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7
Things banks should do with
Blockchain

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Most banks have recently been
investigating or “leveraging”
blockchain (TECHNOLOGY)

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The race for the blockchain ‘use case’

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Banks try to skip learning about Bitcoin
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1 Later
ARTICLE
Video
Presentation

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“Bitcoin will never scale”

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Your best argument is technological
evolution won’t happen?
Mobile
Social
Media
DigitalAnalog
Internet
Blockchain
Virtual
Reality
Nanotech
Artificial
Intelligence

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Everyone is betting
on the same horse
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the banks in control
of a permissioned
financial system
A future without the
“Internet of Money”
&
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The Blockchain was invented to
eliminate “trusted” third parties
bitcoin.org/bitcoin.pdf

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Banks are convinced they can turn this around and
use a blockchain to INCREASE EFFICIENCY & save costs
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Dangerous: finance is the only sector in which
disintermediation is considered an opportunity
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“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
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The “Internet of Money”, the (open) blockchain,
was invented in 2008 as open source code
Pandora’s Box has opened
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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

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At least one open blockchain will exist
Which one(s)
is irrelevant ?

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Almost nobody in
the financial sector
acknowledges this
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I don’t expect them to
Abandon shipSupportPraise

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I expect them to
adapt their strategy
to something that may take
away part of their business
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Open blockchains are driven by the same force that
grew the Internet to billions of users: Open innovation

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?
Start thinking about what roles
you can play in an open network
?
?
?
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The advice you will usually get for private blockchains
oliverwyman.com/2016/feb/BlockChain-In-Capital-Markets.pdf

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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

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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

@SDWOUTERS What I think you should do
Me
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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

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2. Monitor the development of major cryptocurrencies
Gain insights to make
better strategic decisions

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3. Onboard a Bitcoin/blockchain executive or entrepreneur
Upgrade your Digital DNA

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4. Integrate with an exchange or wallet
Play in a real-time environment

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5. Stimulate Bitcoin/Blockchain development
Connect with industry experts

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6. Create a service for Cryptocurrencies
Get direct feedback from customers

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7. Innovate outside of your regulatory framework
To keep up with open alternatives

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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

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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…

Thanks!
Want to learn more?
WWW
@sdwouters
sam.wouters@duvalunion.com
samwouters.com