Bank of Italy, Rome, June 21, 2016
European Banking Federation, Bruxelles, July 7, 2016
Understanding of blockchain technology lags well behind the hype. Notably, the need of a native digital asset such as bitcoin is neglected, the brilliance of distributed consensus is obfuscated, and fuzzy distributed ledgers are advocated instead.
In this presentation the following conclusions are offered:
* Blockchain needs a native digital asset such as bitcoin;
* Unrealistic expectations arise from distributed ledger hype;
* Decentralized transactional networks are permissionless;
* We are at a turning point in the history of money;
* Regulation can hinder the Financial Service Industry in the innovation race;
* A level playing field for incumbents and fintechs is needed;
* Customer/saver protection should be high priority;
* The understanding of real innovation is critical for banks;
* Cash digitization is a great opportunity for retail banks.