{"id":15977,"date":"2016-08-26T10:03:45","date_gmt":"2016-08-26T07:03:45","guid":{"rendered":"http:\/\/www.altoros.com\/blog\/?p=15977"},"modified":"2020-02-20T01:46:28","modified_gmt":"2020-02-19T22:46:28","slug":"r3-strategist-outlines-blockchains-use-among-42-banks","status":"publish","type":"post","link":"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/","title":{"rendered":"R3 Strategist Outlines Blockchain&#8217;s Use Among 42 Banks"},"content":{"rendered":"<p>Why would banks cooperate with one another to use blockchain for transaction settlements? Isn&#8217;t such a plan no different from existing systems such as SWIFT?<\/p>\n<p>These were among the questions asked of <a href=\"https:\/\/www.linkedin.com\/in\/kathleen-breitman-6860279\" target=\"_blank\" rel=\"noopener noreferrer\">Kathleen Breitman<\/a>, Senior Strategy Associate at <a href=\"https:\/\/r3cev.com\" target=\"_blank\" rel=\"noopener noreferrer\">R3CEV<\/a>, at the conclusion of a talk she recently gave at a <a href=\"https:\/\/www.meetup.com\/HyperLedger-SF\/events\/232468814\/\" target=\"_blank\" rel=\"noopener noreferrer\">Blockchain in Finance<\/a> meetup in San Francisco.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/#Antiquated_systems_still_prevail\" >Antiquated systems still prevail<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/#As_I_said_it_aint_bitcoin\" >As I said, it ain&#8217;t bitcoin!!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/#Standardized_data_for_the_first_time\" >Standardized data for the first time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/#Myriads_of_private_blockchains_to_come\" >Myriads of private blockchains to come<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/#Want_details_Watch_the_video\" >Want details? Watch the video!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/#Related_slides\" >Related slides<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/#Further_reading\" >Further reading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/#About_the_expert\" >About the expert<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Antiquated_systems_still_prevail\"><\/span>Antiquated systems still prevail<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Kathleen addressed this core issue during her talk and afterwards, pointing out that the use of blockchain \u201ctakes antiquated systems that were built with political and technological constraints, and builds a single type of protocol everyone can rely on, and bring some assurance, and get people to align.\u201d<\/p>\n<p>Confusion is understandable during these very early days of blockchain\u2014and more important\u2014separating blockchain from its best-known pioneer, bitcoin.<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Kathleen-Breitman-hyperledger-blockchain-bank-list.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Kathleen-Breitman-hyperledger-blockchain-bank-list.jpg\" alt=\"Kathleen Breitman hyperledger blockchain bank list\" width=\"640\" class=\"aligncenter size-full wp-image-16003\" \/><\/a><\/p>\n<p>There are 42 banks in the R3 consortium\u2014which dates only to September 2015\u2014including Barclay&#8217;s, Credit Suisse, Goldman Sachs, JP Morgan, and UBS. Company executives at these institutions would be among the last people in favor of a world proliferating with cryptocurrencies, which by definition exist well outside of the world&#8217;s traditional financial systems. R3&#8217;s effort, in fact, is independent of other well-known blockchain initiatives such as <a href=\"https:\/\/www.hyperledger.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Hyperledger<\/a> and <a href=\"https:\/\/ethereum.org\/en\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ethereum<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"As_I_said_it_aint_bitcoin\"><\/span>As I said, it ain&#8217;t bitcoin!!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Kathleen acknowledged this, stressing that use of blockchain by members of the R3 consortium has nothing to do with bitcoin. Instead, the idea is to use its ability to have a single, peer-to-peer, immutable record of transactions. When and if implemented effectively, this will end inefficient, slow, laborious back-end transaction settlements by putting in place what is, in the final analysis, a 21st-century database.<\/p>\n<blockquote><p>&#8220;R3 members don&#8217;t have to worry about the process so much anymore.&#8221;<br \/>\n\u2014Kathleen Breitman, R3<\/p><\/blockquote>\n<p>And where bitcoin is \u201cpermissionless\u201d (i.e., anonymous) with no central authority, a blockchain settlement system as being created by R3 is comprised solely of trusted members who share its authority equally.<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Kathleen-Breitman-hyperledger-blockchain-benefits-of-distributed-ledger-in-capital-markets.