BLOCKCHAIN & DIGITAL CURRENCY
CASH & CARD TALK
SECURITY & COMPLIANCE
A. Lyle Elias
ATMIA Founding Director
Interview with Chris Skinner - author of the international bestseller, Digital Bank, and the upcoming book, ValueWeb.
I recently interviewed Chris Skinner who has been called one of the world's most authoritative voices on Fintech by financial leaders in the US and UK. Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand, as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News.
I asked Chris to share his views on cryptocurrency and how blockchain technology will change financial services and he said, “Blockchain technology will make the big banks bigger, while the smaller, regional banks and credit unions will be acquired because they won’t have the technology or resources to implement this new technology.” Chris went on to say, “Blockchain is an Internet-based digital ledger system that was created during the launch of bitcoin, and as blockchain developed, the big banks saw how blockchain could reduce costs and improve the speed for processing transactions, but you cannot have money without government, so bitcoin is actually an asset class.”
Chris said, “The last mile of electronic payments is a fundamental point thus making banking channels an essential component.” Chris also said, “FinTech is changing banking, and the collapse of the trusted third party structure will be ushered in by automated processes that will utilize distributed shared legers that can be ‘Permissionless’ or ‘Permission’ based, depending on the use case, to protect private information, provide funds clearing and settlement, and address transactional security, fraud mitigation and digital identity verification to create an Internet of Value.” We also discussed open standards and if he thought that there will be financial services standards for distributed ledgers and Chris said, “Commercial banks have started looking into this and originations such as Hyperledger and Swift are promoting cross-industry open standard for distributed ledgers that will transform the way transactions are conducted globally.”