Blockchain technology, or more in general distributed ledger technology, is a much-discussed catalyst to improved and new business processes and business models, and is likely to have a significant impact on how we redesign future production, trading and handling of goods and services…
B-Hive on ACCA panel discussion on Fintech and Blockchain policy developments and next steps hosted by Press Club.
B-Hive, a European enabler of innovative collaboration for fintech startups and established financial service organizations, announced today that financial institutions AG Insurance, Belfius, BNP Paribas Fortis, Degroof Petercam, Euroclear, KBC and SWIFT are working together on the creation of a blockchain-powered platform to simplify customer on-boarding for individuals and legal entities.
Blockchain is claimed to be the transparent system that will gain back Millennials’ trust in finance. Blockchain is the means to an end, gaining trust has everything to do with giving back control to the consumer. Do banks dare?
Financial Institutions (FI) invest a lot of effort and hard cash in blockchain projects at the moment. The first real hurdle, slightly tackled by good intentions, is “collaboration”.
I woke this morning to my wife saying “I think its time”. Our second child was due the following day so hey, pretty darn close. I sprang into action, and we arrived at the hospital within the hour. Four hours later, our newborn daughter was letting out her first beautiful cries. Mother and child were healthy and blissfully happy to be in each other’s arms, albeit understandably quite tired
By Thessy Mehrain User Experience & Product Strategy/ Uport at ConsenSys
One of the biggest innovations enabled by the internet was the ability to interact remotely. Previously a face-to-face interaction with a person one knew, has been scaled across the globe, be it for a payment, a customer service request or a Facebook post.
We had the pleasure to host #FinAndTonic - Blockchain. Our guests could learn from Koen Vingerhoets (KBC), Dirk Avau (Intellect.eu) and Gaston Hendriks (Quantoz). The event took place at the Eggsplore co-working space, where we received more than 80 participants.
By Jo Vercammen (Orillia). The first time I encountered the technology was in 2012, when a friend introduced Bitcoin as the next big thing after the Internet.
Recently the Business Insider UK published an article made by BI Intelligence with the titled ‘’The US is ahead of Europe in blockchain innovation’’. To comment on this topic Eggsplore invited Hanna Zubko, from IntellectEU, to an interview.
One of the main activities of Eggsplore is curated matchmaking. As such, Eggsplore is organizing specific work streams on the latest trends and evolutions in technology. The hottest trend is without a doubt Distributed Ledger Technology (DLT). Intrigued by the possibilities of blockchain technology beyond bitcoin, SWIFT, Euroclear and KBC have joined forces and have defined a use case on another hot topic in financial services: “Know Your Customer” (KYC). Blockchain and KYC turn out to be a very powerful combination, and are definitely worth exploring further...
Six companies were selected by our partners, to respond to the KYC use case defined, using state of the art blockchain technology. The selected companies are: Consensys (United States), Craftworkz (part of Cronos Group, Belgium), Grant Thornton (Luxembourg, Spain), KYC Chain (Hong Kong), Orillia (Belgium) and SettleMint (Belgium). For a full profile of these companies, follow the links below. The six companies are using a variety of blockchain technologies and platforms (eg Ethereum, Hyperledger, Multichain, ...). They have been selected because their vision, products/services and experience are closely related to the defined KYC use case.
During the next two months, they will be preparing their “pitch” early December. The winner will be assigned the “Proof of Concept” project. If you want to get to know these participants better, they will also be present during the Eggsplore Conference and are eager to show you their work and vision.
Please join us in congratulating and thanking these companies for their participation. We wish them the best of luck!
ConsenSys is a venture production studio building decentralized applications and various developer and end-user tools primarily for the ethereum blockchain ecosystem. Their product, uport is a universal identity platform that allows users to collect and disclose reputational attributes and attestations, including those for KYC/AML. uport was the winner of the International Blockchain Summit Demo Day 2016 in Shanghai.
Craftworkz, part of the Cronos Group, is by far the most successful start-up within our group. The craftboys like to experiment with the latest technologies e.g. artificial intelligence, robotics, blockchain… New ideas are exciting! The journey from concept to market is typically a long road riddled with hidden obstacles and unforeseen turns. Building a prototype for your ideas can help smooth that path as well as present some other benefits, like early user testing and fast bottleneck detection. By spraying some "blockchain"-magic over your prototypes, the sky is the limit.
Grant Thornton is worldwide audit, tax, accounting and business advisor network that supports organisations to unlock their potential for growth.
