the blockchain - infosys · blockchain poc’s in silos is not fruitful the essence of a...
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The Blockchain#HypetoReality
23rd May 2017
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What is the beginning?
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Dubai Government Blockchain Strategy
100% of Government
documents to be on the
Blockchain by 2020
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Emirates NBD – Branch of the future
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RealityWhat has been achieved ?
Two use case were chosen
for Pilot With ICICI Bank
1.Cross Border
Remittances
2.Trade Finance Open
Account Process
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ICICI BankRecon of
Nostro
Vostro
Non Standard
integration with
each entity
Settlement is
cumbersome
Fund
Monitoring
Non standard
Security
adherence
XYZ Bank
ABC BankENBD
ENBD powered by the Infosys Finacle Blockchain Framework for remittances
Key benefits seen by
Emirates NBD with blockchain
1. Settlement is simplified with
Net settlement option
2. Reconciliation process is
streamlined
3. Automatic fund monitoring with
smart contracts
4. Ability to securely send documents
with payments
5. Scalable integration
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Today’s Trade Finance process
• Complex
• Manual
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What if everyone used ‘One’ system?
Importer Bank
Exporter Bank
Regulator
Ports
Shipping and
LogisticsCustoms
Certification Authorities
Insurance
BuyerSeller
Private
Blockchain
Network with
shared data
Trade Finance process via Blockchain network
- Will simplify the trade
process to be more efficient
- Though information is
shared, only the concerned
party can access the data
that is required
- It can reduce/ eliminate
frauds
Ready for Go Live
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BLOCKCHAINThe Road Ahead
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2015
H2
For next 12 months, exploring, experimentation and
POC’s is the key for our readiness…..
“Discovery and experimentation is critically important. POCs help improve cross-enterprise
collaboration and uncover the art of the possible” .Undertake measured R&D efforts with primary
objective if identifying realistic use cases and learning the adoption of this technology…
Gartner Insight, 2017
2016
H1
2016
H22017
- Initial days of research
- Founding member of
Dubai Blockchain
Council
- First POV with Ripple
- Gained better
understanding
- Engaged Infosys with
their bit coin platform
- Explored Use Cases
- Implemented 2 POC’s with
business teams and initiated
check security & smart check
use cases
- Multiple workshops with
peers
- Established COE-Blockchain
- Formalized Cross functional
Blockchain Counsel
- Three production ready use cases
- New use cases in pipeline and more
being explored
- Collaboration with Govt. Entities
Our Journey….
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>AED 25,000,000Financial loss due to Cheque Frauds in the UAE
(Intelligent Guess)
>>AED 25,000,000
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Beneficiary
Central Bank
Receives confirmation on Pay/No-Pay
Send for validation to Issuing BankSend for Cheque validation
Cheque Pay/No-Pay responsePresent the
Cheque
Presenting Bank Issuing Bank
Point of Fraud
Identification, if found
1
2 3
45
Current Cheque Process
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Present the Cheque
Receives confirmation on
Pay/No-Pay
Cheque Pay/No-Pay
by Issuing Bank
Cheque Validation
in Block Chain
Return Cheque if
Cheque is Invalid at
Block Chain
A unique randomized QR
code is added to the
Cheque
Cheque book printed
Printing
partner
Cheque book Issued2 1
3
4
6
5
Beneficiary
Issuer
Central Bank
Presenting Bank
Issuing Bank
Issuing Bank DB
Blockcha
in
Blockchain Enabled Cheque Security
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Areas under Exploration
KYC/AMLCapital
Markets
Government
Entities
Blockchain
as a
service
Land
Registries Collateral
Management
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Keep glamour and hype of
Blockchain aside and let’s
discuss the challenges we face
and what should we do as a
community to make progress.
Do everyone agree ?
reality
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Are we all COLLABORATINGor COMPETING?
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Recommendations
Observations and Recommendations
Blockchain POC’s in silos is
not fruitful
The essence of a distributed
ledger is lost
Focus is more on PR and
hype
Form smaller cross-industry
groups
Form a governance board like
the Blockchain council e
Share outcomes of use cases
(focus on real production use
cases pilot)
Observations
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It is a Cultural Shift
Deloitte: Blockchain Enigma. Paradox. Opportunity
“Understanding the Blockchain”, William Mougayar, O’Reilly Radar, January 2015
It places trust and authority in a technology driven De-Centralised network rather than in
a central institution.Radical
Blockchain is about 80 percent business process change and 20 per cent technology
implementation.
This means that a more imaginative approach is needed to understand opportunities and
also how things will change.Approach
20
80
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There are Key Challenges to be aware off…
Permissioning
• Finding a way to meet
auditability and
regulatory reporting
needs while
maintaining the
confidentiality of
trading activity data is
difficult.
Scalability
• Distributed ledger and
Blockchain
applications have
been known to scale
poorly and suffer from
extreme latency.
Implementation
• No standard tools or
administration
interfaces are
available yet.
Governance &
Regulatory frameworks
• It is unclear what will
be the “new normal”
threat matrix for
shared ledgers among
large banks, which
need to connect
within the corporate
environment and
conform to very rigid
standards.
Like any great idea or new technology, distributed
ledgers and Blockchains are not perfect.
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Focus
Implement for value
Collaborate to share and learn
Build skills
In Conclusion
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Thank you