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Blockchain @ Capitant FinTech Day Antwerp

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Capitant (http://capitant.be/), the student's gateway to financial markets, organised a FinTech Day in Antwerp on 08/11/2017. I was invited to give a short keynote on Bitcoin & Blockchain.
After a short intro to bitcoin & blockchain, I give some hard facts about bitcoin to show it's a belief that lacks an ethical debate or hindsight - a religion so to say. I share our view on blockchain and talk about My Car, we.trade and one of the upcoming challenges: cash on ledger.

Veröffentlicht in: Wirtschaft & Finanzen
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Blockchain @ Capitant FinTech Day Antwerp

  1. 1. Koen Vingerhoets - @IthronKoen &
  2. 2. Nice to meet you! Who : Koen Vingerhoets Back then : Law & IT Now : Blockchain Adviser @ KBC
  3. 3. Agenda Bitcoin & blockchain in 3 slides Bitcoin? No, thank you. Blockchain? Yes, of course! Blockchain use cases Conclusion
  4. 4. 2008 – “Satoshi Nakamoto” wrote…
  5. 5. Bitcoin is a unique transfer of value
  6. 6. Blockchain persists all the unique transfers
  7. 7. A transaction is - Declaration of an incident - Pictures of the accident - Signed contract - A proof of payment - An identity - Steps in the RDR wizard - … Understanding distributed ledgers Nomen est omen… block-chain
  8. 8. vs 1. Every hash is unique 2. Infinitly reproducable 3. One way traffic Understanding distributed ledgers Encryption vs hashing When you know a hash is NOT unique
  9. 9. Agenda Bitcoin & blockchain in 3 slides Bitcoin? No, thank you. Blockchain? Yes, of course! Blockchain use cases Conclusion
  10. 10. 2008 P2P CASH
  11. 11. 2017 INVESTMENT
  12. 12. IT’S A RELIGION
  13. 13. CRAZY COST / TRANSACTION Hashes per second on the bitcoin blockchain – proof of work 09/2013 05/2011 01/2016 09/2016 26/10 : 13 Z
  14. 14. CRAZY COST / TRANSACTION 2012
  15. 15. CRAZY COST / TRANSACTION Circa 240 KwH / transaction Mining cost : $1,1B and… mining revenu : $4,5B
  16. 16. CRAZY COST / TRANSACTION Fee cost / Transaction : $45 à $55
  17. 17. WAY TOO CENTRALIZED
  18. 18. WAY TOO CENTRALIZED
  19. 19. THOSE POOR UNBANKED
  20. 20. LIMITED TRUST
  21. 21. LIMITED TRUST
  22. 22. ECB SAYS NO
  23. 23. Agenda Bitcoin & blockchain in 3 slides Bitcoin? No, thank you. Blockchain? Yes, of course! Blockchain use cases Conclusion
  24. 24. 28 Private permissioned ledgers Trusted financial institutions create a secure environment on the infrastructure that already holds your money. Public Private BTC 1984 ? KBC Permissionless Permissioned
  25. 25. 29 Our approach : 6 key elements Combined and used with other parties, they create a single shared source of truth. TrustOwnership Transparency Traceability Distributed Smart contracts
  26. 26. 30 Blockchain is not a loose cannon Some things are often forgotten in the blockchain space… but as bank, we can not afford to do so. Let’s not forget As a financial institution, we have • Liability to handle; • Regulations to follow; • Governance to safeguard you.
  27. 27. 31 Different use cases for blockchain Blockchain requires a paradigm shift when solving customer issues. Blockchain as a catalyst • Efficiency gains in our own internal and intra-bank processes : less reconciliation, less (manual) checks,… • New offerings for our customers, exploring markets we didn’t enter before • Ecosystems to join or to build with a shared ledger of secured, trusted data
  28. 28. Agenda Bitcoin & blockchain in 3 slides Bitcoin? No, thank you. Blockchain? Yes, of course! Blockchain use cases Conclusion
  29. 29. 33 Our blockchain projects Our approach is to develop useful and needed blockchain capabilities for the day after tomorrow. We’re working on projects in… • KBC Trade Finance • KBC Bank – Payments • KBC Bank – Credits • KBC Insurance • KBC Securities • R3 CEV • B-Hive • Belgium (with other financial actors) …
