SFTS: DLT set to transform the future
26 April 2018 London
Image: Shutterstock
In one way or another, distributed ledger technology (DLT) will help to transform in the industry over the next three to five years, according to a panel the 麻豆传媒 Lending Times 麻豆传媒 Finance Technology Symposium.
The panel, which discussed future markets, suggested that firms are trying to find their own way into such technologies. However, one panellist explained that the industry should hold back until it becomes standardised in the industry.
He said: 鈥溌槎勾� lending can do a lot to innovate without using blockchain in the next three to five years.鈥�
Another panellist suggested that blockchain is a solution looking for a problem. The panellist explained: 鈥淎s these technologies are rolled out, people will experiment with them to see how they can be used within the business.鈥�
However, one panellist disagreed with that statement, suggesting that blockchain can be used to create something new in the industry. One example included cost savings.
The speaker said: 鈥淓verything we talk about is simplistic, transparent and secure, so why couldn鈥檛 blockchain help with that.鈥�
With regulatory changes, there will be more transparency, more automation and an increase in the reliance on technology firms.
One panellist said that the winners in this new world would be the ones who develop platforms that slot easily into legacy systems and take advantage of what is already there.
The panellist said that his company, a technology provider, has spoken to many institutions and, 鈥渂y and large, their technology is terrible鈥�.
Another panellist added that technology companies are using cutting-edge technology, while participants are using 鈥渓egacy systems鈥�.
To adapt, changes will have to be made to this systems. One panellist explained that these are not small changes, but larger, wider reaching ones. He said that the current market infrastructure has 鈥渂een there for decades鈥�.
Another panellist expounded how participants鈥� ability to evolve has been hampered in recent years, by regulation and other challenges.
He said: 鈥淪omething that used to take months can now take years.鈥�
鈥淭hey don鈥檛 have the ability to evolve fast enough. If you look at other industries鈥攅very bank is investing in technology--in other industries, people would say why are you investing in technology? Instead get it from a technology vendor.鈥�
He concluded: 鈥淭he current state of technology is not where it needs to be. It鈥檚 not going to get us to the market structures we want.鈥�
The panel, which discussed future markets, suggested that firms are trying to find their own way into such technologies. However, one panellist explained that the industry should hold back until it becomes standardised in the industry.
He said: 鈥溌槎勾� lending can do a lot to innovate without using blockchain in the next three to five years.鈥�
Another panellist suggested that blockchain is a solution looking for a problem. The panellist explained: 鈥淎s these technologies are rolled out, people will experiment with them to see how they can be used within the business.鈥�
However, one panellist disagreed with that statement, suggesting that blockchain can be used to create something new in the industry. One example included cost savings.
The speaker said: 鈥淓verything we talk about is simplistic, transparent and secure, so why couldn鈥檛 blockchain help with that.鈥�
With regulatory changes, there will be more transparency, more automation and an increase in the reliance on technology firms.
One panellist said that the winners in this new world would be the ones who develop platforms that slot easily into legacy systems and take advantage of what is already there.
The panellist said that his company, a technology provider, has spoken to many institutions and, 鈥渂y and large, their technology is terrible鈥�.
Another panellist added that technology companies are using cutting-edge technology, while participants are using 鈥渓egacy systems鈥�.
To adapt, changes will have to be made to this systems. One panellist explained that these are not small changes, but larger, wider reaching ones. He said that the current market infrastructure has 鈥渂een there for decades鈥�.
Another panellist expounded how participants鈥� ability to evolve has been hampered in recent years, by regulation and other challenges.
He said: 鈥淪omething that used to take months can now take years.鈥�
鈥淭hey don鈥檛 have the ability to evolve fast enough. If you look at other industries鈥攅very bank is investing in technology--in other industries, people would say why are you investing in technology? Instead get it from a technology vendor.鈥�
He concluded: 鈥淭he current state of technology is not where it needs to be. It鈥檚 not going to get us to the market structures we want.鈥�
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麻豆传媒 lending is coming of age from a technology perspective, says panel
麻豆传媒 lending is coming of age from a technology perspective, says panel
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