Blockchain for Fintech
Unleashing security, and trust in services
Fawaz Shakralla – 23-OCT2018
Agenda
Blockchain
Fundamentals
1
Blockchain
Features
2
Pros and Cons of
Dapps
Use-cases
3
3
4
Part of the strategic plan of digital transformation: investing
in blockchain technologies (Quorum) to improve products
and services specifically in payment processing amongst
others. Almost $5 billion will be invested in blockchain
based initiatives
4
Fawaz Shakralla - 2018
Blockchain in the GCC
KFH tests blockchain cross border
payments with Ripple
Emirates NBD registers cheques on a blockchain.
“This initiative will significantly strengthen our risk and security
management processes, particularly reducing cheque fraud.” –
Abdulla AlQassem Group COO
5
“It was the first successful blockchain financial
transaction in Kuwait conducted through the testing
environment. The live version of the service will be
deployed final approval from the Central Bank of
Kuwait
Btech Blockchain Group
Ahmed Al-Balooshi
Group CIO for Al Baraka Banking Group,
Chairman of Digital and Cybersecurity
Committee of Bahrain Association of Banks
6
Salah Al-Majthoob
Director, Jeyad Financial Advisory
Former director at Bahrain Islamic Bank
Hisham Khalifa
CTO, Tabeo.co.uk
Fourteen years experience in banking covering
market risk
Bluesafe.me
7
Blockchain for insurance services
Bitcoin - 2009
8
Blockchain Fundamentals
1. Open
Ledger
Open source
3. Blocks
Has 6 to 7 transactions on it
Blocks are never deleted or altered
Permanently recorded
Transactions cannot be altered
No central authority
2.
Transaction
Has date/time stamp sender/receiver
s
An account address – hexa
4.
Decentraliz
No central authority
ed
No gross settlement system
Transactions occur in real time
9
Fawaz Shakralla - 2018
10
www.your website.com
Blockchain Features
SMART CONTRACTS
Automate terms and conditions of a contract
RECORDS
REGISTRATION
Store records permanently using DLT
SOLIDITY
GoLang based language enables you to create
smart contracts
11
Reduce TCO
Reduce OPEX
Security built in
Blockchain Advantages &
Disadvantages
No Central Authority
Transactions cannot be
changed
No Authority
Immutability
NA
I
A
N
S
D
51%
Private nodes
Security
Decentralized
51% Hashing Attack
Private Nodes for mining
AES, Cryptography, SHA
No central authority, fully
distributed
Major advantage: Cost
12
AI for Fintech
NLP
Predictive
Modeling
Image
Recognition
Chat Bots
Gains: Reduced Opex
On Call Center
Gains:
Reduce risk on defaults
Gains:
ID verification, reduce
time to market
Use-Cases
Security - Transparency Trust
Cheques on
KYC Digital ID
Storing ID on Blockchain
Roaming for
Lower clearingTelecom
house fees
and operators costs
Crypto Wallets Telcos
Payments using
crypto
wallets – saving 3% on costs
14
Blockchain
Gains: reduce cheque
fraud
Bank Guarantees
Reduce approval time of
collateral assets
Genuine
Products
Register original parts on
blockchain and reduce
counterfeit goods
How to start
Incubators
Partnerships
In-house
Funding and support
Of startup accelerators
Dubai Future Accelerators
Fintech / Blockchain
ventures.
Blockchain for Islamic
banking
Blockchain experts
Connect with blockchain
consultants
BlackBerry's Famous Last Words At 2007
iPhone Launch: 'We'll Be Fine'
Thank You!
bbcg.me
Thank You!
Thank you!
Security is
built in
Encryption
of
transactions
Secure
Hashing
18
Cryptography
Private key
– Public key
Mining
Verification
of
transactions
Fawaz Shakralla
Sources
• https://www.coindesk.com/deutsche-bank-blockchain-opportunities-huge/