What a pleasure to finally share the book with Nikhil Vadgama, who is an expert in the financial services world, with significant expertise in DLT and Blockchain technologies. Nikhil has added over 30 pages to Commercializing Blockchain and I thank him for his time and more importantly, his deep expertise in Blockchain/DLT and Financial services
In the book, Nikhil takes you through the FS-related use cases and opportunities for Blockchain technology. Nikhil begins back at the 2007/2008 financial crisis and describes its’ significant impact on this sector
How can banks innovate using technology to create cost savings and boost revenues? How can they raise their return on equity?
The mantra at some FIs is they now see themselves no longer as banks, but as technology companies first and foremost. This is the new operational model they wish to adapt to. This shift in mindset is now evident amongst their workforces. In mid-2018, the chairman of Goldman Sachs stated that they have more engineers than bankers in some divisions. Prioritizing financial technology (fintech) is a board- level agenda.
Currently, several different technologies are all intersecting at the same time and promise to lead the next wave of fintech innovation. These include biometrics, cloud computing, machine learning/artificial intelligence, quantum computing, robotics, and, of course, distributed ledger technology (DLT).
Focusing on the impact of DLT in the financial services sector (concentrating mainly on FIs), we will consider DLT’s impact from an infra- structure and process perspective rather than talk about securities, tokenization and cryptocurrency perspective, which are discussed in other parts of this book.