IBS Journal November 2016
39
Arguments were had over the ability of a machine-based system to handle the amount of data and processes thrown at it. Railing against the narrative of the smart machine vs. the dumb human, Trevor Spanner, COO and Group Risk Officer for Hong Kong Exchange and Clearing Limited, said: “Machines can beat people at go but do I want a machine that can beat people at go? No.”
In a packed theatre discussing the emergence of the industry’s biggest buzzword, Vivek Ramachandran, Global Head of Product and Propositions at HSBC, was joined by Hyperledger Project Executive Director Brian Behlendorf; Justice Chapman, Global Head of Market Advocacy at Northern Trust and Ashwin Kumar, Global Head of Products at Deutsche Börse. Ramachandran stated that blockchain had passed the first test of emerging technology – the stupidity test. Chapman agreed, adding that blockchain has the capacity to do most things due to its inherent efficiency but still has some maturity issues. Ramachandran brought up trade finance as the perfect habitat to test the veracity of blockchain and a number of the panel agreed. Behlendorf, understandably, pushed the banking members on whether it would ever emerge from “pilotville”.
Some half-hearted answers were given. Kumar reckoned that the technology would be available within the next year or so and that “where there is a chain” there is a path towards application. The role of regulation and governance was also a key debate topic. Chapman highlighted the
“critical” role that governments will have in the development of blockchain, but added that there are varying levels of engagement from countries over the globe. “Regulators are open to experimentation,” said Kumar. “But they have no appetite for wholesale changes to regulations. They are very far away from a regulatory framework.”
Blockchain has been the buzzword of both Sibos 2015 and 2016, it seems. Though there was a lot of talk of pilot schemes, testing, collaboration and industry firsts there was surprisingly little to show for it. IBS Journal made a habit of looking around for those tired of blockchain, with a number of people visibly deflated at the mention of the technology. It’s no surprise that those same people lit up when asked about other emerging tech, like AI. Still, with the blockchain hype train showing no sign of slowing (or even having brakes), it’d be a safe bet to assume we’ll still be talking about when Sibos rolls into Toronto in 2017.
www.ibsintelligence.com
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