fintech Storm in London I was particularly interested in Gideon Greenspan’s (Coin Sciences) presentation of private blockchains, a subject dear to the heart of many of our clients and the focus gof a great deal of activity at present. The well-known venture capitalist Fred Wilson wrote about this recently, noting that financial institutions might be early adopters of private versions of blockchains for specific, industry-wide applications. As he notes, financial institutions may not be entirely comfortable with the blockchain as it is now: “One concern I hear, though, is that banks like to know who is managing their infrastructure and they are uncomfortable with miners they don’t know, located in parts of the world that make them nervous, providing the transaction processing infrastructure for these applications being built on the blockchain. To me, that is the perfect reason for banks and brokerage firms to take a bit of their data processing infrastructure and point it to the blockchain and start mining it.”
Why would they create such a pool? It would not be to profit from the mining process, a process that (as Gideon pointed out) is enormously expensive and hugely inefficient, because it was created to deliver a specific kind of robustness and censorship-resistance in order to deliver a form of digital cash substitute. But, as Gideon said, some people want to use the blockchain as a tool, not as an ideology.Which is why Fred says “If you think of the blockchain as an open source, peer to peer, massively distributed database, then it makes sense for the transaction processing infrastructure for it to evolve from individuals to large global corporations”.
I agree with this but I don't think Fred’s view is necessarily the way forward though. It seems to me that "mining" presupposes a particular blockchain architecture. That architecture has been developed, as noted, to deliver a modus vivendi unrelated to the world of financial services, where banks are supposed to trust each other and to know their customers (and their customers’ customers).
Glass Bank
It is sad that the name of William Samuel Henson is largely unknown today. A man of great vision, he petitioned Parliament for permission to set up an airline—with a business model largely based on post—flying to Egypt, India and China. Parliament turned his proposal down on the grounds that it was 1843 and no-one had invented airplanes yet. Henson knew this, obviously, but could see which way technology was evolving and correctly reasoned that just because he didn’t know how to get an airplane off the ground (he had been involved in numerous experiments around powered flight), that didn’t mean that no-one else would. And when they did, there would be a new business to build on aviation technology. So he started thinking about the businesses that would make sense and, since the post had just been invented in the UK, he looked at how that might work in the future.
Transparency increases confidence and trust, helping markets to develop. A story from the August 1931 edition of Popular Mechanics illustrated this point. It concerns the relationship between transparency and behaviour in the specific case of depression-era extra-judicial unlicensed wealth redistribution (Glass banks will foil hold-ups 1931) and says that banks hold-ups may become things of the past if banks are constructed with glass walls, so that a clear view of everything that is happening inside the bank will be afforded from all angles at all times. (I urge you search the article, by the way, to see the lovely drawing that goes with it.)
The chap behind the idea was a New York architect called Francis Keally (1889-1978), the man responsible for (amongst other things) the Berlin Public Library and the Oregon State Capitol. He reasoned that transparency would be a fundamental defence against crime. No walls, no Bernie Madoff.
In our world of 21st century finance we no longer care about the glass bank as a physical construct, we see it as a virtual one. While toughened glass and other architectural advances might have been the key to building Keally’s glass bank, the crucial technology to build the glass institutions that will revolutionise financial services today is the shared ledger.
The idea of glass institutions may seem odd but with the advances in technology and our evolving understanding of how replicated shared ledgers might transform a variety of different kinds of systems, I think we can begin to explore their impact, which is disruptive change. I can show this by giving a couple of obvious examples: what if a company chose from a group of regulator-certified auditing applications instead of from a competing group of auditors? Auditing banks’ books would become a continual process and you might even have multiple different applications constantly auditing the same bank on behalf of regulators, shareholders, customers, pressure groups and even rival banks. Anti-money-laundering processes would shift from expensive and rather useless gatekeeping combined with floods of suspicious transaction monitoring to being a variety of different anti-money-laundering applications combing through the shared ledger entries to find transactions indicative of misbehaviour (at which point, law enforcement agencies could apply for warranted access to the unencrypted ledger entry or relevant meta data).
