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William Mougayar Financial Securities Operations Conference Presentation

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June 16th 2016 keynote presentation at North America's Securities Operations Conference in Toronto, covering the impact of the blockchain on financial services.

Publié dans : Business
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William Mougayar Financial Securities Operations Conference Presentation

  1. 1. What Blockchain Means for Your Business William Mougayar Author, The Business Blockchain General Partner, Virtual Capital Ventures SecOps North America 2016
  2. 2. vcapv.com © William Mougayar, Virtual Capital Ventures The Blockchain Novelty Cryptography Science BLOCKCHAIN Software Engineering Cryptography Science Game Theory
  3. 3. vcapv.com © William Mougayar, Virtual Capital Ventures The Blockchain Implications Cryptography Science BLOCKCHAIN Technical LegalBusiness
  4. 4. 5© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures How to view the Blockchain Source: The Business Blockchain (Wiley, 2016) © William Mougayar
  5. 5. 6© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures Many Facets to the Blockchain ① Cryptocurrency ② Computing Infrastructure ③ Transaction Platform ④ Decentralized Database ⑤ Distributed Accounting Ledger ⑥ Development Platform ⑦ Open Source Software ⑧ Financial Services Marketplace ⑨ Peer-to-Peer Network ⑩ Trust Services Layer
  6. 6. Blockchains, like the Web, need the Internet I N T E R N E T WORLD WIDE WEB BLOCKCHAINS Source: The Business Blockchain (Wiley, 2016) © William Mougayar
  7. 7. Source: The Business Blockchain (Wiley, 2016) © William Mougayar Types of Blockchain Applications
  8. 8. Four Types of Blockchain Applications Source: The Business Blockchain (Wiley, 2016) © William Mougayar
  9. 9. In the mid-2000’s FinTech Attacked the Banks, and it was called “Unbundling Banking” U.S. Europe  In startup fashion, most attacks aren’t head-on, start small & look harmless at first sights, therefore are ignored  So, the banks didn’t feel FinTech initially, because it crept up Graphs Source: CB Insights
  10. 10. Innovation Potential for Blockchain UNREGULATED ENVIRONMENTS REGULATED ENVIRONMENTS
  11. 11. 14© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures Blockchain and Regulation ① Risk is regulatory confusion ② New regulations needed, e.g. record keeping ③ Where do you insert the blockchain? ④ Difference between blockchain and cryptographic ledgers ⑤ Risk is centralization
  12. 12. 15© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures 3 Pillars of Decentralization TRUST INFORMATIONWEALTH
  13. 13. 16© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures Decentralization – What does it look like? ① Speed in settlements ② No intermediary delays ③ Upfront identification and reputation ④ Flat structure with no overhead ⑤ Permission-less user access ⑥ Trust built inside the network ⑦ Resiliency against attacks ⑧ No censorship ⑨ No central point of failure ⑩ Governance decisions by consensus ⑪ Peer-to-peer communications Source: The Business Blockchain (Wiley, 2016) © William Mougayar
  14. 14. NEW COMPANIES AND BEHAVIORS INSIDE EXISTING COMPANIES THREATENED OR TRANSFORMED JUST TECHNOLOGY How New Technology Permeates
  15. 15. 18© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures 13 Generic Ideas for Implementing Blockchains 1. Rethinking intermediary functions 2. Bundling / Unbundling 3. New flows of value 4. Decentralized governance 5. New legal frameworks 6. Creating/Issuing digital assets 7. Embedding trust rules inside transactions 8. Implementing digital signatures & what they enable 9. Proofs of records / transactions / process / storage etc. 10. Verifying authenticities 11. Embedding digital identities 12. Escrow / custodial services 13. Enabling smart things to transact autonomously
  16. 16. 19© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures Some Leading Examples • eTRS (ConsenSys, Microsoft, IPFS) • Clearmatics, DCN for OTC derivatives • Cambridge Blockchain catastrophe bond counterparty validation
  17. 17. 20© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures Going Forward Choices Improve the current systems OR Innovate from scratch
  18. 18. vcapv.com © William Mougayar, Virtual Capital Ventures William Mougayar Investor . Entrepreneur Blogger . Board Member General Partner Virtual Capital Ventures william@vcapv.com 1-416-648-7010 http://startupmanagement.org/blog http://vcapv.com @wmougayar thank you

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