Theories, Concepts, and Blockchain in real life
Deloitte estimates the value of global transactions at $26 trillion annually with billions of dollars in fees, and the systems that facilitate this volume of payments are inefficient, antiquated, and incapable of satisfying worldwide demand (Elison). Greater efficiencies combined with heighten care for consumer experience is where the impact of competition will be felt. Traditional firms have real concerns around the prospects they may lose control as the collision of digital technology increases.
Accenture has estimated that the biggest investment banks could save $10bn by using blockchain technology to improve the efficiency of clearing and settlement. The first place there will be impact
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For instance, the UN and Microsoft are partnering and collaborating to design blockchain technology for persons with no physical or electronic identity record. This is an example of how technology enablement can solve other business problems or optimize processes; moreover, by applying blockchain technology to identity systems, this could be a real-world application in a high-risk business area of anti-money laundering, know your customer or KYC where expenses are numerous for banks and the investigation expenditures for regulation and misinformation are also …show more content…
If your journey involves bends and turns and stops, your brakes need to work correctly to allow you to reach your destination safely. No one would drive a car if they knew the brakes were not functioning. Conversely, Formula One drivers use their brakes strategically to enable higher rates of velocity, to go faster than their competitors. Banking is “brakes in a car”, and if people cannot trust your reputation, gain assurance over risk management and security, they will not sit in your car. Likewise, and they will not do business with the bank. Measured and structured Risk Management, within the bank’s risk appetite, are “Formula One drivers using their brakes strategically”, and in the same way where Formula One drivers need brakes to enable hairpin turns with high velocity – proper risk identification, assessment and prioritization, treatment, and monitoring – enable banks to make fast strategy decisions with high velocity execution.
Reality number one, banks need to correct the notion “if” our network will be breached, and instead “when” it will be breached and by whom. When CISOs approach data security with this more proactive mindset, they will be able to take a critical look at the potential weak spots in their security. Where are the weak points, where are the faults, and what can be done to remediate these