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Satoshi Nakamoto : a bank employee in 2016

Eggsplore (http://www.eggsplore.eu) invited me to talk about blockchain and financial institutions. Instead of a reversed pitch and the inevitable death by powerpoint, I decided to slightly alter my approach.

Once upon a time... (in 2016 to be precise) Satoshi Nakamoto enters a Big Bank's innovation competition with this totally out of whack idea called "blockchain". She has to explain the idea to her colleagues and pitch it to her directors. I managed to get a hold of her slides and embedded these in this fairytale about distributed ledger technology and financial institutions.

It's a fairytale so please keep in mind: some things/examples might be true, other fictional.

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Satoshi Nakamoto : a bank employee in 2016

  1. 1. Why are financial institutions investing in blockchain? Koen Vingerhoets @IthronKoen All views are my own.
  2. 2. The fairytale of Satoshi Nakamoto, the Unicorn and the Big Bank. “What if… Satoshi is a bank employee in 2016?”
  3. 3. Introducing S. NAKAMOTO : bank employee And a rather anonymous Big Bank
  4. 4. Satoshi is full of ideas & knowledge… but who listens? “Join our 2016 Idea Competition and fly to Silicon Valley!”
  5. 5. Satoshi joins the competition with her idea… “Blockchain: a shared, resilient & protected ledger for anything”
  6. 6. Satoshi has to explain it often to her Big Bank colleagues Both Business & IT are interested but… also involved.
  7. 7. Three key drivers of “blockchain” - Cryptography science has made the recording of tamper-proof data in a chain of digital blocks possible; - Game theory explains how trust in others can be replaced mathematically via multiple actors that force self- interested rational behavior; - Software engineering connects it all over the internet to achieve scale.
  8. 8. The blockchain is, from a technical point of view,  A unique, public and transparent distributed ledger  That stores all transactions immutably and  Permits predefined actions on data in those transactions  In a cryptographically secured environment.
  9. 9. The blockchain is, from a business point of view,  A shared platform  On which parties who don’t know or trust each other  Are able to collaborate with respect for privacy  Without relying on a possibly corrupt administrator.
  10. 10. Satoshi gathers a team of believers The “Blockchain” idea ends in the top 3!
  11. 11. Our brave Satoshi has to present “blockchain” … … to the Big Bank’s Board of Directors!
  12. 12. Even in fairytales, people have to work… Satoshi elaborates her idea in the early hours of the night.
  13. 13. The great day arrives… and this is what she said. “Dear management, colleagues, I am Satoshi Nakamoto.”
  14. 14. Why? The customer experience! - People buy a house, not a mortgage or an insurance product (despite our efforts to sell products) - Then they have to visit a big bank to get the money they need for the house of their dreams. - Then they need an insurance to protect our money and the house of their dreams.
  15. 15. How? Blockchain as catalyst. - Efficiency gains in our own internal and intra-bank processes : less reconciliation, less (manual) checks,… - New offerings for our customers, exploring markets we didn’t enter before - Ecosystems to join or to build with a shared ledger of secured, trusted data
  16. 16. What? Some blockchain ideas - Efficiency - Car Loan & Mortgage - X-border X-currency realtime payment - New offerings - A Trade Finance for the SME market - Store secured documents in a vault - Ecosystems could be the most powerful (side)effect of blockchain - Ecosystems
  17. 17. But… Some challenges lie ahead! - Collaboration between banks? - Integration with legacy systems? - It’s just an idea, we’ll have to learn the possibilities of this nascent technology - Extra security or disruptive tech? - No clear regulations (yet) - Why choose blockchain for FinTech?
  18. 18. And… what if we don’t? Just imagine someone uses blockchain - To exchange value over the internet - Between unknown parties - Without central regulation/steering
  19. 19. Satoshi Nakamoto Bank Employee
  20. 20. How to pay for services? How to insure goods? We are still here! What can our customers do? What’s our efficiency gain? The new fabric of trust. Who is who on our systems? Who to trust in misfortune? Identity is the new money. Logical steps for financial institutions in distributed ledger tech IT research : scalability, resilience,… Legal research : legal/compliance/risk, regulator,…
  21. 21. Three drivers for financial institutions 1. Efficiency gains (eg. Santander estimates $20 Bn / year) 2. New Business (eg. Digital Trade Chain wins EFMA award) 3. Ecosystems Three drivers for blockchain ideation 1. Cryptography science 2. Gaming theory 3. Software engineering & internet Three hurdles to tackle 1. Collaboration 2. Regulations 3. Integration
  22. 22. While I catch my breath now, some people have to catch their breath all their life. With public speaking, I raise bitcoin to support improving the daily lives of people with cystic fibrosis. Open your BTC wallet on your smartphone, scan this code. Or use 1JmSPfvJ751BYi7TVD8xXqWzPpGXqrW9Fj as recipient. Proceeds go to Muco vzw (www.muco.be) Thank you for your support and appreciation. More info, questions or remarks? Koen.Vingerhoets@kbc.be Twitter : @IthronKoen Distributed Ledger Technology Adviser @ KBC Bank & Insurance