Could the Blockchain End Bureaucracy?
In this OpEd, Reform researcher Alexander Hitchcock discusses how #blockchain #could lead to big savings in civil services.
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BLOCKCHAIN – The Internet of Value
Let’s get serious about this hyped #technology: the momentum is now
The buzz surrounding #Blockchain is comparable to that surrounding the #internet in the early 1990s
Do you remember the nineties? Everyone was talking about the internet and its potential, about life changing moments, about disruption, but no one could imagine what is possible? And today: our lives changed fundamentally. Everyone is communicating everywhere, new business models emerged – just to name the platform model, perfectly turned into revenue streams by AGFA &8211; Apple, Google, Facebook and Amazon. The company AGFA overslept this life changing moment: the Internet.
Some go even further to suggest that the Blockhain has the potential to reinvent key institutions. Ten years from now we will wonder how societies could have been survived without the Internet of #Value. But let’s step one step back: What’s Blockchain?
Blockchain Is Like The European idea
Blockchain is the technology behind the digital currency #Bitcoin, but Blockchain is unequal Bitcoin! The Blockchain is a kind of super sophisticated distributed ledger that keeps track of things on thousands or even millions of disparate computers, all coordinating with one another. Most simply, the Blockchain protocol is a cryptographically secure system of messaging and recording in a shared database.
Working in tandem, these systems enable a secure recording, verification and confirmation of transactions without the need of any single entity in charge. To write it in pictures: Today the Internet is an army with generals, we call them AGFA and the future?
The Blockchain is like the European idea &8211; each encoded and work for the good of the whole: for a common decentral network.
Blockchain Is a Trust Machine
Using cryptography to maintain a peer-to-peer distributed, time-stamped and immutable consensus ledger of all past transactions. Each transaction is similar to a ledger item, which is aggregated with other blocks into a block of transactions, each connected to the last and needs to be agreed by consensus before adding to the chain. Transaction records cannot be forged, censored or reversed once a block is added. Transacting without trust and a third party becomes reality &8211; with three main disruptive advantages:
&8211; Trust: Less reliance on trusted third parties. Reducing or eliminating third party risk as trust is distributed over a decentral network
&8211; Immutable Record: All participants share and consensually update the record. This permanent record imparts confidence in the provenance of value being transacted and enhances fraud detection
&8211; Smart Contracts: Self-executing commitments. Obligations codified by smart contracts are easily replicable with the benefit of security, translucency and immutability of the Blockchain
Welcome To a Digital Borderless World
As blockchain develops, instead of having an internet that puts information and content online, we will get a system that essentially automates trust and verification. Information we now rely on accountants, #banks, lawyers and governments to do. We will be able to know that anything on a Blockchain &8211; land rights, money, a deed &8211; is authentic and everyone around the world agrees on its value.
Facts & Figures: Blockchain Has Captured Venture Capital and Global Wallets
We saw over $ 1.4b in investments over the past three years &8211; just in the first quarter of 2016 VC firms invested globally $ 160m into Blockchain startups, up from $ 26 million compared to the previous quarter regarding CB Insights and KPMG. Three significant funding rounds on Blockchain Startups &8211; Circle with $ 60m (Series D), Digital Asset Holdings with $ 60m (Series A) and Blockstream with $ 55m (Series A) we have seen so far in 2016.
More than 2500+ Blockchain patents were globally filed over the last 3 years. 90+ central banks are engaged in Blockchain discussions worldwide as well as 90+ corporations have joined Blockchain consorts. Today, the pool of strategics investors in the Blockchain space has expanded from banks and VCs into insurance companies, payments and telcos.
But What Are The Use-cases?
Today use-cases are about Banking, or challenging the platform model, like Uber and AirBnB just to name a few. The Blockchain has the potential to eliminate intermediaries. Some other fascinating business concepts are about ownership and land rights or redefining the value chain of fair trade coffee. Software enabled contracts, called Smart Contracts, can verify if a job is made, and make the payment without a middleman.
Some InsurTech companies are even working to leverage Blockchain Technology as a mechanism for providing automatic payouts, particularly in the peer-to-peer insurance space where smart contracts could ensure payouts are made accurately and efficient. A song on the Blockchain could ask you to pay of it before it plays, cutting out Spotify and sending the money directly to the artist &8211; fair trade music! Disruption. Furthermore Digital Identity will be a critical enabler to broaden applications to new verticals for instance a digital system for storing and transferring identity.
Graphic: Blockchain Use-Cases (extract), by @jan_wich
Currently VCs are betting its money especially on Blockchain Startups that are focusing on middleware and services, payments/remittance and capital market solutions.
