December 17, 2018
On December 12th, 2018, Infinity Blockchain Labs‘ Head of Fintech R&D, Mr. Ashish Das, and Senior Business Analyst, Ms. Minh Nguyen, held a presentation at the Royal Melbourne Institute of Technology, Vietnam (RMIT) titled “Blockchain and its Applications for Finance.” The IBL guest lecturers introduced blockchain, its applications, and the ways in which the technology will revolutionize and disrupt the future of the financial industry.
The event was attended by second and third-year students who are enrolled in RMIT’s course, “Financial Markets.” Although the students possess general financial knowledge, many of the students had little to no understanding of blockchain. In recognizing the potential of the blockchain, the Finance team of RMIT has been eager to incorporate industry activities into their curriculum and assessments. The team also intends to build assessment questions to include in the Financial Markets to increase the application value of the course.
After a reception for the two IBL guest lecturers and a video introducing IBL and its role in the industry and community, the lecturers began their presentations and later took questions and answers. Mr. Ashish Das began the lecture with a short introduction to blockchain and its features then Ms. Minh Nguyen explained the current applications of blockchain in finance and financial markets. Mr. Das finished the lecture by giving eye-opening information as to how blockchain will revolutionalize financial markets.
Along with introducing the basics of blockchain, Mr. Das briefly discussed the technology’s fundamentals and how they are being used today. He began by explaining centralized, decentralized, and distributed systems and how each affects transactions. After explaining the concept of “consensus,” the principle where all actors need to agree to a transaction (which ensures security and immutability), he spent time discussing the current use of smart contracts, decentralized applications, and digital wallets.
Mr. Das continued the lecture in discussing how blockchain will revolutionize the financial market. He first touched on the reduction of transaction cost and time with payments then explained the Know your customer (KYC) platform for credit institutions. He then moved on to discuss record keeping trust and security in loan and debt management as well as the reduction of operational errors associated with trading.
Mr. Das gave specific examples of areas within the financial industry that will dramatically change. Specifically, within finance, blockchain will revolutionize many areas including derivatives (futures, forwards, swaps, options, and more complex variations), voting rights, commodities, spending records, trading records, mortgage/loan records, service records, crowdfunding, microfinance, micro charities, and many more.
Mr. Das then explained areas of areas of disruption in and around the financial industry. In the financial industry, areas facing blockchain disruption include fee reduction of cross-border transaction fees; KYC/AML/Identity management (blockchain’s protocols will support more robust identity management by both consumers and the financial institutions they participate in); streamlining the settlement and titling processes with smart contracts; and, through syndicate loans by managing the lifecycle of loans. He also noted areas relating to financial markets that will be disrupted such as banking & finance, insurance, cybersecurity, supply chain, charity, retail, crowdfunding, and many more.
RMIT University Vietnam brings a world-class education and globalized study environment to the heart of Asia. The university is are part of Melbourne-based university RMIT, Australia’s biggest tertiary institution. RMIT University Vietnam offers programs in business, technology, communication, design and fashion, and boasts an impressive range of extra-curricular activities that encourage students to break new ground in their areas of interest.
Infinity Blockchain Labs (IBL) is a visionary R&D company committed to advancing society with next-generation solutions. We are currently the blockchain ecosystem leader in Vietnam with a global reach. Our mission is to be the R&D engine that transforms future technology into practical applications for business and everyday life. Named one of the top ten blockchain technology solution providers in 2018 by APAC CIO Outlook, our 200+ employees at IBL aspire to empower Vietnam to become the global leader in blockchain research and development.
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