  30. 30. 34 KBC Decision model (© David Birch)
  31. 31. Focus on making things better, not just adding stuff.
  32. 32. KBC Bank – Credits | My Car
  33. 33. As Is: the current flow customer branch HQ invoice Check invoice Registers invoice Scans invoiceCredit = approved Pay credit garage invoice Pay for car Receives payment Extra check invoice
  34. 34. To Be: holistic approach with a blockchain customer KBC Blockchain invoice Register hash & some details Credit = approved Pay from credit / account garage invoice Pay for car Receives payment Transparency on status Register relevant data Data of invoice/credit
  35. 35. KBC Trade Finance| we.trade
  36. 36. “Digital Trade Chain” KBC’s first ever blockchain experiment
  37. 37. we.trade : the purpose 44 A marketplace where SMEs can easily trade with more trust
  38. 38. 45 TRUST FINANCING International trade: a catch 22
  39. 39. 46 Platform Enabling secure international trade between SMEs To manage, track and protect trade transactions In a simple, digitized way Easy access to counterparty information and bank services
  40. 40. A transparent platform for SME’s & stakeholders Buyer Buyer’s Bank Transporter/Forwarder Seller Seller’s bank ¨Certificate issuance Credit Insurer Commercial finance Credit dpt Payments Insurance Credit Insurer Commercial finance Credit dpt Payments Insurance
  41. 41. we.trade 48 A platform designed for and together with SMEs • Assessed by 17 SMEs and tested by 3 companies in Proof of Concept stage by founder KBC Bank • Using customer feedback during building phase and for future developments • The fully automated 24/7 platforms links parties and registers entire trade process from order to payment • Presentation of status of the trade • Payment automatically initiated when payment conditions have been met • Will be accessible from PC, tablet or smartphone
  42. 42. Internal Our Vision 49 A marketplace where companies can trade with more trust we.trade is a trade platform that… ...allows corporate customers quick, easy and paperless transactions for trade finance …automates fulfillment of end-to-end settlement with full KYC ...that seamlessly connects the entire trade ecosystem Go beyond Europe (2018+) Expand & Reach Scale (2018) Brand launch (Oct 2017) Joint Venture formation (Nov 2017) Go Live (Q1 2018) we.trade ecosystem Banks Insurers Logistics
  43. 43. 50 Challenge| fiat currency on the blockchain
  44. 44. 51 Stop smiling or I’ll replace you with a very tiny blockchain…
  45. 45. 52 201503_KBC PPT Template_V1.pptx Customer Customer Bank A Bank B Correspondent Bank C Correspondent Bank D Special Bank Private Company Central Bank Traditional settlement Crytocurrency - Bank Backed - Private Backed Central Bank Digital Currency Settlement Clearing DLT DLT DLTDLT DLT Cash on ledger – the options
  46. 46. Agenda Bitcoin & blockchain in 3 slides Bitcoin? No, thank you. Blockchain? Yes, of course! Blockchain use cases Conclusion
  47. 47. 1. Blockchain strategy is about collaboration. 2. Not just IT, also business is involved (risk appetite). 3. Unpredictable reactions of regulator & Government. 4. Financial signals (ROI) are problematic. 5. Radical uncertainty is the norm.
  48. 48. We Financial Institutions sell trust & data. Blockchain is trust & data.
  49. 49. Hi! Did you enjoy the slides? I raise funds (BTC) to support improving the daily lives of people with cystic fibrosis, like my son. I invite you to open your heart and your BTC wallet, please scan the QR code. Or use 1JmSPfvJ751BYi7TVD8xXqWzPpGXqrW9Fj as recipient. Proceeds go to Muco vzw (www.muco.be) Thank you for your support and appreciation. Koen.Vingerhoets@kbc.be Twitter : @IthronKoen

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