Potential and Critics
The global discussions worldwide are growing significantly, but significant hurdles remain to large-scale implementation. An uncertain and unharmonized regulatory environment, nascent collective standardization efforts as well as an absence of formal legal frameworks draw the current situation.
The technology has the potential to drive simplicity and efficiency through the establishment of new infrastructure and processes across financial services and data driven businesses. Blockchain is not a panacea, but has the potential to redefine current processes and call into question today’s business models.
Honestly to catch the real impact of the Blockchain Technology is difficult. But &8211; did we all know about TCP/IP and HTML once the internet had the breakthrough? No! Don’t struggle to understand the technology, search for the use-cases. Trial and Error. The Blockchain is more than a technology. It is a strategy.
Sources: Own research and ideas, WEF and CS
This article is first appeared on LinkedIn | Featured Image: Fotolia
The post BLOCKCHAIN &8211; The Internet of Value appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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Y Combinator Brings the Fintech In Day 2
Y #Combinator President Sam Altman knows #fintech — he helped Green Dot build GoBank, after all. So when only two fintech startups made it to the stage yesterday at Day 1 of its Summer Demo Day(s) 2016, we took notice. But today 10 of the 48 demoing companies are fintech-focused,Read More
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FinTech DACH News Rückblick der Woche 34
Fintech.Li präsentiert hier wöchentlich die wichtigsten #News rund um #Fintech in der Schweiz, Liechtenstein, Deutschland und Österreich.
Fintech #DACH Top News
Sparkassen-Tochter 1822direkt integriert Online‑Versicherungsmakler & InsurTech GetSafe
1822direkt, Tochter der Frankfurter Sparkasse, und der Online-Versicherungsmakler GetSafe haben heute eine “strategische Partnerschaft” bekannt gegeben. Mehr erfahren
PSD2 und Acquiring – jetzt wird’s eng für KNBs und Internet-PSPs
„einen den Transfer von Geldbeträgen zum Zahlungsempfänger bewirkenden Zahlungsdienst eines Zahlungsdienstleisters, der mit einem Zahlungsempfänger eine vertragliche Vereinbarung über die Annahme und die Verarbeitung von Zahlungsvorgängen schließt“. Mehr erfahren
Plattform-Ansatz macht Banken zu Banking-Dienstleistern
Dieser Beitrag wurde am August 25, 2016 von Katharina Mueller in News zur Veranstaltung veröffentlicht. Schlagworte: Banking as a Platform, digitales Banking. Mehr erfahren
Finovo hilft Pensionskassen Hypotheken zu verbergen
Germany overtook Britain as the fintech funding capital of Europe in the second quarter of the year, with German startups pulling in $ 186 million (£142 million) compared to $ 103 million for British businesses. Mehr erfahren
Sparkassen kooperieren mit Gini und ermöglichen Fotoüberweisungen
Ein Gemeinschaftsprojekt der Finanz Informatik, Star Finanz & Gini GmbH. Mehr erfahren
Wir werden andere Banken haben
Szene-Vordenker André Bajorat spricht über die Frage, wie gefährlich Fintechs für klassische Geldhäuser werden können. Mehr erfahren
Wirecard and Future Finance bring new student loans model to German market
Wirecard and Future Finance, an Ireland-based financial #technology company, today announce the launch of a new student financing model to the German market. Mehr erfahren
Geld aus London: Passion Capital investiert in GinmonPassion Capital greift Ginmon unter die Arne. “Mit dem eingesammelten Kapital soll in erster Linie die eigens entwickelte Technologieplattform weiter ausgebaut werden und die internationale Expansion vorangetrieben werden“, sagt Gründer Lars Reiner. Mehr erfahren
UBS digitalisiert das SchliessfachAls eines ihrer wichtigsten digitalen Projekte dieses Jahres lanciert die UBS demnächst den UBS Safe – ein Dokumente-Ablagesystem für UBS Kunden. Kundinnen und Kunden können in diesem digitalen Schliessfach wichtige persönliche Dokumente, Bankdokumente und Passwörter sicher aufbewahren. Mehr erfahren
#BITCOIN / #BLOCKCHAIN News
Nicht sexy genug: Darum verlassen die Blockchain-Hirne ihre Banken
Die UBS verliert ihren Blockchain-Vordenker. Der Verlust schmerzt, doch die Schweizer Grossbank ist damit nicht alleine, wie sich zeigt. Was hinter den sich häufenden Abgängen von Fintech-Profis steckt. Mehr erfahren
South African Central Bank ‘Open&8217; to Blockchain and #Cryptocurrency
South Africa’s central bank is “open” to cryptocurrencies and blockchain, according to new statements from its governor. Mehr erfahren
Google & Apple Prefer Ripple Blockchain Tech over Visa
Ripple Labs has created a lot of interest in blockchain technology with its Interledger Protocol (ILP), including from Apple and Google, according to the International Business Times. Mehr erfahren
Ist die Blockchain ein Jobkiller?
