Blockchain Weekly Recap 10-10-2015
In Finance Pro Survey, 73% Believe Blockchain Will Help Wall Street Even Without Bitcoin
While even financial experts now concede that distributed ledger technology is eventually going to play a role in how Wall Street operates, there are sharp divisions of opinion over exactly how it will be adopted. In a recent survey by Greenwich associates, 102 financial professionals were questioned about their knowledge and opinions regarding distributed digital ledger technologies and the future of bitcoin on Wall Street. 73% of those surveyed - almost three out of every four - are of the opinion that the blockchain can not only survive without bitcoin, but that such a separation would enable the distributed ledger to actually thrive.
It is, of course, important to note that the vast majority of those surveyed are professionals in the capital markets - not bitcoin or blockchain experts. Surveyed respondents who had real experience with both bitcoin and the blockchain were noticeably skeptical about any suggestion that the ledger could succeed without the digital currency.
Fully 70% of the respondents indicated their belief that the Street’s legal and compliance experts either already have or will eventually develop enough trust in the blockchain to approve of its use for asset transfers. Only 11% agreed that the industry will never trust it enough to use it for such transactions.
Sibos 2015 Stage to Feature Swift’s “New Kids on the Blockchain”
Next week, at Sibos 2015, some of the biggest names in the distributed ledger industry will all take the stage as part of a platform that is being hailed as the “New Kids on the Blockchain” – a symposium that should offer attendees insight into what the future might hold for the relationship between the blockchain and the financial services industry. Scheduled speakers include DBS Bank’s Neal Cross, Dan O’Prey from Digital Asset Holdings, and Simon Taylor from Barclays.
SWIFT (the Society for Worldwide Interbank Financial Telecommunication) has been actively researching peer-to-peer technologies to achieve real time financial transactions, and is now seriously examining the potential of the distributed ledger system. It is actively working with hundreds of tech startups and is financing studies to determine the economic and regulatory viability of using distributed ledger technology for securities.
Through the company’s Innotribe fintech initiative, it hopes to continue to assemble the best and brightest experts on financial services and FinTech, and work with angel investors and venture capitalists to identify potentially disruptive innovations so that new opportunities can be identified and exploited. At Sibos 2015, that effort will continue as this panel attempts to answer important questions about the future evolution and applicability of both digital currency and the blockchain.
Van der Kleij to Leave FinTech Hub to Return to Blockchain Lab He Helped Create
There was big news out of Europe this week as the man who helped London’s Level39 rise to prominence announced that he was leaving that company to return to Entiq – a company he helped found back in 2013. His move is motivated by a desire to take a more leading role in the ongoing effort to discover new and innovative ways that the blockchain can be applied throughout the marketplace.
As part of that effort, Entiq’s lab will be working on further refining potential blockchain applications for financial services, and assisting various institutions with the development of prototype systems. At the same time, part of van der Kleij’s mission will involve helping businesses to better understand distributed ledger systems and related technology.
Financial Sector Support for Blockchain Continues to Grow
With R3CEV’s recent announcement that it has partnered with another 13 financial institutions, the effort to bring the power of the blockchain to Wall Street gained even more public attention. That announcement also serves as a powerful reminder that blockchain popularity continues to explode as more financial powerhouses are viewing the technology with an increasing level of seriousness.
All of this comes as welcome news to proponents of the distributed ledger technology, and is just one more indication that their faith in the technology has been more than justified. As many in the industry have repeatedly stressed, the ever-rising level of interest and attention in the blockchain – and the fact that much of that interest is coming from some of the world’s largest financial institutions – is just further evidence that the blockchain’s broader value to the world is only now beginning to be realized.