The Yale ICF is excited to announce our next YBlockchain? webinar:
Wednesday, October 28, 2020 | 7:00 – 8:00 pm
YBlockchain? Episode 002: Blockchain as a Building Block For The Data Economy, Fueled by Transparency & Trust
Speaker: Cristina Dolan, CEO of InsideCHAINs
About the upcoming event:
Join us on Wednesday, October 28th at 7:00pm as Diana Barrero Zalles ‘17 interviews Cristina Dolan, Founder and CEO of InsideCHAINS, who will share her insight on building on the next generation of businesses on Industry 4.0 components, of which Blockchain, IoT and Data are building blocks. These are all part of the 'connected' economy, where business transformation through networked technologies like blockchain and edge computing are creating new economic opportunities fueled by data. The driving forces behind this fundamental change entail a growing need for trust and transparency. In this context, blockchain is one component with the ability to capture journeys of data, which can be financial transactions, products, customer journeys, etc.
For instance, today’s banking system faces increasing regulatory requirements such as the European Union’s 5th Anti-Money Laundering Directive (AMLD5), which incorporated virtual asset service providers as obliged entities. The next iteration of this directive, AMLD6, is expected to further raise compliance standards, along with a wide range of other global regulatory developments. Blockchain technology not only reduces data silos for institutions but may also be key for them to navigate the complexity of global regulations. It can allow them to set the right safeguards while at the same time maintaining the confidentiality of personal data. Apart from banking, sectors like supply chain and healthcare are also likely to benefit from this level of transparency, which facilitates the visibility of journeys of data while preserving individuals’ privacy.
Cristina will share her fascinating experience building solutions. While the shared economy was an early 'distributed' model of commercial interactions, new business models are evolving beyond this structure, such that data sharing can enable developments like the EU's Payment Services Directive (PSD2). The UK has implemented this successfully with Open Banking, bringing lending opportunities to a new level for SMBs and other niche areas that have not been adequately served by traditional banks. In the US, we've seen no apparent need for regulations to be put in place in order to drive adoption. Europe further recognizes that the next 5 years are critical to economic growth through these developments and published a Data Strategy to drive digitization and security across industries. China, on the other hand, enacted a Cyber Security Law for internet security and data protection, which also requires network operators to store select data within the country's borders and allows authorities to conduct spot-checks.