In den vielen, oftmals euphorischen, Diskussionen über die zahlreiche Anwendungsmöglichkeiten der Blockchain wird oftmals eine wichtige Frage außer Acht gelassen. Wenn es die Blockchain ermöglicht viele Geschäfts- und Produktionsprozesse zu automatisieren und Intermediäre zu umgehen, was passiert dann mit den ganzen Jobs? Mehr erfahren
Weltwirtschaftsforum: Blockchains als &8220;schlagendes Herz” der Finanzwelt
Der Hype um die Blockchain-Technik in der Finanzwelt ist groß. Und das ist auch berechtigt, sagt eine aktuelle Studie des Weltwirtschaftsforums. Derzufolge werden die dezentralen Kassenbücher eine zentrale Rolle in der Finanzwelt der Zukunft spielen. Mehr erfahren
Bitfinex bietet Unternehmensanteile gegen BFX Token
As recently as this year The Bank of England announced their initiative to create their own cryptocurrency. They’ve named it RSCoin. Mehr erfahren
Finanzbranche sieht kaum Zukunft für Bitcoins
Research powerhouse Gartner Inc. recently announced their “Hype Cycle for Emerging Technologies, 2016,” which shows that “Blockchain” is in the Peak of Inflated Expectations phase. Mehr erfahrenÜBERSICHTEN / INFOGRAFIKEN / STUDIEN
The 10 biggest fintech VC funding deals so far this year
Das bedeutet für Millionen Kunden, dass sie künftig erstmals eine Gebühr für die Kontoführung zahlen müssen. Mehr erfahren
Women in Finance Power 100 &8211; The most influential financial women on Twitter
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Insurance Technology Market Overview Q2
Sector map organizes the Insurance Technology sector into 14 categories and shows a sampling of companies in each category. Mehr erfahren
Fintech EVENT Hinweis
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The post FinTech DACH News Rückblick der Woche 34 appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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Visa’s Head of Global Strategic Partnerships To Speak at Israel Event
Bill Gadja, #Visa’s senior vice president of innovation and #strategic #partnerships, has confirmed that he will attend Bank Innovation #Israel to #speak about payments. Bank Innovation Israel is the leading #fintech #event in Startup Nation, as Israel is called.
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Sorry Blockchain, Any Joe Schmoe Shouldn’t Be Able to Start a Bank
Safety issues with some new, disruptive business models highlight why regulations exist. Surely the same goes for firms that hold our money.
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Building the Foundations for a Scalable Ethereum
Do events like The DAO collapse prove blockchains need formal governance? #Blockchain analyst Josh Stark argues that it’s too early to tell.
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Fintech und die Verantwortung der Medien
Sobald die #Medien ein Thema für sich entdeckt haben, schnellt die Zahl der Beiträge, die sich mit diesem neuen Phänomen beschäftigen, in die Höhe. So auch bei #Fintech. Insofern also nichts Neues. Problematisch wird das dann, wenn die Medien die nötige kritische Distanz vermissen lassen. In letzter Zeit haben sich die Fälle gehäuft, bei denen Unternehmen von zahlreichen Medien förmlich “hochgejazzt” wurden. Beispielhaft dafür sind LendingClub, The DAO und der Themenkomplex #Blockchain.
Wie die Studie Wirtschaftsjournalismus in der Krise &8211; zum massenmedialen Umgang mit Finanzmarktpolitik im Jahr 2010 feststellte, unterließen die Medien in ihrer Gesamtheit, die Entwicklung der Finanzindustrie in den Jahren vor Ausbruch der Krise kritisch zu begleiten bzw. zu hinterfragen. Die Autoren kamen zu dem Ergebnis:
Die kritische Darstellung der neuen Finanzbranche, ihr Wandel von einem Dienstleister zu einer Art Finanzindustrie, die Folgen daraus für das Gemeinwohl, also die Perspektiven von Volkswirtschaft und Gesellschaft waren dagegen kein Thema. Wenn berichtet wurde, dann über die neue Finanzindustrie als Zeichen von internationaler Wettbewerbsfähigkeit und als Quelle für Gewinne und Arbeitsplätze am Standort Deutschland. Hier handelt es sich um eine Perspektivenverengung mit enormen Wirklichkeitsverlusten, die als schwere journalistische Verfehlung einzustufen ist.
