This is a Charles Brett’s start-of-the-week Enterprise Times ‘blockchain catch-up’ for Week 42. Necessarily it is idiosyncratic and selective.
It is not intended to be comprehensive but does seek to highlight ‘Quick Takes’ on specific developments as well interesting pieces to read, a listing of some (not all) announcements/press releases and pointers to upcoming events.
Quick Takes – Charles Brett’s Blockchain Catch-up Week 42
JP Morgan veteran Daniel Masters explains how blockchain will end commercial banks
“But truly, when I see things on a regular basis, like decentralized peer-to-peer lender Compound Finance having a billion dollars in assets under management, you have to pay attention. There’s just so much brilliant innovation taking place. Today, the borrowing and lending can be done transparently, remotely and in a self-governed manner on chain. That’s a hell of a lot better than doing it with Citigroup.”
Quick Take: Foreseeing the demise of commercial banks has many attractions, and makes for a good headline. Yet, given the excessive size of the JP Morgans, Citibanks, HSBCs, Banco Santanders and other ‘systemically important financial institutions’ (SIFIs), blockchain could prove a blessing if it enables a return to a more specialist/local finance sector. Whether this is possible remains uncertain. What is certain is that the SIFIs will fight tooth and nail to resist – which will likely hamper blockchain adoption.
Why is regulation increasing for Blockchain?
World Bank and University of Cambridge report highlights increasing digitalisation of financial services has accelerated the pace of regulatory innovation during Covid-19
The World Bank and the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School have published the results of their Global Covid-19 FinTech Regulatory Rapid Assessment Study. This reveals that the priority of fintech regulation and the pace of regulatory innovation have increased amid the global pandemic. The study, which gathered responses from 118 central banks and other financial regulatory authorities in 114 jurisdictions worldwide, highlights that the majority of respondent regulators have either accelerated existing regulatory innovation initiatives or introduced new initiatives. For example:
- 72% of respondents have either accelerated or introduced initiatives on digital infrastructure
- 58% have either accelerated or introduced initiatives regarding regtech/suptech
- 56% did so in regard to innovation offices
- no surveyed regulators reported the cancellation of an innovation initiative due to Covid-19, although around 20% indicated they had delays.
Quick Take: this is somewhat of a surprise. Prima facie one would not have thought regulatory innovation would be a ‘beneficiary’ of Covid-19. Yet, on reflection, perhaps is is less so than on first examination. After all, what do regulators do when locked down? Create more regulations. Whether this is ‘good’ remains to be seen – but it is better than the ‘wild west’ approach that could otherwise reign.
To read – Charles Brett’s Blockchain Catch-up Week 42
- Blockchain platform verifies health for 17M Chinese tourists in 1 month
- ASX delays blockchain transition until 2023
- Onyx to take Chase into blockchain (and) digital coin for commercial applications
- Blockchain firm Ripple likely leaving US over regulation frustrations
- Deloitte: trust and security challenges remain despite rising blockchain adoption
- IBM-R3 pact shows tech trumps tribe in enterprise blockchain
- Nigeria drafts blockchain and digital currency adoption roadmap
- Oregon entrepreneurs use blockchain to bring transparency to supply chain (paywall)
- NBC: how blockchain technology reached Christie’s and changed the art world along the way
- (With) blockchain is slowly taking over Wall Street, these eight courses will help you dive into Fintech
- BakerHostetler: DOJ and IRS may soon begin enforcement actions against virtual currency tax fraudsters
- Report shows the COVID-19 pandemic has not slowed down global Zero Trust Networking implementation
- Blockchain hackers have stolen over US$13.6B in 330 hack events.
Selected announcements/press releases – Charles Brett’s Blockchain Catch-up Week 42
- Beowulf offers new innovative business model for its (blockchain) services
- InComm Payments grows data processing operations in Georgia (and) collaborates with Georgia Department of Economic Development to strengthen State’s position as fintech innovation hub
- KPMG and Coin Metrics enter strategic alliance
- PAG chooses Broadridge to modernise portfolio management technology (and) bolster private debt operations
- Lastbit joins Visa’s fintech fast track program
- Avetta Financial Risk launches (to) enable organisations to assess the health of their supply chain(s).
Selected upcoming events
- Blockchance Online (November 4th, 2020 – 1700 UTC)
- Blockchain North America Virtual Conference (November 4th-5th)
- Futurist Conference Digital — Canada’s blockchain and emerging technologies event: November 11-12, 2020
- Web Summit December 2-4th (tickets)
- Virtual International Payments Course: December 2nd, 4th & 8th, 2020 – key principles, concepts, practices and current developments
- Paris Blockchain Week summit launches hybrid event on December 9th & 10th, 2020 (more info here)
- Crypto Finance Conference returns to St. Moritz in January 2021.