Blockchain... The Big Shift in 2016
13 January 2016
According to an article in Forbes, every financial institution in the world has some sort of internal R&D effort aimed at understanding how the Blockchain will effect their business. And in 2016, "many will be moving past the thinking and testing-the-waters stage and onto product development stage” (Coindesk).
There’s a lot of expectations on how blockchain will become a reality. The impact has been touted to be as dramatic as creation of internet. This secure public ledger being able to record and store every transaction - will eliminate the need for ‘trusted third parties’ such as payment processors. So we really can speak of a "Transfer of Trust" as entities participating in a transactions are not necessarily known to each other but exchange value with surety and no third-party validation.
This development will impact the way we pay and transact! Introducing new roles and new responsibilities and leaving out inefficient intermediary parties...
Bringing together bankers who are taking a lead in this space - Mark Buitenhek from ING, and Veronica Lange from UBS, Dave Birch will chair this plenary discussion around :
- What products are likely to take off with blockchain application
- How will this impact banking and the entire transaction space with interlinked documentary flow of papers and agreements...
- What happens to legacy financial infrastructure?
- How will payments look like in ten years? Who will be the winners? Early movers?
At EPS we deep-dive in this emerging next step!
Mark Buitenhek (1966, Dutch nationality) joined ING in 1988 and is Global Head of Transaction Services, with overall responsibility for payments, cash management, trade finance, working capital solutions and commercial cards for Wholesale Banking. He has more than 25 years of international experience across retail and wholesale banking. Mark is also a member of ING’s Leadership Council and the Wholesale Banking Innovation Board. Additionally, he is head of the ING Payments Centre (across Wholesale Banking and Retail Banking).
He has led many strategic and change projects across ING’s Retail and Wholesale divisions. Recently, he supervised the complex SEPA migration process, the development and implementation of the omnichannel strategy for Wholesale Banking, the launch of predictive data analytics, and the repositioning of the trade finance business model.
David G.W. Birch is an internationally-recognised thought leader in digital money and digital identity. One of the 2014 “Power 50” in European digital financial services and a NextBank Fintech “titan”, in 2013 he was named one of WIRED magazine’s global top 15 favourite sources of news from the world of business and finance and was ranked the no.1 influencer in European emerging payments by Total Payments magazine.
Dave is a Director of Consult Hyperion, the technical and strategic consultancy that specialises in electronic transactions. Here he provides consultancy support to clients around the world, including all of the leading payment brands, major telecommunications providers, governments bodies and international organisations including the Bill & Melinda Gates Foundation. Before helping to found Consult Hyperion in 1986, he spent several years working as a consultant in Europe, the Far East and North America.
Veronica Lange is the global Head of Innovation at UBS Chief Technology Office. Within this role she is responsible for the managing Group innovation projects and building out innovation activity with internal teams and with the external ecosystem. A recent activity has been the launch of the global ubs.com/innovate idea competition. Her current assignment followed her role as Head of Multichannel Strategy for UBS Switzerland .
Prior to joining UBS, she worked eight years with Barclays and Barclaycard as Retail and Business Banking Head of Customer Experience Internet, Head of e-Channels in Western Europe / International Cards markets and Chair of the Barclays eBusiness Council.