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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Use Cases of Blockchain in Finance

Use Cases of Blockchain in Finance

Igor Pejic

Financial technology & blockchain specialist

The blockchain today seems to be a panacea, the solution to every industry’s trust problem. Igor expands on this idea and discusses seven areas that will be the drivers of operational savings.

The blockchain today seems to be a panacea, the solution to every industry’s trust problem. Igor expands on this idea and discusses seven areas that will be the drivers of operational savings.

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Use Cases of Blockchain in Finance

8 mins 33 secs

Key learning objectives:

  • Outline the 7 major use cases of blockchain in the finance industry

Overview:

According to a very prominent study done by Santander and Oliver Wyman, the blockchain will save banks about 20bn USD per year, starting 2022. These savings are a result of the tremendous efficiency that the blockchain provides which cuts operational costs. It is expected that new revenue streams as a result of the blockchain (which have not been considered in this estimate) will also help the banks.

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Summary

Briefly describe the 7 major use cases of blockchain in the finance industry

  1. Payments and remittances
    • Bitcoin was invented in order to transfer money across the world without financial institutions, without the regulator monitoring and possibly blocking transactions, and without the multiple layers of expensive intermediaries needed today.
  2. Clearance and settlement systems
    • B2B payments in particular have lately been tackled by companies who have built up blockchain expertise, such as JP Morgan Chase.
  3. Fundraising
    • Using a vehicle called Initial Coin Offering (ICO), unlike an Initial Public Offering (IPO), regulation and bloated bureaucracies are circumvented. ICOs are experimenting with a new model of financing that unbundles access to capital from traditional capital-raising services and firms. Using blockchain, entrepreneurs raise money by selling tokens or coins, allowing them to fundraise without a traditional investor or VC firm.
  4. Securities and asset management
    • To buy or sell assets like stocks, debt, and commodities, you need a way to keep track of trade. Financial markets today accomplish this through a complex chain of brokers, exchanges, central security depositories, clearinghouses, and custodian banks. Algorithmic trust and its promise to make trusted third parties superfluous has hit fertile ground in assets and securities.
  5. Trade Finance
    • Currently in the trade finance industry, bills of lading and letters of credit are still issued on physical paper and they are faxed or sent via physical mail. Using blockchain technology, payments between importers and exporters can take place in tokenised form, contingent upon delivery or receipt of goods. Furthermore, smart contracts enable importers and exporters to set up rules that ensure automatic payments and cut out the possibility of missed, lapsed, or repeatedly mortgaged shipments.
  6. Loan Business
    • Crypto-secured lending requires a borrower to pledge one crypto-asset as collateral in order to borrow another asset, often fiat currency or a stablecoin. Furthermore, in any loan process, blockchain algorithms can take the place of trusted third parties. There are also projects trying to streamline syndicated lending through the use of blockchain.
  7. Complying with Anti-Money-Laundering (AML) or Know-Your-Customers precepts
    • As the blockchain enables multiple parties to share a constantly updated record with each other in a cryptographically secured way, repetitive Know-Your-Customer checks would become obsolete.

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Igor Pejic

Igor Pejic

Igor is the author of “Blockchain Babel: The Crypto-Craze and the Challenge to Business.” The book was a Financial Times Book of the Month and a finalist in the Bracken Bower Prize. He has published more than 50 articles on blockchain and financial technology. Moreover, Igor is the Head of Marketing and Product Management for BNP Paribas Personal Finance in Austria.

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