Transparency increases confidence and trust, helping markets to develop. A story from the August 1931 edition of Popular Mechanics illustrated this point. It concerns the relationship between transparency and behaviour in the specific case of depression-era extra-judicial unlicensed wealth redistribution (Glass banks will foil hold-ups 1931) and says that banks hold-ups may become things of the past if banks are constructed with glass walls, so that a clear view of everything that is happening inside the bank will be afforded from all angles at all times. (I urge you search the article, by the way, to see the lovely drawing that goes with it.)
The chap behind the idea was a New York architect called Francis Keally (1889-1978), the man responsible for (amongst other things) the Berlin Public Library and the Oregon State Capitol. He reasoned that transparency would be a fundamental defence against crime. No walls, no Bernie Madoff.
In our world of 21st century finance we no longer care about the glass bank as a physical construct, we see it as a virtual one. While toughened glass and other architectural advances might have been the key to building Keally’s glass bank, the crucial technology to build the glass institutions that will revolutionise financial services today is the shared ledger.
The idea of glass institutions may seem odd but with the advances in technology and our evolving understanding of how replicated shared ledgers might transform a variety of different kinds of systems, I think we can begin to explore their impact, which is disruptive change. I can show this by giving a couple of obvious examples: what if a company chose from a group of regulator-certified auditing applications instead of from a competing group of auditors? Auditing banks’ books would become a continual process and you might even have multiple different applications constantly auditing the same bank on behalf of regulators, shareholders, customers, pressure groups and even rival banks. Anti-money-laundering processes would shift from expensive and rather useless gatekeeping combined with floods of suspicious transaction monitoring to being a variety of different anti-money-laundering applications combing through the shared ledger entries to find transactions indicative of misbehaviour (at which point, law enforcement agencies could apply for warranted access to the unencrypted ledger entry or relevant meta data).
Glass Bank
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 innovation. When innovative and imaginative people have access to ledgers built from post-1960s components (e.g., APIs and XML), then they will no longer create accounting packages (and laws) that use the virtual world to simulate paper. They will use shared ledger technology to create a new kind of accounting not to do conventional account quicker.
Common sense dictates specialized distributed ledgers will better address specific assets via specialized algorithms and specialized scripting frameworks.
[From Distributed Ledgers Part III: Tokenization of Assets | FiniCulture]
The third 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
Glass Bank
This is why I don’t think it is an exaggeration to say that the shift to shared ledger technologies might be one of the most important innovations of our image of our age, and I will close by making another historical analogy to support that point.
In Victorian Britain, the collapse of railway companies led to a colossal crash in 1866. It was caused (and here’s a surprise) by the banking sector, but in that case it was because they had been lending money to railways companies who couldn’t pay it back rather than American homeowners who couldn’t pay it back. The reason I choose this example is that railway companies then held the same commanding position in the economy as banks do today, so the impact on UK plc was substantial. Bear in mind that the first railway service in the world started running between Liverpool and Manchester in 1830 and less than two decades later (by 1849), the London & North Western railway was already the biggest company in the world. When the Directors of these gigantic enterprises went to see the Prime Minister in 1867 to ask for the nationalisation of the railway companies to stop them from collapsing (with dread consequences for the whole of the British economy) because they couldn’t pay back their loans or attract new capital, Disreali sent them packing as he didn’t see why the public should bail out badly run businesses, no matter how big they might be. Needless to say, the economy didn't collapse. As you may have noticed, we still have trains and tracks. A new railway industry was born from the ruins, the services kept running and the economy kept growing. And there was another impact. Andrew Odlyzko’s paper The collapse of railway mania, the development of capital markets, and Robert Lucas Nash, a forgotten pioneer of financial analysis argues that the introduction of basic corporate accounting standards following the collapse of the railway companies was a significant benefit to Britain and aided the development of Victorian capitalism.
So, with the well-worn maxim about not letting a good crisis go to waste in mind, I would like to advance this hypothesis: the long-term impact of the financial crash of 2008 will be a shift to the replicated shared ledger as the central organising principal for financial services. An entirely new way, as Richard Brown notes, of building financial institutions based on common ledgers and APIs.