Blockchain is one of the first truly disruptive ideas from the fintech sector - Deutsche Bank
The technology underpinning the cryptocurrencies such as Bitcoin, Litecoin and others, is “one of the first truly disruptive ideas from the fintech sector,” Deutsche Bank Research has said in an online post titled Blockchain – attack is probably the best form of defence. “Traditional banks now need to focus in particular on timely analysis of these new technological challenges and on development of potential (collaboration) strategies in order to reclaim a more active role in the competitive race to innovate. One result of the planned potential analyses could be that financial institutions....
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The number of banks experimenting with blockchain technology and looking at their own digital currencies is growing by leaps and bounds, so it’s no surprise that Deutsche Bank is well on its way to having its own blockchain technology. In a recent statement, the bank was quoted as saying: “Banks must partner with fintech and digital currency businesses or risk disappearing altogether.” Although Deutsche Bank is a member of the R3CEV consortium of 42 banks that is developing a protocol for blockchain technology for the banking sector, the bank has been quietly running its own blockchain....
Banks should seek to leverage blockchain technologies as part of a bid to defend their business models from disruption, Deutsche Bank Research suggested in a recent post online. Entitled "Blockchain - attack is probably the best form of defence", the post discusses bitcoin and blockchain and its implications for major banks broadly, calling the technology "one of the first truly disruptive ideas from the FinTech sector". Author Thomas Dapp goes on to discuss his view that the true power behind bitcoin and the blockchain lies in its application of peer-to-peer (P2P) technology to the....
Established financial players around the world have been keeping a close eye on the advancements made by Bitcoin and other FinTech companies. Some of them have even started to develop new blockchain-based projects, in an attempt to deploy this technology as a cost-cutting measure. But by the look of things, banks will need to start cooperating with FinTech companies for B2B services, which could be positive news for Bitcoin as well. Deutsche Bank is one of the first to openly admit things need to change.
German global banking and financial services company Deutsche Bank is set to launch three startup innovation labs in Silicon Valley, London and Berlin to accelerate fintech (financial technology services) companies, which could potentially help the bank’s clients in the financial sector. The Chief Information Officer of Deutsche Bank, Kim Hammonds told American Banker that out of the 500 companies, which will be evaluated, 50 startups will be implemented either by Deutsche Bank or by the bank’s clients. As of now, the reserved sum of investments for the accelerator has not been disclosed.....
Deutsche Bank sees The DAO incident as a timely reminder of the importance of testing products before they are unleashed. In 2014 Deutsche Bank launched a series of innovation labs in collaboration with IBM, Microsoft and the Indian outsourcing company HCL. The aim was to improve the bank’s digital banking services. Deutsche Bank’s Blockchain project is now out of the ‘proof of concept’ stage. Deutsche Bank’s labs are based in Berlin, London and Palo Alto. Their Palo Alto lab’s aim is to evaluate emerging technologies from Silicon Valley and apply them to enhance their products. The three....