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General Discussion / ICT & The Future of Financial Services Ericsson Report
« on: February 17, 2015, 10:32:36 pm »
The report notes the existence of DACs in section 3.4.6.
http://www.ericsson.com/industry-transformation/wp-content/uploads/sites/6/2014/11/ict-and-the-future-of-financial-services.pdf
http://www.ericsson.com/industry-transformation/wp-content/uploads/sites/6/2014/11/ict-and-the-future-of-financial-services.pdf
Quote
Conclusions:
The financial services industry is exhibiting some early
indicators of potentially dramatic industrial disruption.
With the advent of cryptocurrencies and associated
underlying protocols and APIs, there is an emerging
potential for highly decentralized networks of people
and even machines to collaborate and coordinate not
just for financial outcomes but in order to create entirely
new financial structures themselves. From enabling
individuals to coordinate and finance new ventures
via crowdfunding to permitting people to create new
banks, insurance mechanisms and financial methods
for the sharing economy, ICT provides the potential
to disrupt not just Financial Services, but the foundations
of capitalism itself.
...
More significant digital transformation is emerging,
however, through the increasing use and functionality
of cryptocurrencies, which redefine the basis of
trust and governance of currencies in our society. In
effect, they offer consumers the ability to take the
financial services industry into their own hands and
build innovative services that can compete with the
largest banks and financial services companies. Due
in part to the level of distrust towards the financial
system after multiple crashes, these digital innovations
may offer attractive alternatives for many customers.
Incumbents and regulators alike must therefore carefully
assess their role with regards to these emerging
technologies.
...