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Kathleen-Breitman-hyperledger-blockchain-benefits-of-distributed-ledger-in-capital-markets.jpg\" alt=\"Kathleen Breitman hyperledger blockchain benefits of distributed ledger in capital markets\" width=\"640\" class=\"aligncenter size-full wp-image-16000\" \/><\/a><\/p>\n<p>SWIFT, on the other hand, requires a third-party, centralized authority that slows down transactions and does not carry a single, immutable record; member banks need to be vigilant that their records match those of the banks with which they&#8217;re transacting.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Standardized_data_for_the_first_time\"><\/span>Standardized data for the first time<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u201c(R3 members) don&#8217;t have to worry about the process so much anymore,\u201d she said during her presentation. \u201cAnd outcomes can be achieved by a better-constructed database. That&#8217;s the big selling point.\u201d<\/p>\n<p>By standardizing data and the way it&#8217;s recorded, \u201c(banks can finally) start to get rid of (old) systems in a coherent fashion. They&#8217;re also creating an apolitical system that can be spread among competing actors.\u201d<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Kathleen-Breitman-hyperledger-blockchain-example-use-cases-by-function.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Kathleen-Breitman-hyperledger-blockchain-example-use-cases-by-function.jpg\" alt=\"Kathleen Breitman hyperledger blockchain example use cases by function\" width=\"640\" class=\"aligncenter size-full wp-image-16001\" \/><\/a><\/p>\n<p>Kathleen described what she called three use-case archetypes:<\/p>\n<ol>\n<li>The first would have a lack of <strong>a centralizing authority<\/strong>, or the wish to operate without one. If there is a centralized authority in place, blockchain adds no value as it&#8217;s superfluous when in agreement with the authority and moot if not.<\/li>\n<p><\/p>\n<li>The second archetype comes in <strong>robust regulatory environments<\/strong>, where blockchain&#8217;s timestamps can help investigators understand how and when transactions occurred.<\/li>\n<p><\/p>\n<li>The third archetype comes with <strong>transactional processes<\/strong>. Although \u201cblockchain is not sentient, so can&#8217;t identify things like conflicts of interest,\u201d she said, they are useful in recording and validating the processes that follow many types of transactions.<\/li>\n<\/ol>\n<p>&nbsp;<br \/>\n<div id=\"\" class=\"clearfix padded-panel\"><div class=\"details-box-wrapper\" style=\"\/* background-image:url(http:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2015\/04\/cf-after-dark-apache-brooklyn.gif); *\/\"><div class=\"details-box-overlay details-box-overlay-a\"><\/div><div class=\"details-box\"><div class=\"section-title\">Altoros Take<\/div><div class=\"details-wrapper\"><div class=\"detail-item\"><div class=\"take\"><span>\n<h3><span class=\"ez-toc-section\" id=\"Myriads_of_private_blockchains_to_come\"><\/span>Myriads of private blockchains to come<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Kathleen\u2019s presentation and R3\u2019s project, remind one that the future of blockchain is hardly monolithic, or even multi-platform in the traditional understanding of the term. R3 is likely just one of what could be dozens, hundreds, or thousands of private blockchain implementations to come.<\/p>\n<p>The financial services industry is taking an early lead with blockchain, as it does with most new technological developments. However, we can expect to see a proliferation of efforts in any number of industries. A quick review of <a href=\"https:\/\/github.com\/hyperledger\/hyperledger\" target=\"_blank\" rel=\"noopener noreferrer\">potential use cases<\/a> for just the Hyperledger Project alone provides a glimpse of this thinking.<\/p>\n<p>We should thus imagine a world of proliferating blockchain technologies, forks, and \u201csidechains,\u201d each with their own specific takes on how use cases will develop.<\/p>\n<p>Additionally, Altoros CEO <a href=\"https:\/\/www.linkedin.com\/in\/renatco\/\" target=\"_blank\" rel=\"noopener noreferrer\">Renat Khasanshyn<\/a> advised companies to look for \u201cblockchains of blockchains\u201d at a development meeting earlier this year. In this scenario, different institutions and groups of institutions develop ways to share the responsibility for distributed ledger metadata and transaction recording, while maintaning the security of their own transaction data.<\/p>\n<\/span><\/div><\/div><\/div><\/div><\/div><\/div>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Want_details_Watch_the_video\"><\/span>Want details? Watch the video!