FinTech Poland, commercial banks and tech vendors: blockchain/DLT as a main course of a dinner at Banker’s Club
Blockchain/DLT has been systematically getting more and more attention, not only from banks. Big global banks have been running tests and pilot projects in order to get prepared for real implementations. Big time has come for Poland, too. Let’s mobilize for a third possible big tech leap frog: crypto. FinTech Poland supports transactional innovations in Poland and for that reasons, has the blockchain strongly on the agenda.
Within the framework of our blockchain program, we initiated a discussion across Polish banking sector and as a result, on Wednesday, 25th of January, an important industry meeting took place. For the first time in Poland, CIOs serving as board members of big Polish commercial banks have talked freely about blockchain/DLT potential for the sector while having a nice dinner. FinTech Poland who was a mainspring of the meetup, introduced guests to the technology and supported the discussion for the whole evening. Special guest of the evening was John Velissarios, Principal Director and Global Blockchain Technology Lead at Accenture.
Guests at the table have indicated key areas for blockchain/DLT adoption: solution security, regulatory readiness and compliance. Blockchain/DLT is a new data security paradigm. Technology needs to get assimilated to existing regulatory environment first, before undertaking any infrastructural investments. Complexity of compliance mechanisms has been increasing over time, with growing cost at the same time, not only for banks, but for the authorities, too. Moreover, blockchain/DLT has some big potential in cost optimisation of cross-border payments and also, in internal banking system management as well. It can be also helpful in nanopayments P2P (below 1 grosz) across transacting machines in Internet of Things (IoT).
Blockchain/DLT is a complex and abstract matter but at the same time, very intriguing. As a foundational technology it’s even more collaborative than internet itself, which means the more perspectives captured, the better solution of the tackled problem.
Meeting was co-organized by Center for Banking Law. It was just a first from upcoming series of meetings around adoption of blockchain/DLT by Polish banking sector.