At the end of June there was the first Meetup of the Innovation Forum Blockchain with the topic Blockchain in Banking and Finance – a retrospective.
A few weeks ago the first Meetup of the innovation forum Blockchain on BTC-ECHO was announced. The Innovation Forum is a measure sponsored by the Ministry of Research, which is intended to lay the basis for new networks on specific topics.
Nobody from our team could be there live, but in the meantime the recorded lectures were put online. A review of the first Meetup of the Innovation Forum can be read on its weblog, at this point we would like to introduce the presentations to a larger audience.
Moritz Gerdes – Hype or Game Changer?
Blockchain-based innovations and future Bitcoin code scenarios
It started with a presentation by Moritz Gerdes, Innovation Manager at Comdirekt-Bank. In this presentation he presented the position of banks in relation to Bitcoin code technology: Bitcoin Code Review 2018 » Full Scam Check He emphasized that the banks are intensively concerned with the blockchain and are working on concrete proofs of concept in the case of the comdirekt bank. The return of equity is falling dramatically: It is assumed that this will amount to 0.8% in 2019, which is a small fraction compared to the 6.1% of 2014.
In his opinion, however, the banks will survive all threats – as long as they get involved with the new technology. Joi Ito, director of the MIT Lab, said some time ago “Blockchain will be the same for banks and authorities as the Internet was for media”. What’s interesting about his approach is that the question of which traditional industries, such as banking, would move the blockchain forward is not the question of possible use cases. The ultimate question is rather how one’s own business model must change in the face of the blockchain.
What is noticeable is the now fashionable differentiation between Bitcoin and Blockchain. Bitcoin is now only recognized as a first mover; the criminal stink, MtGox and current scaling problems lead him, like so many others, to distance himself from Bitcoin and instead look for prototype implementations. However, with all due understanding, it should not be forgotten that Bitcoin is currently the largest, perhaps the only, large-scale decentralized blockchain payment system. Nobody should be surprised that this accolade also causes problems.
Dr. Jörn Heckmann – Smart Contracts and Bitcoin code
Attorney Dr. Jörn Heckmann presented the communication difficulties between lawyers and technicians in the context of Bitcoin code. Here is more about the Bitcoin code review. In the course of the presentation, he defined a Smart Contract as software that controls and/or documents legally relevant actions that depend on digitally verifiable events and with the help of which contracts can be concluded. For non-technicians, he brought the Smart Contract concept a little closer by also explaining a “Hello World” example written in Solidity.
At the end of the lecture, he went into the DAO and the winged word “The Code is the Law”. The subject of law in digital times is a very interesting one. In the area of Smart Contracts, there is still a lot of catching up to do in terms of decisions with a margin of discretion. For example, there will continue to be a need for cooperation between lawyers and technicians in order to write technically and legally mature smart contracts.
Philipp Sandner – Blockchain adaptation of the banking sector
In the third presentation, Professor Dr. Philipp Sandner not only presented the Frankfurt School Blockchain Center, but also provided a good overview of the current state of the blockchain ecosystem. One thought was particularly interesting: To put it provocatively, crypto currencies should not be compared to fiat currencies, but rather to Fintech start-ups. At 32 billion euros, Bitcoin’s current market capital is hardly comparable to the money supply in Europe (11.6 trillion euros). In contrast, a rating of over thirty billion euros for a project is sensationally high – corporate giants like Merck with a market capital of 13 billion euros are not even half the value of a project.