How Blockchain Is Disrupting Global Business | Sibos 2019

Cointelegraph journeyed to Sibos 2019 to find out how some of the biggest financial institutions in the world are already adopting blockchain technology.

We talked to eleven experts from eight different companies — including IBM, Accenture, McKinsey & Company, Hyperledger, ANZ, Everest Group, Fnality, and Synechron — about the future of blockchain technology in the financial world.

Blockchain is changing the face of global business. It has the ability to optimize and streamline existing systems across all industries by a whopping 30%. It even has the power to completely revolutionize entire business ecosystems — like supply chains, trade finance, and cross-border payments — by re-imagining the way we store, share, and verify data.
For these reasons, blockchain is on the brink of mass corporate adoption on a worldwide scale. Our discoveries here at Sibos will tell you just how close to that reality we really are.

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[cointelegraph]

Key moments:
1:20 Jason Kelley, IBM — How blockchain is transforming data usage and storage.
3:48 Vita Bortnikov, IBM — What is a permissioned blockchain network?
5:12 Ronak Doshi, Everest Group — Four key use cases for blockchain technology.
8:05 Nigel Dobson, ANZ — Moving large property companies into the digital age.
9:58 Melanie Cutlan, Accenture — How blockchain can increase businesses' efficiency by 30%.
11:16 Tim Coates, Synechron — Is blockchain technology actually applicable to businesses?
12:32 John Whelan, Fnality — What is the Utility Settlement Coin?
15:03 Marta Geater-Piekarska, Hyperledger — The intersection of identity and blockchain technology.
16:43 David Treat, Accenture — Combining blockchain and biometrics to radically transform international travel.
21:49 Alessio Botta, McKinsey & Company — What are the obstacles for blockchain integration?
23:50 Nigel Dobson, ANZ — How do banks view cryptocurrencies?
27:05 John Velissarios, Accenture — How will we view blockchain after mass adoption?

[aolegario]

Mostly dumb centralized, permissions use case examples and even some not even using blockchain or necessary to use blockchain tech for the problems some a proposing to solve.
Jeezus help us from these people and organizations trying to maintain their hold on their control they’ve had for years

[heithm]

The man at the END said BTC and others are about clearing and settlement, but he is missing TRUST!!!! TRUST IS A KEY FEATURE OF CRYPTO CURRENCY!!

[rwess]

It's just an attempt at better, application-specific, immutable ledgers. Good, but so what?
Only the anonymous, open source, secure, decentralised, permissionless one(s) with network effect, and antifragility, matter.
Only with all these attributes in place (including a fixed supply of tokens) can it be a money/currency/asset/store of value.

[Pascal-ehsd]

The guy from IBM is like blablabla mixing everything and call it blockchain.

[littlepaws]

That bank guy (anz) dissed btc cause he works at a bank. Go figure😒

[quantumguitar]

The old blockchain not bitcoin narrative...

[otislente]

Apollo has the best advance blockchain from al the cryptos, Its much more than a privacy coin.

[bobmccall]

It goes back to the same old question. Can you replace the word Blockchain with the word database? If so it is just a database not a blockchain. The Bitcoin blockchain seems to be the only actual blockchain of consequence. Am I wrong?

[emmsee]

Ethereum/DeFi will only get bigger and bigger in the coming years.

Real estate will be massive, imagine when you can view real estate ledger on the blockchain, apply for a loan etc. It's gonna be massive!
Good to see Algorand/AssetBlock and Harbor laying the groundwork for this to happen.

[XaYaZaZa]

Private blockchains aren't all that useful for most businesses. Brands and food tracking, sure, but most companies don't have a use case for "blockchain"

[thinkpositive]

The best digital assets in the long term: $ETH $LINK $XRP

[ZighyBlue]

After 10 years of blockchain Bitcoin creation, the corporate world is still talking and trying to understand this technology... Very funny! :)

[StevenBlack]

Cardano will be the most powerful without a doubt.. Smart companies will build on Cardano

[derdrmed]

the concept of fnality sounds very much like those of "E-Cash" (by David Chaum back in the days in 1983!)

[Techonsapevole]

IBM should patent a Blockchain for buzzwords

A lot of comments here are very uninformed about the legit uses of private blockchains.

[MawaMaverick]

7:37 I wonder why they always keep skipping the third largest crypto asset XRP and they jump to Bcash and LTC lol. This conference seems to benefit only the already rich. We are fighting for tech that will uplift the whole world. XRP still the greatest digital asset ever built. The inter-ledger that will connect all blockchains. These companies are quite delusional.

[raids]

''permissioned blockchain'' what's next? ''mutable blockchain''' so... a what u have that's what u need, stop tying to apply blockchain as a solution to stupid problems that don't exist

[shycoder]

hyperledger " yea we started 3 years are still in a phase of throwing spaghetti to the wall and seeing what sticks"
lmao