On Monday the 6th of November, Sander van Loosbroek had the pleasure of presenting his point of view on recent blockchain developments in the financial sector. His biggest take-away? It is becoming impossible to keep track of all the launched blockchain initiatives.
The first use cases identified in 2015 - such as Trade Finance - are starting to mature in product offerings in both the open account domain and in the further automation of documentary credit processing. The same goes for technology stacks. This year we witnessed the version 1.0 release of both Corda and Hyperledger: two distributed ledgers that were inspired by Bitcoin, but originally developed to meet the needs of today’s business challenges.
Innovations that are essential to any successful blockchain-based solution - such as a decentralized digital identity - are quickly coming together underneath the Decentralized Identity Foundation. More than 40 frameworks are working together to build a single method to verify and attest an identity. This alone would be a revolution: today centralized identities are the standard and users find themselves managing over 100’s of identities in order to be able to consume online services.
Last but not least, Sander highlighted the research results of the Bank of International Settlements. They have made amazing progress in understanding and uncovering the benefits of this technology as an alternative for cash, currently the only way to save the Central Bank’s money.
In Sander’s presentation, you will find references to all the articles that he used to compile this presentation. Of course, feedback is always welcome! Sander would like to thank his hosts - Financieel Forum Antwerpen and KBC Bank - for their hospitality.
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Blockchain promises a future where all transactions can be logged, viewed and monitored in real time. Keeping track of profit and loss statements, incoming and outgoing transactions and reporting requirements is a daunting challenge these days.
International trade is all about who owns the goods and how are they paid for. Since the transfer of goods never aligns precisely with payment, this is a complex industry that is largely driven by paper. The main reason for this is that ownership of goods is still transferred by a Bill of Lading or similar paper document, causing delays and costs for all parties involved.