Welcome everyone to the Answers On video series. The effect or the impact blockchain is having and will have on the financial services industry. To provide us with some context if you like I want peter smith blockchain linkedin share parts of an interview I did recently with Peter Smith who is the CEO of Blockchain, the software platform. I asked him what he thought were the peter smith blockchain linkedin benefits of the technology. This is what he had to say.
When you have speed in markets and makes them more efficient. I think at peter smith blockchain linkedin end of the day, financial services and technology is fundamentally about efficiency.
What do you think David? When you speak to our clients, what is it they are saying about efficiency as a priority? No one can not want efficiency, but I think blockchain is much more than that.
Or you know how provision of tax receipts has made through government. It electronifies the contracts in which they operate and makes them automated.
Now if you do that well, it will very well drive efficiency. It may even remove some counterparties that were involved in that process. And so efficiencies could definitely be part of it. With all this talk of efficiency trust and transparency, I also spoke to Peter about whether there was room for skepticism among the banks, among our clients, for this sort of technology.
I think that ultimately a lot of times bankers are kicking the can two or three years down the road at the bank. What do you think? I mean a little bit of healthy skepticism is always good. What are your thoughts this? My own experience is that the places that are going to get most involved and see the change are the operating centers. So you know I actually see a lot of encouraging signs that people are investing, they are curious about this. Not all of these experiments will work.
And I guess the proof is are they putting their money where their mouth is, right? And it looks like the big peter smith blockchain linkedin services players are right now. They are putting their money where their mouth is. Will that all come back with return? And finally, another really hotly debated subject in Davos this year was whether society can keep up with the pace of this sort of technological change and peter smith blockchain linkedin the likely impacts will be.
I peter smith blockchain linkedin that to Peter as well and this is what he had to say. Ultimately, all this efficiency is going to reduce jobs, right, in order to reduce jobs in the city.
And peter smith blockchain linkedin and I have talked about this before. It can be overstated, right, the sort of change, the impact that we might see. They want access to financial products, they want to lend and borrow and they want things to function well. I think what people can now do on their iPhone in terms of accessing payments and accessing peter smith blockchain linkedin products is incredible, and no one would turn that away.
Not necessarily fewer jobs, but certainly different types of jobs. Alright, David, thank you very much indeed for your thoughts. Do keep your eyes on this site for more interviews like this one. By submitting your details, you are acknowledging that you have read and understood our privacy statement. You can unsubscribe at any time.
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