The blockchain is a disruptive technology that will fundamentally change the banking industry. In the New Emerging Economy, where business and technology are Wired To Each Other Through The Digital Economy, Blockchain Creates A Whole New Paradigm In The Ecosystem. With The Use Of Blockchain Technology, Transactions Will Be Much Faster, Secure And Far Less Expensive Compared To The Centralized Database Systems.
Why Blockchain in Banking?
Blockchain technology has created waves around the world by bringing transparency and massively reducing costs in many industries. In order to stay competitive, more and more banks are adopting Blockchain technology which will allow them to further improve the transaction velocity, reduce fraud risks and boost their business growth by offering holistic payment solutions.
Regulators and central authorities are also aiming to harness Blockchain to future-proof payment systems and encourage banks to modernize their legacy payments infrastructures for an efficient, secure and more transparent banking service.
The current business landscape sees banks caught between an uncertain world economy and growing costs of regulatory compliance. They face pressure to reduce costs and increase operational efficiency.
There is also a threat of disintermediation by financial technology [fintech] firms, which are looking to provide some of the same services as banks but at lower costs. Compared with conventional database technologies and centralized systems, blockchain execution can be relatively cheap and require considerably less IT investment to maintain.
What are the key drivers of Blockchain technology?
- Customer’s need for overlay services –To meet the customer’s growing demand for the immediacy of retail payments Customers expect to pay for and receive their purchases as fast as possible. Suppliers, on the other hand, wish to have the certainty to be paid as soon as they release their goods and services
- Need for banks to remain competitive –Blockchain technology will help banks to not just stay competitive by improving the transaction velocity, reducing fraud risks in the transaction processing but also boost its business growth by offering holistic payment solutions spanning the value chain in order to differentiate from Non-Bank Players.
- Regulators need for encouraging competition and digitalization – Regulators and central authorities top agenda is to promote fair competition, Anti-Money Laundering, customer protection, and improving clearing & settlement mechanisms and digitalization of the economy.
About BB Summit
BB Summit is Europe’s only dedicated Blockchain conference for the Banking sector. It features up to 20 leading speakers and subject matter experts with latest case studies, key trends, regulations, and implementation guidelines.
It’s expected to gather about 120+ delegates from leading Banks, Standard bodies, Associations, Regulators, selected FinTechs from Europe who is driving this technology wave.
Speakers at the previous year’s show were:
Montse Guardia Guell | Director of Digital Services – Digital Transformation |Banco Sabadell
Francisco Maroto Castro | Head of Blockchain Strategy in the Customer Solutions Area| BBVA
Nicole Sandler| VP Fintech and Regtech – EMEA Legal Lead | Barclays
Stephen Moran | Head of Research & Development | Bank of Ireland
Michael Spitz | Co-Head of Blockchain Lab | Commerzbank
Anna Mialet Rigau | Innovation & Business Transformation | CaixaBank
Alberto Gómez Toribio | Blockchain & Tokenomics Specialist | Bankia
David Alonso Pérez | Project Manager | Cecabank
Fernando Lardies | Network Banking Head | Banco Santander
Roberto Garcia |Head of Blockchain & emerging technologies |Banco Santander Group
Marco Bosma |SVP Fintech & Innovation |Rabobank
Sorin Cristescu Blockchain| Competence Centre Leader | European Commission
Roberto Fernández Hergueta |Board Member| Alastria Blockchain
Mañu Noain Ignacio | Head of International Business Development | We.trade
Sergey Lukashkin |Digital transformation project management director | VTB Bank
Marco Carmona | Senior Solution Architect | Protegrity
Mat Travizano | CEO | Wibson
Grzegorz Leńkowski |Director of Instant Payments Business Line | KIR
Bernat Aguadé Estivill |Associate professor and consultant | Blockchain Institute & Technologies
Stephane Savanah | Information Technology Consultant |Independent Consultancy
The first annual show was supported by Wibson and Protegrity as keynote sponsors.
What Did the Speakers Talk About?
In 2018, the conference gathered leading banking professionals and top experts from within Europe working in Blockchain sphere. Speakers addressed the most important segments of the Blockchain, DLT, how it will revitalize Trade Finance, Trade reconciliation, Find synergies and build networks among banks and explore consortium possibilities and discussed many topical trends of the industry including following –
IT-model of Blockchain technology for large organizations
- How Blockchain can be used in Clearing and Settlement?
- What are the challenges while implementing Blockchain in Clearing and Settlement?
- How the decentralized Blockchains will work in Centralized Banking Model Operation?
- Discuss how Blockchain affect existing clearing and settlement processes with regards to the speed of end-to-end processing?
- How does blockchain technology reduce or eliminates the need for reconciliation, confirmation, and trade break analysis as key parts of a more efficient and effective clearance and settlement process?
Sorin Cristescu | Blockchain Competence Centre Leader | European Commission
Banking modernization with Blockchain to Stay Relevant in the digital age
- Industry payment modernization initiatives and why banks, networks, and operators see the need for change.
- DLT’s potential role in payments and how Blockchain may redraw processes, question orthodoxies, and impact financial business models.
- Payment processing issues as a result of payment modernization.
- DLT as the backbone of a new payments ecosystem.
Marco Bosma | SVP Fintech and Innovation | Rabobank
Reimagining Identity Using Blockchain Technology
- How Blockchains are being investigated as solutions for KYC Space?
- How the design of the blockchain can ensure compliance with data sovereignty laws while complementing existing legacy AM solutions?
- How Blockchain Enhances Regulatory Reporting
- How does the risk of noncompliance due to delayed or inaccurate reporting would be greatly diminished by using Blockchain?
Stephan Moran | Head of Research and Development |Bank of Ireland
This conference is being organized by Kinfos Events which is a UK based company. It has carved out its own niche in the market for producing world-class technology conferences over three continents [North America, Europe, and Australia].