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"video-details-td\">\n<div style=\"float: right; width: 45%; padding-left: 15px; font-size: 14px;\">\n<p><strong>Table of contents<\/strong><\/p>\n<ol>\n<li style=\"margin-bottom: 6px;\">R3CEV&#8217;s take on a blockchain for finance (<a href=\"#wistia_ial18idrcp?time=1795\">29&#8217;55&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">What are distributed ledgers and what can they do for finance? (<a href=\"#wistia_ial18idrcp?time=1841\">30&#8217;41&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">What are the potential use cases in finance? (<a href=\"#wistia_ial18idrcp?time=2015\">33&#8217;35&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Blockchain isn&#8217;t the solution for everything (<a href=\"#wistia_ial18idrcp?time=2170\">36&#8217;10&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Q&#038;A. Financial services networks have been built over the years. Does this precedent apply to blockchain? (<a href=\"#wistia_ial18idrcp?time=2267\">37&#8217;47&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Q&#038;A. Why aren&#8217;t governments involved in the development of blockchains in finance when regulation is essential? (<a href=\"#wistia_ial18idrcp?time=2688\">44&#8217;48&#8221;<\/a>)<\/li>\n<\/ol>\n<\/div>\n<p><script charset=\"ISO-8859-1\" src=\"\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_embed wistia_async_ial18idrcp\" style=\"height:320px;width:440px\">&nbsp;<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Related_slides\"><\/span>Related slides<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><center><iframe loading=\"lazy\" src=\"\/\/www.slideshare.net\/slideshow\/embed_code\/key\/v37MgFCzui3UNr\" width=\"595\" height=\"485\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" style=\"border:1px solid #CCC; border-width:1px; margin-bottom:5px; max-width: 100%;\" allowfullscreen><\/iframe><\/center><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Further_reading\"><\/span>Further reading<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/\">The Royal Bank of Scotland Builds a Hyperledger Digital Wallet: the Lessons Learned<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/\">Blockchain Adoption: Industry Requirements and the Role of Prototypes<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/what-is-the-future-of-blockchain\/\">What Is the Future of Blockchain?<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/opinion-the-impact-blockchain-can-bring-upon-finance-and-banking-and-how-it-may-happen\/\">Opinion: The Impact Blockchain Can Bring upon Finance and Banking and How It May Happen<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/blockchain-bottlenecks-in-finance-healthcare-and-insurance\/\">Blockchain Bottlenecks in Finance, Healthcare, and Insurance<\/a><\/li>\n<\/ul>\n<hr\/>\n<h3><span class=\"ez-toc-section\" id=\"About_the_expert\"><\/span>About the expert<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div>\n<div style=\"float: right;\"><a href=\"https:\/\/www.linkedin.com\/in\/kathleen-breitman-6860279\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Kathleen-Breitman-R3-CEV-bio.png\" alt=\"Kathleen Breitman, R3 CEV bio\" width=\"150\" height=\"150\" class=\"aligncenter size-full wp-image-15829\" \/><\/a><\/div>\n<div style=\"width: 600px;\"><small><a href=\"https:\/\/www.linkedin.com\/in\/kathleen-breitman-6860279\">Kathleen Breitman<\/a> is a Senior Strategy Associate for R3 CEV. Previously, Kathleen has worked for Accenture, De Dicto, and Bridgewater Associates. She has a strong analytical background and excels in entrepreneurial problem solving. <\/small><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Why would banks cooperate with one another to use blockchain for transaction settlements? Isn&#8217;t such a plan no different from existing systems such as SWIFT?<\/p>\n<p>These were among the questions asked of Kathleen Breitman, Senior Strategy Associate at R3CEV, at the conclusion of a talk she recently gave at a Blockchain [&#8230;]<\/p>\n","protected":false},"author":9,"featured_media":15992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[7],"tags":[938,672,753],"class_list":["post-15977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-opinion","tag-banking","tag-blockchain","tag-hyperledger"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>R3 Strategist Outlines Blockchain&#039;s Use Among 42 Banks | Altoros<\/title>\n<meta name=\"description\" content=\"A large group of competing institutions has come together to support a single database that speeds up transactions, reduces cost, and provides a single, immutable record shared by everyone.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"R3 Strategist Outlines Blockchain&#039;s Use Among 42 Banks | Altoros\" \/>\n<meta property=\"og:description\" content=\"Why would banks cooperate with one another to use blockchain for transaction settlements? Isn&#8217;t such a plan no different from existing systems such as SWIFT? These were among the questions asked of Kathleen Breitman, Senior Strategy Associate at R3CEV, at the conclusion of a talk she recently gave at a Blockchain [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.altoros.com\/blog\/r3-strategist-outlines-blockchains-use-among-42-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"Altoros\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-26T07:03:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-19T22:46:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Kathleen-Breitman-R3CEV-hyperledger-blockchain-finance-featured.gif\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/gif\" \/>\n<meta name=\"author\" content=\"Roger Strukhoff\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" 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