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Sibos 2016: Blockchain 2020- What Next for Adoption by the Financial Industry?
The event of Sibos hosts many panel discussions in order to get the expert opinion on a variety of subjects. One such discussion was around the promising technology of blockchain.
Featuring representatives from a variety of leading banks, many opinions on the future for the adoption of this technology by the industry were had. A general consensus that there’s a disconnect between the buyer and seller were had revolving around the ideas that a person wants to be paid immediately and the buyer won’t pay until he receives goods.
Others on the panel viewed regulators as having an appetite to test out blockchain but not to trust a blockchain framework as of yet. This is because it might depend on the environment and law changes to come.
The topic of immutability was thoroughly discussed and the dominant issues that were raised, in regards to this, were the right to be forgotten and privacy. The challenge with this is that it can be essential to show one another that the technology actually works.
Other issues that were raised were questions along the line of; when it goes wrong who do they call to fix it, and can they fix it? For this, the general response was that the current options are all very blunt and to help with fixing problems the technology has to be immutable 99% of the time, but in the emergency moment you need a way to deal with it.
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