7 Things Banks should do with Blockchain
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The document outlines seven key actions banks should take regarding blockchain technology: educating staff on bitcoin and blockchain, monitoring major cryptocurrencies, hiring blockchain experts, integrating with exchanges, fostering blockchain development, creating cryptocurrency services, and innovating within regulatory frameworks. It emphasizes the importance of adapting strategies to utilize open blockchain systems rather than relying on private ledgers due to the potential disruption to traditional banking. Ultimately, it advocates for a proactive approach to innovation and integration in the evolving financial landscape.
7 Things Banks should do with Blockchain
- 1. 7 Things banks should do with Blockchain
- 2. We are Duval Union Consulting, business consultants for a digital world. Our mission is to help organizations transform. CLICK FOR MORE INFO
- 3. We wrote a book on Digital Transformation and sold it in over 40 countries. BUY THE BOOK NOW
- 4. WWW @sdwouters sam.wouters@duvalunion.com samwouters.com CASE Presented by Sam Wouters - Digital Transformation Consultant and Bitcoin & Blockchain speaker
- 5. 7 Things banks should do with Blockchain
- 6. Most banks have recently been investigating or “leveraging” blockchain (TECHNOLOGY)
- 8. The race for the blockchain ‘use case’
- 9. Banks try to skip learning about Bitcoin
- 12. “Bitcoin will never scale”
- 13. Your best argument is technological evolution won’t happen? Mobile Social Media DigitalAnalog Internet Blockchain Virtual Reality Nanotech Artificial Intelligence
- 14. Everyone is betting on the same horse
- 15. the banks in control of a permissioned financial system A future without the “Internet of Money” &
- 16. The Blockchain was invented to eliminate “trusted” third parties bitcoin.org/bitcoin.pdf
- 17. Banks are convinced they can turn this around and use a blockchain to become more efficient and save costs
- 18. Dangerous: finance is the only sector in which disintermediation is considered an opportunity
- 19. “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
- 21. The “Internet of Money”, the (open) blockchain, was invented in 2008 as open source code Unstoppableby default
- 22. 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
- 23. At least one open blockchain will exist Which one(s) is irrelevant
- 24. Almost nobody in the financial sector acknowledges this
- 25. I don’t expect them to Abandon shipSupportPraise
- 26. I expect them to adapt their strategy to something that may take away part of their business
- 27. Open blockchains are driven by the same force that grew the Internet to billions of users: Open innovation
- 28. ? Start thinking about what roles you can play in an open network ? ? ?
- 29. The advice you will usually get for private blockchains oliverwyman.com/2016/feb/BlockChain-In-Capital-Markets.pdf
- 30. 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
- 31. 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
- 32. What I think you should do Me
- 33. 1. Educate everyone, top to bottom, on Bitcoin & Blockchain I can help! Don’t be this guy Be this guy few financial people understand, fix this first
- 34. 2. Monitor the development of major cryptocurrencies coindesk.com Gain insights to make better strategic decisions
- 35. 3. Onboard a Bitcoin/blockchain executive or entrepreneur Upgrade your Digital DNA
- 36. 4. Integrate with an exchange or wallet Play in a real, large scale environment
- 37. 5. Stimulate Bitcoin/Blockchain development Connect with industry experts
- 38. 6. Create a service for Cryptocurrencies get direct feedback from customers
- 39. 7. Innovate outside of your regulatory framework Inside it you won’t keep up with open alternatives
- 40. 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
- 41. 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…
- 42. WWW @sdwouters sam.wouters@duvalunion.com samwouters.com Thanks! Need help understanding what The Blockchain means for your business?