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Jacob Boersma 17 June 2016 Blockchain Disrupting Trust Services
Jacob Boersma
17 June 2016
Blockchain
Disrupting Trust Services
© 2016 Deloitte The Netherlands
What does Blockchain do for business?
TDL - Blockchain disrupting trust services2
“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
© 2016 Deloitte The Netherlands
Blockchain is hot
TDL - Blockchain disrupting trust services3
Blockchain
technology
Bitcoin
Vis
ibil
ity
Technology
Trigger
Peak of Inflated
Expectations
Trough of
Disillusionment
Slope of
Enlightenment
Plateau of
Productivity
Maturity
Gartner Hype Cycle
© 2016 Deloitte The Netherlands
© 2016 Deloitte The Netherlands
SMART CONTRACTS
Allow for programmable money/value transactions
Ethereum, Rubix, AugurContracts
ASSET REGISTRY
On Bitcoin blockchain: Coloredcoins, Counterparty
Other: Ripple, NamecoinAssets
CRYPTOCURRENCY
Bitcoin
Litecoin
Dogecoin Currency
© 2016 Deloitte The Netherlands
Traditionally, electronic
transactions require Trusted
Third Party
BanksGovernments
NotariesAccountants
Blockchaincan cut out the
middleman
© 2016 Deloitte The Netherlands
Blockchain challenges and impacts
TDL - Blockchain disrupting trust services7
“The blockchain protocol threatens to disintermediate almost every process in financial services.”
– World Economic Forum
© 2016 Deloitte The Netherlands
We should not ignore the major challenges
Regulatory
Technological
Market Adoption
Type of Challenge
Most Pressing
Challenges
Success of Resolutions
Cri
tic
ality
of
Ch
all
en
ge
Government
opposition
Poor fit with regulatory frameworks
and bank onboarding processes
Difficulty in
preventing double
spending
Transaction validation requires
vast amount of computing
power
Poor perception
and/or lack of
awareness
Cryptocurrency
value features
immense volatility
Online key storage options are
unreliable and unsecure
Threat of loss and/or theft by hackers and
malware
Concentration/hoarding of
wealth
Criminal use of Bitcoin for money
laundering, blackmail etc.
Assessment of key Bitcoin challenges
9
10
© 2016 Deloitte The NetherlandsTDL - Blockchain disrupting trust services11
© 2016 Deloitte The Netherlands
© 2016 Deloitte The Netherlands
Public blockchains
Vs.
Private blockchains
Trusted users
Seminar Electronic Payment Services13
© 2016 Deloitte The NetherlandsTDL - Blockchain disrupting trust services14
User Experience
© 2016 Deloitte The Netherlands
Overheated expectations could be blockchain’s greatest threat right now
TDL - Blockchain disrupting trust services15
Blockchain
technology
Bitcoin
Vis
ibil
ity
Technology
Trigger
Peak of Inflated
Expectations
Trough of
Disillusionment
Slope of
Enlightenment
Plateau of
Productivity
Maturity
Gartner Hype Cycle
© 2016 Deloitte The Netherlands
What’s next for blockchain?
TDL - Blockchain disrupting trust services16
“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
© 2016 Deloitte The Netherlands
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
© 2016 Deloitte The Netherlands30-09-2015 Blockchain event, Amsterdam18
Jacob Boersma
Manager Deloitte NL blockchain team
+31 (0) 6 82 0123 99
@jacobboers
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© 2016 Deloitte The Netherlands
