UBS: block chain into the financial industry new “pipeline”


nnnRush when comment: the current development of block chain technology is full of speculation, especially in the financial sector. In this boom, it is easy for people to produce this technology will soon develop to the ubiquitous, quickly change the industry we know this kind of illusion. But this is not the case, UBS experts said that the block chain use cases to be large-scale applications, and even all walks of life in every corner, at least ten years, but the real use case is just around the corner.n
nnTranslation: Clovern
nWe can expect to see the real block chain use case in the next 18 to 24 months.n
nThe current block chain technology is full of speculation, not only in the financial industry, the enthusiastic pursuit of people closely follow the potential of the revolutionary technology to achieve every step of progress.n
nThe consortium of technology giants such as Accenture, Microsoft, and IBM is ready, and the most prestigious financial institutions are actively developing the technology and positioning the technology as well as where to implement it.n
nAnd in this piece of excitement, it is easy to make people think that this new technology will soon develop to ubiquitous, quickly change the industry we understand the face. And we learned from the UBS experts there is not the case, but the real use case is just around the corner.n
nUBS Investment Bank Strategic Investment and Innovation Director Hyder Jaffrey said:n
nn”We are looking at this technology on a time-frame basis and we are fully convinced that we will start to see some of the more useful use cases in the next 18 to 24 months, they will not be ubiquitous, but true Will exist, they will be rooted in the business we are now engaged in the trend.n
nnFor example, IBM is working with global shipping giant Maersk to streamline the financial processes that are not yet paperless and are plagued by human error and other inefficiencies. Perhaps the financial sector contains the most viable block chain use case, and these use cases also include smart policies.n
nJaffrey said:n
nn”We are looking at use cases in foreign exchange, such as post-transaction areas. Similarly, you have to understand the details of each project in terms of the breakdown of the books, for example, in some of these cases, you may end up with a The main function of the classification of books, but also bundled books, and as time goes on, the main functions of this sub – account will eventually be transferred to the classification of books.n
nnTo achieve this potentially revolutionary change, a step-by-step approach must be taken to fully implement the block chain in the financial sector.n
nJaffrey said:n
nn”So you need to gradually introduce the classification of books, rather than the full function of the big shake. We are currently in transition mode, can not simply close the financial markets, and then the next day to a new technology to re-open these markets So that’s the transition. “n
nnAlthough we are now in some way to pound the chain of chain speculation flames, but it is clear that UBS professionals for this innovation can be achieved after the rapid growth is still very optimistic.n
nn”If you are still considering the financial institutions or financial markets for the exploration of this technology, then the intelligent contract block chain, I think the smart contract and the chain should be linked to the two terms.n
nnHyder said:n
nn”This is mainly for the institutional financial market to bring a new form of pipeline. Different styles, different dynamics, different architectures are already successful.However, I think that is being described by the advantages of efficiency, cost-effectiveness, to promote capital efficiency The ability to raise and lower risk, which is a huge benefit to the market, so no matter what kind of nuances exist in the positive role of science and technology, I think we will eventually get these advantages.n
nnUBS SmartWealth co-head Shane Williams said:n
nn”For wealth management, we are more interested in individuals than institutions, so we are studying the subject of identity on the chain.”n
nnn”Before the technology really fires and develops to ubiquitousness, there are still some basic elements that need to be prepared, but there are some worries, and you’ve seen some recent news about the etherta – hacking, or discovering Of course, wealth management customers are talking about encrypted money, and are more interested in researching holding encrypted money.n
nnHacker invasion of the ether is the so far experienced digital currency theft in the event of the most serious one, about 150,000 units of money stolen, equivalent to about 30 million US dollars. These currencies have been stolen from the world’s three largest wallet, and this event has weakened the confidence of those who wish to apply the technology further in finance and other fields.n
nJaffrey sums up what we can expect from the block chain technology in the short term, as well as the future of this technology, he said:n
nn”I think all the discussions around the block chain are about the problem of time, so what we call is everywhere, ‘that it goes deep into every corner, and everyone will not think about it again Technology ‘, which may take ten years to achieve. “n
nnn”Nasdaq is a living example, it is there, so you will end up with the need to achieve the number of third parties to participate in the game, so there is no one that this will be a short term can end the game. , The number of cases that need to be used for specific use cases, and the need for network effects, so the size of the deployment is very large. “n

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