Blockchain Disrupting Trust Services. Jacob Boersma 17 June 2016

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1 Blockchain Disrupting Trust Services Jacob Boersma 17 June 2016

2 What does Blockchain do for business? You should be taking this technology as seriously as you should have been taking the development of the Internet in the early 1990s. Blythe Masters, Ex-Head of Global Commodities, JP Morgan Chase 2 TDL - Blockchain disrupting trust services

3 Visibility Blockchain is hot Gartner Hype Cycle Blockchain technology Bitcoin Technology Trigger Peak of Inflated Expectations Trough of Disillusionment Slope of Enlightenment Plateau of Productivity Maturity 3 TDL - Blockchain disrupting trust services

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5 SMART CONTRACTS Allow for programmable money/value transactions Ethereum, Rubix, Augur Contracts ASSET REGISTRY On Bitcoin blockchain: Coloredcoins, Counterparty Other: Ripple, Namecoin Assets CRYPTOCURRENCY Bitcoin Litecoin Dogecoin Currency

6 Traditionally, electronic transactions require Trusted Third Party Banks Governments Notaries Accountants Blockchain can cut out the middleman

7 Blockchain challenges and impacts The blockchain protocol threatens to disintermediate almost every process in financial services. World Economic Forum 7 TDL - Blockchain disrupting trust services

8 Criticality of Challenge We should not ignore the major challenges Assessment of key Bitcoin challenges Threat of loss and/or theft by hackers and malware Government opposition Criminal use of Bitcoin for money laundering, blackmail etc. Poor fit with regulatory frameworks and bank onboarding processes Poor perception and/or lack of awareness Difficulty in preventing double spending Cryptocurrency value features immense volatility Concentration/hoarding of wealth Online key storage options are unreliable and unsecure Type of Challenge Regulatory Technological Transaction validation requires vast amount of computing power Market Adoption Most Pressing Challenges Success of Resolutions

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13 Public blockchains Vs. Private blockchains Trusted users 13 Seminar Electronic Payment Services

14 User Experience 14 TDL - Blockchain disrupting trust services

15 Visibility Overheated expectations could be blockchain s greatest threat right now Gartner Hype Cycle Blockchain technology Bitcoin Technology Trigger Peak of Inflated Expectations Trough of Disillusionment Slope of Enlightenment Plateau of Productivity Maturity 15 TDL - Blockchain disrupting trust services

16 What s next for blockchain? We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Bill Gates 16 TDL - Blockchain disrupting trust services

17 How current trust service providers incorporate blockchain developments will determine their future role People will always have a need for banking services, but it is not clear if they ll still have a need for banks - Mark Buitenhek, ING

18 Jacob Boersma Manager Deloitte NL blockchain team +31 (0) Blockchain event, Amsterdam

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