Caleb Pershan beleuchtet in The Troubled Tale Of Lending Club And The Problems Created By Glowing Tech Press die Wirkmechanismen des Tech-Reporting am Beispiel von LendingClub. Im Silicon Valley, wie überhaupt im Tech-Sektor, gehe es häufig nur noch um Erzählungen, Narrative. Ob und inwieweit diese mit der Realität im Einklang sind, ist eher nebensächlich; Hauptsache die Botschaft ist cool: Die Welt wird an der neuen Technologie genesen. Probleme, die uns heute noch unslösbar erscheinen, werden sich in nichts auflösen. Die Gesellschaft wird gerechter, die Menschen werden glücklicher: Alles wird gut.
Image credit: Pixabay
Pershan erwähnt den Bericht Access, Accountability Reporting and Silicon Valley des renommierten Nieman Lab. Darin schildert Adrienne Lafrance an verschiedenen Beispielen die Veränderungen, die sich in den letzten Jahrzehnten im Tech-Reporting ereignet haben. In den 1980er Jahren, als Technologiekonzerne wie Apple noch Exoten waren, war der Zugang zu den Exponenten der Tech-Szene leicht und die Atmosphäre offen, wie bei den sog. Homebrew Meetings:
John Markoff, a long-time #technology reporter for The New York Times, remembers the original culture of Silicon Valley as open and collaborative—even welcoming to journalists. In the early ‘80s, Markoff had access to the Homebrew Computer Club, a legendary hobbyist group whose members included the technologists who would go on to run Silicon Valley. Steve Wozniak, the co-founder of Apple, first shared his design for the Apple I computer at a Homebrew meeting in 1976.
Diese Kultur änderte sich in den nächsten Jahrzehnten drastisch:
Over the next few decades, the people running the tech sector went from occupying a niche cultural and economic space to being some of the most powerful business leaders on the planet. And the culture and influence of Silicon Valley changed dramatically. “Early on, Apple was fringe,” says Kevin Kelly, founding executive editor of Wired magazine. “It was nerdy-techy. The difference now is that these companies are the most profitable companies in the world. This is no longer the sideshow; this is the main show.”
Sobald man in die Sphäre der Technologiefirmen und Startup-Szene gelangt, treten manche Fragen fast schon automatisch in den Hintergrund. Es scheint so, als betrete man eine andere, heile Welt, wie David Streitfeld, Tech-Reporter bei der New York Times, berichtet:
“There’s a sense, in too much tech reporting, that when you cross the bridge into Silicon Valley, you’re in a world where the old rules of journalism don’t apply. One of the biggest clichés of Silicon Valley is when they say, ‘It’s not about the money. We just want to change the world.’ Sometimes that even may be true. But that’s a reason for better coverage, not weaker.”
Dass aufstrebende Fintech-Startups sich mit kritischen Fragen schwer tun, durfte das Handelsblatt bei Number26 vor einiger Zeit erfahren.
Um die Defizite im Tech-Reporting zu beheben, sei, so Pershan – wie sollte es auch anders sein &8211; eine disruption nötig:
Possibly a good way to disrupt this system is to hire dedicated reporters with a narrow focus, such as on a single company, investigative journalists who can cultivate sources outside that company’s PR department and beyond the scope of its own self-serving narrative.
Weitere Informationen: New Banking und die Rolle der Medien
Dieser Artikel ist zuert auf dem Bankstil Blog erschienen.
Featured Image: Man Reading via Pixabay
The post Fintech und die Verantwortung der Medien appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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U.S. Bank Partners with Roboadvisory FutureAdvisor [VIDEO]
U.S. #Bank has partnered with investment advisory firm #FutureAdvisor to provide automated, or #robo-advisory services to its clients at U.S. Bancorp Investments, an affiliate of the bank. FutureAdvisor was bought by the world’s largest investment manager, BlackRock, about a year ago. While roboadvisors have their advantages in terms of cost,Read More
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‘Bankcoin’ Is Not Currency, It Is a Digital Vehicle to Move Money
It was announced this week that four of the world’s #banks—Santander, UBS, BNY Mellon, and Deustche Bank—are collaborating, along with brokerage firm ICAP, in order to produce what they’re calling a “utility settlement coin,” or USC, run on #blockchain #technology, originally the rails beneath #bitcoin and now the talk of the financial, corporate,Read More
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