Culture, Corporates and Business (CCB) Seminar Series
at PHBS UK Campus
Blockchain and Its Applications to Banking Business
23 May 2019
On 23 May 2019, PHBS UK Campus had another stimulating workshop for our banking students on Blockchain development and its impact on changing banking business and the financial sphere. There were two invited speakers to report their research on the topic.
Professor Shuqin Gao is a distinguished professor research fellow at Academy for China’s Western Regional Development Studies and School of Economics at Zhejiang University. Her interests focuses on the RMB internationalization and how Fintech development including DLT, AI and Big Data etc pivot a new approach for building a modern infrastructure and modern financial system of RMB internationalization. She has had research and teaching experience at the University College London, the University of Cambridge and the University of Sydney, Australia and we were thrilled to welcome her here to PHBS UK Campus for the week.
In the first of the day’s two workshops, Professor Gao explained the core components of Blockchain (a growing list of records, called blocks, which are linked using cryptography – each block contains a cryptographic hash of the previous block, a timestamp, and transaction data).
Professor Gao also touched on the differences between DLT architectures: Data diffusion, data storage, consensus and smart contract; and introduced case studies of the use of DLT in the banking sector, as well as the benefits and key advantages of using DLT; interpreting the challenges to DLT adoption which included privacy and confidentiality, data protection laws, performance and scalability; analysing the specific geographic segmentation of using DLT and institutions.
Following this incredibly insightful workshop and introduction to Blockchain, Mr Urs Bolt delivered the second of the two workshops, this one entitled “Blockchain - Business Models in Finance”. Mr Bolt is a former senior manager at Credit Suisse and UBS, and has more than 30 years’ experience in wealth management, investment banking and various technology businesses. His core expertise is to develop and roll out new digital business platforms. His current focus is to advise banks, financial service providers and technology companies on how to develop strategic projects, solutions and markets. Mr Bolt is a popular speaker in China as well as a micro-blogger and author; ranked as a top influencer in the areas of Wealth Management, WealthTech, FinTech, RegTech and Blockchain. Mr Bolt is a lecturer at the University of Applied Sciences in Zurich, and at the Lucerne University of Applied Sciences and Arts in the topics of Blockchain for finance and digital identity.
This presentation focused on the introduction of ecosystems in finance within the context of a digital (decentralised) economy, and the impact of blockchain development on business models in retail banking, corporate banking, asset investment management and financial market infrastructure today and tomorrow. It provided our executive students with a positive outlook when considering opportunities and challenges for the financial industry in the future. Our executive students enjoyed the discussion very much, especially when debating what constitutes a “smart economy” and what this means for the future.
All in all, it was an extremely informative, entertaining and reflective day for PHBS UK Staff, students and our visitors and I’m sure it has invigorated our students into continuing to push hard with their studies and continuing to seek out further opportunities outside of the classroom!
(Report by Zoë Toone. Edited by Guy Liu and Eric Smith. Photos by Zoë Toone)
|Last modified: 2019-05-24 21:27:57 by Zoe Toone||Created at: 2019-05-24 21:25:21|