Accenture: Absolute Immutability Will Slow Permissioned Blockchain Progress
David Treat, managing director and head of #Accenture‘s capital markets #blockchain practice, opines on the difficulties of #immutability.
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7 Financial Firms Test Blockchain for Data Management
Credit Suisse, Citi and HSBC are among seven #financial #firms to participate in a #blockchain #data #management trial.
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Santander Vies to Become First Bank to Issue Cash on Blockchain
Spanish banking giant #Santander is working on a project that explores how it could digitize customer #cash using the public ethereum #blockchain.
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Ethereum’s Creator Proves Blockchain Scaling Vision is No Joke
Ethereum #creator Vitalik Buterin gave a lengthy speech at Devcon2 this week focused on efforts to scale the protocol.
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Bank of England Considers Blockchain Compatibility for Settlement Service
The UK’s central #bank said last week that it wants its next-generation #settlement system to be #blockchain-compatible.
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Hyperledger Director Draws Dividing Line With ‘Umbrella’ Statement
The new #director of #blockchain consortium Hyperleder lays out plans going forward and makes clear that competitors will be expected to cooperate.
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Hyplerledger Director Draws Dividing Line With ‘Umbrella’ Statement
The new #director of #blockchain consortium Hyperleder lays out plans going forward and makes clear that competitors will be expected to cooperate.
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French Bank BNP is Testing Blockchain for Mini-Bonds
BNP Paribas has announced its latest #blockchain project will focus on ‘mini-bonds’ for small investors.
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BREXIT – A Catalyst For Blockchain Technology?
#Brexit — this topic has been in everyones mind for the prior weeks as I traveled across Germany and the US, not only in financial services. Nevertheless, today the first shock in financial services has gone and according to my opinion the Brexit has the potential to become THE game changer for implementing #Blockchain #Technology — fast track. Not only in financial services.
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” – Bill Gates
But why? Currently London is to the European Union as Manhattan is to the United States. But why is London so important for Financial Services in Europe? European finance depends on the „City“, not to mention London’s dominance of financial services in UK: London is representing 9.6% of the United Kingdom’s GDP. Globally the FCA is one of the most innovative regulators, not only in terms of #passporting and #sandboxing for #FinTech Startups. According to my opinion, passporting, sandboxing and a new EU bureaucratic for the UK could be the game changer in terms of Blockchain.
First: What’s passporting?
To break it down: when you get a license for financial services in one country, you are able to passport this license to other countries, meaning you don’t have to spend money on applications for each country, learning different languages and wait to got through the bureaucratic application processes for all the European member states. A great approach for global acting financial institutions — with this approach London established itself as a financial service gateway to the European Continent.
Second: What’s sandboxing?
The UK regulator, the FCA, established a safe space for FinTech startups, where businesses can test innovative products, services, business models and delivery mechanisms. Means building new businesses in a live environment without immediately incurring all the regulatory consequences. Linked to this approach for FinTech Startups, the FCA established a safe space for Blockchain Startups early 2016 as well. Blockchain Startups should experiment in a safe environment with financial service technology. All the efforts are underlined by the support of the Central Bank of England — the Central Bank of England has taken steps to explore the potential of Blockchain Technology as well.
Third: This brings me to the point >> passporting, sandboxing and a new EU bureaucratic for the UK could be the game changer in terms of Blockchain and Brexit, but why?
Taking the real opportunity for the UK and the European Union is to use the current time of uncertainty of leaving the EU to take action. Action in terms of implementing a new technology. For instance currently it is rather uncertain that global #banks will keep the passportability of their licenses as well as staying in the UK. Banks need new incentives for staying in the UK.
