Blockchain and Distributed Ledgers Technologies

Blockchain is certainly the biggest innovation in information technology since the invention of the internet 30 years ago. This gives us all all of us on the global planet who have access to a smartphone gives us access to this network effect. Just as online learning combines with classroom teaching to create blended learning solutions these tools may be at their best when combined with human expertise and judgement. Because if you do not experiment you don’t know what is happening in Blockchain and you’re missing out on all the new opportunities as well so try it out and experiment with Blockchain and DLT because otherwise we will miss the boat. For the accountancy profession Distributed Ledger’s might help with tasks that require better management of transactions in their recording and tracking. Support these discussions because we truly believe in cooperation and collaboration between business and regulation. We are at the very start of this new technology this technical innovation is going to take years before we see widespread adoption and we should keep it balanced and a pragmatic approach to reaction to the technology allowing for the realistic timeline. Blockchain is going to be a catalyst for a paradigm shift in how we all are going to do business together, how we are all going to do transactions together. The sector needs time to innovate it needs support from clients in terms of their openness to experiment with us and regulators and other policy makers need to work with us on our journey so that because we’re going to a very different place from potentially where we’re at now and we believe that the public interest will be served in the future by that, that stakeholders interests will be served but we need their help to do that. So these technologies offer lots of opportunities for business having said that these need to be regulated, that everybody agrees. We have to start creating open platforms of Blockchain to absorb the cost of the servers, of the energy that is needed this is the only cost that is out there, the cost of the transactions as I said is going to the minimum and we have to guarantee the transactions if something happens to the application or your phone or your service you have to make sure that cloud will help you backup your transactions. We have to strengthen the Blockchain infrastructure for the success of the digital market union. Well fortunately here in Brussels in Europe the institution’s Parliament and the Commission have been very pragmatic in their consideration so they’re not rushing to over-regulate or indeed regulate very much at all apart from anti money laundering the technology is being allowed to flourish and blossom and I think that’s the right approach giving it an opportunity to see what benefits it can bring to society and to citizens and to business. Our starting point for the commissioners perspective is that we want to ensure that Europe is an open environment in which technological solutions in the area of Financial Services can be explored and adopted. I think it’s important that all European institutions create more room for experiment because in Europe if we’re talking about new technologies like DLT we are not starting from pole position we are starting somewhere in the middle and just like my fellow countryman Max Verstappen we have the potential to become the world champion but we have to have the right environment, the right team, the right mechanics so you have to have the opportunity to test and to experiment.

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