WELCOME TO CHARLES RUSSELL SPEECHLYS.
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Laura Bruin attended the Blockchain Conference London 2016, which featured a number of panel discussions covering topics such as private versus public blockchain, interbank ledgers and smart contracts, regulation and compliance, blockchain for identity and security, investors’ views of blockchain and the future of blockchain.
Key themes from the conference include:
- Regulation. As blockchain is a new technology, there have been a number of discussions regarding how to regulate it. These discussions assume that, because blockchain is a disruptive technology, and can be used in transactions between financial institutions, it needs regulation. Advocates of blockchain argue that this is not correct. Blockchain is said to remove the need for regulation through the use of technology (by providing a secure, immutable distributed ledger to which all parties in a network, including regulators, have access). Blockchain itself is not hindered by regulation. It is the uses that blockchain is put to that cause a regulatory issue. Blockchain is a facilitator that should simplify regulation.
- Data protection. A blockchain will often span a number of jurisdictions. This causes data protection issues, as all of the data in the chain can be seen by each of the participants in the network. This will involve transferring data across geographical boundaries, which risks breaching local data protection laws.
- Privacy. The participants in a network may not want all the other participants to see all the data in the chain. A bank will not want to make its trading exposure public. Participants in private networks need to make sure they are permissioned correctly, with each participant only being able to see certain parts of the chain.
- Mindset. Incumbents will need to be persuaded that digital currency is more than just disruptive technology. Education is needed to show that blockchain provides tools to carry out business process in a different way.
For more information please contact Laura Bruin on or at email@example.com