From Pixabay
To break it down shortly — incentives for Banks and the UK in relation to Blockchain could be (extract):
&8211; Value Innovation — using sandboxing for establishing new standards to record, exchange, and trade assets as well as liabilities. Replacing traditional exchange and centralized markets as well as lowering barriers for business creation
&8211; Re-Architecting the EU bureaucratic — implementing a document formation and management system for self-enforcing contracts (so called smart contracts) between the EU und UK
&8211; Rebuilding Government and Democracy — rekindling the public’s trust in political institutions in the UK by establishing greater transparency and accountability in voting on the Blockchain
New difficulties, but also great opportunities arise in our digital interconnected world between the EU and UK. London and the UK must act and innovate &8211; more than ever &8211; to ensure London’s preeminence as a global financial hub.
The potential is big: the FCA has an innovative approach for Blockchain Startups and Banks — trial and error: this is unique in the European Union and might be one reason for Banks staying in the UK.
From Pixabay
sandboxing: this is unique in the European Union
Nevertheless, the Brexit was a defeat for the European Idea, but every defeat makes you stronger, learn from the past, adapt the future, be innovative and just try. The Internet of Information was just the start, the Internet of Value has the potential for changing our whole life:
Stand up Europe and implement the Blockchain Technology!
Source: Own Research/ Ideas, Forbes, Fortune
This article first appeared on LinkedIn Pulse. Featured Image: Pixabay
The post BREXIT &8211; A Catalyst For Blockchain Technology? appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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UK-Based Fintech Companies In Limbo Struggling With Uncertain Post-Brexit Future
#UK-Based #Fintech Companies In Limbo Struggling With Uncertain Post-#Brexit Future
The battle for the world’s fintech hub after the Brexit vote is still clouded by uncertainty, but time is running out.
On September 16, the UK Prime Minister Theresa May told the European Council President Donald Tusk that Britain would likely begin the process of withdrawal from the EU in January or February 2017.
This comment may heat up the battle of which city is likely to become the world’s fintech hub.
Many banking and/or financial related startups have been considering the move to mainland Europe, but the uncertainty surrounding as to when and how the roll-out of Brexit will take place has made the level of change unknown, says Lucas Cervigni, MD of the global #Blockchain consortium, Agentic UK.
Britain-based fintech companies in limbo
A recent Ernst & Young report ranks Britain as still being on top in terms of the global fintech ecosystems. Also, as the world’s fifth largest economy, coupled with the positivity coming from the Financial Conduct Authority (FCA) and regulatory authorities, it is clear that Britain wants the fintech industry, as well as the Blockchain sector, to thrive.
However, there are suggestions that the vote could still take the title away from the UK, particularly as fintech firms have expressed their worries of being cut off from the single market once Britain leaves the EU.
Cervigni noted that with so much unclear at the moment, the only thing they have started to notice happening is that some UK-based fintech startups are experiencing trouble receiving funding. He believes the continued uncertainty around the EU exit is driving this issue. He states in an email:
“For the moment, the majority of the conversation in the fintech industry is around the migration of skills. The ability to hire highly skilled individuals from across not just Europe but further afield is an integral part of the industry’s success in the UK. Many multinational companies in the space have already spoken out about the need for the UK government to consider a special and more lax visa program for these very necessary employees.”
With cities like Berlin, Paris and Zurich preparing to attract fintech firms, and the UK’s Financial Stability Board looking at whether using the Blockchain for processes such as settling transactions could undermine financial systems and if any new rules are needed, the signs that fintech firms in London will move to mainland Europe are still indeterminate.
On a personal note, Cervigni thinks digital currencies and multiple Blockchains have a positive outlook based on current assessment because they have many different use cases, properties, and values which are extremely beneficial across different industries.
“I am confident that both investors and government heavyweights will also be supportive,” he says. “It is clear that these are technologies which should not be fostered out because of the unlimited opportunities they are able to offer.”
[linkedinbadge URL=”https://www.linkedin.com/in/lucascervigni” connections=”off” mode=”icon” liname=”Lucas Cervigni (Lucce)”] is Managing Director – AGENTIC GROUP UK
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