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BACKCHAT/DIARY Backchat I


n a world in which numbers and statistics often have a funny way of trumping logic, it’s not surprising to see how the popularity of certain financial services trends can create a sort of “fandom”. That’s always been the case when it comes to cryptocurrency, but its backbone, blockchain, has also been infected by this collective hysteria. Symptoms include: denial, aggression and an urge to attack any who might disagree with you.


Such did Twitter user @wafer discover when tweeting: “’Blockchain’ sounds so much cooler than ‘slowest distributed database known to man’”. Almost immediately the trolls were upon him. Despite dispelling the myth that bank transfers take as long as they do – a major reason blockchain evangelists cry for its implementation – as well as going over how a worldwide DLT would need a frightening amount of power to run, he was assailed for more than 48 hours by those seeking to defend their tech and find a comfy hill to die on.


The tweet’s virality probably played into this somewhat, with it gaining 3,800 retweets and 10,760 likes (at the time of writing), though that likely shows just how many people there are affected by the “trough of disillusionment” which blockchain is currently going through. Never mind, though, because AI is going to change everything, right?


Diary APRIL


3rd: Retail Paytech Forum, London https://emergingpayments.org/events/retail- paytech-forum


9th - 11th: LendIt Fintech USA, San Francisco www.lendit.com/usa/2018


12th - 13th: Global Banking Innovation Forum Expo, Prague www.uni-global.eu/portfolio-page/10th-global- banking-innovation-forum


15th - 16th: Seamless Payments Middle East, Dubai www.terrapinn.com/exhibition/seamless-middle-east


18th: Instant Payment Summit, Amsterdam www.instantpaysummit.com


30th: 5th Edition New Age Banking Summit, Muscat http://newagebankingsummit.com/oman


MAY


2nd - 3rd: Future Blockchain Summit, Dubai www.futureblockchainsummit.com


3rd - 4th: Seamless Asia 2018, Singapore www.terrapinn.com/exhibition/seamless/index.stm


8th - 9th: IFINTEC 2018, Istanbul www.ifintec.com/English.aspx


It’s an oldie but a goldie. A well-dressed woman walks into a bank branch in London, England, and asks to see a loan clerk. The woman says she is going to Europe on business for two weeks and needs to borrow £10k. The loan clerk asks for security on the loan, so the woman takes the loan officer outside, shows him a Bugatti and hands him the keys. The loan clerk does his homework, checks her out, determines the woman is legitimate and agrees to keep the car as collateral until she returns.


Two weeks later, she returns, repays the principal and also about £20 in interest. The loan clerk says: “We are very happy to have your business and this loan has worked out well, but we are little puzzled. While you were away, we checked out your credit background and see you are a multi-millionaire. Why did you borrow the £10k?” The woman replies: “Where else in London can I park my car for two weeks for £20?”


IN THE NEXT ISSUE


Platformification, Open Banking and APIs and P2P lending technologies


14th - 15th: Self-Service Banking Europe 2018, London www.rbrlondon.com/conferences/ssbe


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2018 banking tech/FinTech events


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