Grant Thornton Spain has created a multidisciplinary Blockchain Team in order to perform research about new use cases, implementing distributed ledgers and cover the following areas: blockchain development, support in law and regulation pertaining to blockchain, economic models as well as consultancy.
Grant Thornton Luxembourg is an active player in the Fintech ecosystem since 2014. In Belgium, Finside Advisers has provided advisory services in the FS sector for the past five years and is also pitching for Blockchain initiatives with a large French banking client.
Orillia, established in 2013, have the first network of Bitcoin ATM machines in Belgium. Grown from enthousiasts to experts, they provide services for professionals in need for support with Blockchain technology. As they are experienced consultants with backgrounds in software engineering and product building, they can provide consulting and product development for mid to large-scale enterprises.
SettleMint supports organisations in taking advantage of the benefits of blockchain and adjacent technologies. Whether your organisation is looking to create efficiency gains, to extend existing products or services to new clients or to completely reinvent an existing business model from the ground up, SettleMint is your trusted partner.
... and I am whatever you say I am! (Eminem)
Identity is a key legal aspect, next to property. As such, it's of course also a key aspect of our daily life. You have an ID card, a driver's license, a badge from your employer, a bank card,... a whole slew of items to proof who you are, or, as some defend: sufficient evidence to avoid being denied your identity.
Distributed Ledger Technology (DLT) is taking the world by storm. Especially within the financial industry, it raises the question: is it a hype or a haven? In collaboration with Vlerick, we have put together a report, giving an overview of the technology, the platforms, some existing use cases and the challenges and opportunities this technology faces. An ideal read to get started with the biggest trend in fintech!
Blockchain, or more in general distributed ledger technology (DLT), definitely takes a place among the hottest topics in FinTech these days. At times it seems like every company should get involved in blockchain projects in some way. But should it really be considered as a business changer? Or would it merely serve as an innovation that may incrementally help improving the way we live and operate our businesses? One thing that can be told for sure is that lots of efforts are currently being focused on the development of DLT. An overview of several interesting projects can be found below.
Imagine that you could send a payment to an apartment to rent it for a certain period, and when you arrive during that period, you can just open it with your smartphone. Once the period expires and the tenant has left, the apartment can send a payment to a cleaning company which would then dispatch a crew to clean the apartment. This is all possible through the combination of DLT and Internet-of-Things without the necessity of the landlord being present and fulfilling coordinating tasks. This is exactly what Slock.it is focusing on.
Since Bitcoin’s introduction in 2009, the development of DLT has caught the eyes of researchers and it has grown enormously in both depth and width. The technology can go far beyond the mere enabling of a digital currency and Slock.it is just one of those use cases existing in a wide variety of areas. The ability to reach a consensus on the transparent and immutable state of a ledger and the capability to implement smart contracts make this technology particularly interesting for a diverse set of applications. Everledger, for example, allows the certification and recording of a diamond’s transaction history from origination to end customer onto a permanent ledger in order to improve fraud detection. Tierion, on the other hand, enables permanent and time-stamped data anchoring onto the Bitcoin blockchain without the need to go to a notary to certify documents. Another example can be found in the area of governance: BoardRoom
allows decentralized decision making by voting on proposals through a blockchain, implementing smart contracts which can automatically be executed once approved. Several other projects are focusing on payment systems, such as Epiphyte which is a decentralized settlement system that includes delivery-versus-payment functionality, Rebit which is a peer-to-peer remittance platform to send money to the Philippines, and ChangeTip which enables micropayments through blockchain technology. Other applications can be found within the domain of decentralized equities exchanges (such as tØ) and peer-to-peer startup funding platforms (such as Funderbeam). These are, however, only a few of the blockchain applications that are being developed and many more are to come.
It is hard to find an integrated overview of the current DLT environment which is why we are currently developing a report for Eggsplore in which you will find the comprehensive overview you are looking for and which will be released by the end of June. The report is being constructed by conducting an in-depth literature research and several interviews with DLT experts. It takes you through the underlying building blocks and the most often discussed platforms and tools, an overview of numerous existing use cases, and some interesting collaborations. Moreover, the most pertinent challenges, going from technical issues to regulation concerns, are discussed as well in more detail. And last but not least, an overview is given of several opportunities within the DLT area, including a deep-dive into the potential of DLT for KYC.
In the meantime, we would like to share an overview of the most interesting reads we find when conducting our research through two Flipboard magazines: Distributed Ledger Technology: Interesting Reads and Distributed Ledger Technology: Projects.
About the authors: Robin Bracke & Lei Zhou are students at Vlerick Business School and are doing an in-company project at Eggsplore, on Distributed Ledger.