Stewarding the Financial Services Revolution

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In an era marked by disruption, global economies are stuttering. While we won’t fully grasp the magnitude of devastation for some time, one thing is clear: traditional institutions are failing us. The coronavirus is exploiting all the weaknesses of our financial order, laid bare by the digital economy. We face […]

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In an era marked by disruption, global economies are stuttering. While we won’t fully grasp the magnitude of devastation for some time, one thing is clear: traditional institutions are failing us. The coronavirus is exploiting all the weaknesses of our financial order, laid bare by the digital economy. We face grave problems.

Meanwhile, a world of decentralized finance is emerging, where market interactions are stewarded by the blockchain. Perhaps, it is in these emerging ecosystems that the traditional world of finance will find the tools to adapt, prepare for, and excel in this new and troubling economic environment. By looking to these novel communities of innovation – where rules are encoded into the market and all kinds of assets are tokenized and traded – we can leverage their technologies, and conclusions, to lay the foundation for a better world, and a new order of human affairs.

Photo by Pascal Bernardon on unsplash: https://unsplash.com/photos/zt0HWquGXlQ

Blockchain holds immense potential to global industries, and if you’ve followed any of our work at the Blockchain Research Institute, you will find more than one hundred reports outlining use-cases in healthcare, energy, big data, supply chains, manufacturing, transportation, artificial intelligence, travel, financial services, and virtually any industry out there where data and value are exchanged. Alex Tapscott and I have further written a series of books, digging deep into these use-cases, to unravel the potential of the digital economy, and outline the steps needed to achieve digital transformation.

Recently, Alex Tapscott published the definitive book about digital transformation in the financial services. Some of the world’s top thinkers in blockchain have contributed chapters that survey the coming digital storm—how it will level the playing field, give individuals more financial power, and create greater transparency in operations. Written for the educated financial reader, it reveals how blockchain can create a token-based incentive system that aligns the interests of participants in large-scale initiatives, as well as the rewiring of global payment networks and innovative financing methods such as initial coin offerings to fund infrastructure development. The transition for the financial industry is bound to be complicated, but it presents enormous opportunity for those who understand the storm as it’s brewing.

The book is available on Amazon and comes highly recommended by some of the foremost thinkers in the financial services. Get yourself a copy (or ten), this book is best bought in bulk!

I hope you find this week’s newsletter thoughtful and informative!

Best regards,

Don

News from the Blockchain Research Institute

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Upcoming Webinar: AVA Labs, Avalanche, and the Internet of Finance

  • Next Tuesday, we will be hosting a webinar with the team from AVA Labs, the creators behind the Avalanche platform. AVA Labs is working to usher in a new internet of finance, where developers can launch highly decentralized applications, new financial primitives, and new interoperable blockchains. The webinar will stream on Tuesday, August 25th, at 1PM EST. Register here.

Featured Public Research: Transforming Plastic Pollution with Blockchain

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Take a look at our free-to-read research report about transforming plastic pollution with blockchain. This research highlights the findings and recommendations of The Coca-Cola Company’s study of single-use plastic packaging waste. The author makes the case that blockchain technology has potential for addressing the challenges of plastic waste in our environment. It is a must-read for executives in the consumer packaged goods industry.

Blockchain and Pandemics: Read the Freely-Accessible Report

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Our report exploring the challenges, opportunities, and recommendations for blockchain technology during the COVID-19 crisis is free to access. Read our report here.

Blockchain Online Courses in Partnership with INSEAD and COURSERA

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Discover how blockchain is transforming business, government, and society with our suite of online courses. Anyone can enrol in our Blockchain Revolution Specialization, which includes four courses taught by Alex Tapscott and I. Produced in partnership with INSEAD Business School, the Blockchain Revolution Specialization covers everything you need to know about the disruption, opportunities, and implications of blockchain across industries and business sectors. Register here!

Blockchain Revolution Book Series

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Starting with our book Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World back in 2016, Alex Tapscott and I have since authored a number of books on the topic of blockchain, and its disruptive impact on sectors like supply chains, and the financial services. These critically acclaimed books have been used by global leaders to help them survive and thrive in this era of economic and technological disruption. The books are available on Amazon below, and are best bought in bulk!

News from the Digital Economy

Google has entered into a partnership with six US banks to offer digital banking services to their clients. The payment service called Google Pay will ensure financial data protection for users, offer them financial insights and budgeting tools, and allow their partners to market their brands in new and innovative ways.

  • Federal Reserve Governor Lael Brainard revealed that they are working with MIT to mull the promise of a digital dollar for central banking uses.
  • Thailand’s central bank is exploring the potential of implementing a digital Baht. The bank is planning to test the use of digital currency, starting with inter-bank transactions.
  • The leading Japanese HR firm Persol Group has collaborated with NEC Corporation to develop a blockchain-powered recruiting platform. The goal of the platform will be to facilitate the online recruiting process, secure personal data, and prevent false information. 
  • Germany’s Federal Ministry of Finance (BMF) has announced their newest draft bill to launch electronic securities. The BMF believes a certificate registered on a DLT could enhance securities marketability, protect investors rights and improve transparency in financial markets.
  • Huobi has launched a global DeFi alliance aiming to bridge the gap between the economic spheres in the East and the West, and to develop universal standards for the DeFi ecosystem. The alliance’s founding members include DeFI juggernauts like MakerDao, Compound, Nest and dYdX.
  • The InterWork Alliance together with 2Tokens and Blocklab will be hosting a virtual webinar discussing the future of Electronic Bill-of-Lading (EBL). The event will be held on September 8th. Register today! 
  • IBM unveiled plans to help financial institutions embrace Decentralized Finance (DeFi), and announced steps towards fostering innovation in the banking sector by connecting them with emerging DeFi markets, products, and tools.
  • The Blockchain Education Alliance was established by a group of 26 members including ING and Rolls Royce, with the purpose of connecting related projects to students and researchers, and to reinforce collaborative learning in the blockchain space.
  • Mitsubishi Launched a Blockchain Platform for Metal Trading.
  •  Japan’s Kaga City will use blockchain for a number of government administration services.
  • The Colombian Technology Ministry Endorsed Blockchain and Crypto, suggesting that Colombia was well behind the tide in implementing emerging technologies like blockchain.
  • Russia Set to Trial Blockchain-Based Voting with the Waves Blockchain in September.
  • Coinbase, a leading cryptocurrency exchange, has launched user lending services that use bitcoin as collateral.

Published By

Don Tapscott

Don Tapscott

Co-Founder and Executive Chairman at Blockchain Research Institute

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Perhaps, it is novel technologies like blockchain that will help steward us towards a new digital economy, as we start to rebuild in a pandemic stricken world.

I hope you enjoy this week’s edition of the Digital Economy Weekly, and remember to get a copy (or 10) of Financial Services Revolution! https://lnkd.in/ewz9KXX
#blockchain #finance #DeFi #financialservices #newsletter

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