Courtesy of WEF: How blockchain is going to become the beating heart of the global financial system, neatly summarised in two charts and a few explanatory bullet points.
Current process:
WEF isolates the pain points in the current model as follows (though for comprehension purposes we’ve also explained them in layman’s language — our contribution is in parentheses):
And naturally, WEF also isolates the future-state benefits — once again our layman-language explanation is in parentheses:
Current process:
WEF isolates the pain points in the current model as follows (though for comprehension purposes we’ve also explained them in layman’s language — our contribution is in parentheses):
- Inefficient onboarding (Your name’s not down, you’re not getting in. No, I don’t care who you know. Oh, you know Mr. Smith. Well if Mr. Smith says it’s ok, then maybe there’s a chance. But Mr. Smith’s on holiday right now so you’re going to have to wait.)
- Vulnerable KYC (What’s this? An SMS from Mr. Smith saying you can get in? I don’t recognise that number. Also, it was sent like a year ago. I’m going to have to phone and check with Michelle who knows his personal number. I’d really prefer a Facetime testimonial dated this morning. No, I don’t care if Mr Smith is at a Tibetan retreat contemplating an attempt to summit Everest and can’t be reached. And why exactly am I going to be sorry if I don’t let you in? Oh, you’re a big spender are you? Well, I’ve got news for you. I see the likes of you all the time. What’s this? A bribe to help me make an executive decision? Sorry beyond my pay grade. And no bribe’s worth getting on the wrong side of Mr. Smith.)
- Cost and delay (You again? What do you mean Mr. Smith’s friend Mr. Green is going to vouch for you on his behalf and already has a facetime testimonial to that effect? Has he dealt with Michelle? Oh, they’re mutual friends. You do realise that both Mr. Green and Michelle are gonna have to be compensated for the fact they can’t go on holiday when Mr. Smith goes on holiday just to deal with you? Too expensive eh? Rather wait until Mr. Smith is back from holiday after all, eh? Figured as much.)
- Error prone (Oh, you’re back again. Got a facetime testimonial from Mr. Smith then, eh? No, I don’t have a charger. I don’t care if forgetting to power-up your phone was an honest mistake. Come back when you can play the facetime message.)
- Liquidity requirement (Okay. I’ve got the testimonial. You can come in. But since I’ve never dealt with you before, Mr. Green’s going to have to cover you for liability risk and/or give us a deposit of funds just in case you misbehave. Just so you know, cause it might cost you with Mr. Green. Also Mr. Smith says Mr. Green’s been acting a bit odd recently so he might require a higher deposit than usual.)
- Vulnerable KYC (You want to leave now, do you? Well, I need a slip from Janine at the bar, you know, to make sure you’ve not messed around or caused any damage. Nope, until she’s signed off, you can’t leave. Sorry. Those the rules. No. I don’t care if Janine’s on a break. It’s Janine’s signature or nothing. No. Pete’s signature won’t do. I don’t even know who Pete is. He must be new. You’re gonna have to wait or waive some of your deposit, which you can get back after Janine’s said it’s ok.)
- Demanding regulatory compliance (Oh hello there Mr. Smith. Nice time in Tibet? Yeah, everything is same old same old over here. Though…come to think of it, there was that one new guy we let in. But he said he was a mate of yours. And Mr. Green signed off on it and then Janine signed him out. She said there was a bit of bother but nothing much. He kinda harassed one waitress. Oh, that waitress was your beloved cousin Jean? Jeez. Sorry about that. Well we did follow all the rules. What do you mean you and Mr. Green have fallen out and he won’t pay the compensation? I’m an idiot for not using basic common sense? Do I really need to get my P45?)
And naturally, WEF also isolates the future-state benefits — once again our layman-language explanation is in parentheses:
- Seamless KYC (Your implanted microchip for scanning please. Ah, sorry mate, computer says entry denied. Apparently you failed to meet your minimum Uber driving quota for the week and the credits you’re trying to use have been transferred to you from ‘user 897234264, a proxy for ‘Big Dave’. I don’t care if Big Dave’s your brother. Computer says no. You have the option to undergo four micro-shocks to put you in the clear or return when your Uber quota has been fulfilled. Quota fulfilment will be registered on your blockchain-connected microchip. Please visit us again soon!)
- FX liquidity capabilities (Well done! Entry approved. You are in neutral state with the beating heart of the blockchain. You are permitted to enter. Entry entitles the establishment to micro-shock you and/or tell Uber they are entitled to compensatory work quotas if damages or inappropriate behaviour is detected whilst on site. Please click here that you understand the terms and conditions. Sorry, you don’t have five minutes to go through the small print. There’s a queue don’t you know.)
- Real-time AML (Subject 9213698623 has been detected taking payment for illicit activities while on the premises from subject 2405732594, and it is believed these credits are ultimately intended to benefit Big Dave — an off-blockchain grid user. Mr. Smith has been made fully aware via an alert to his blockchain-mining enabled chip, handily embedded in his navel.)
- Reduced settlement time (Mr. Smith is aware of the situation. But he has not yet replied. For cost purposes, however, no reply is deemed approval. Instantaneous settlement can proceed. An intervention from Mr. Smith would require action from blockchain-enabled human interceptors, judiciary or the T-1000. This is deemed expensive. For the purity of the blockchain, any intervention would also need to be wiped from the collective memory of all — a process known as a hard fork. This would require a consensus decision from Mr. Smith in Tibet, Mr. Green in the Bahamas, Mr.Pink in Monaco, Mr. Black in New York and Mr. Brown in London. This is deemed expensive. )
- Cost savings (Mr. Smith was able to take his holiday without having to employ the services of any additional intermediaries saving valuable regulatory resources. Mr. Smith chose to go to Tibet because he has not been feeling due to the continuing buzzing in his navel. Having found transcendence and the ability to ignore his navel, Mr. Smith has decided not to come back.)
- Seamless KYC (Subject 9213698623 cannot be released without corresponding authorisation from Mr. Smith in Tibet. Luckily, the blockchain assumes authorisation unless bad behaviours escalate to the point where the cost-benefit of bringing in the human interceptors, the T-1000 or alerting another regulator such as Mr. Pink in Monaco, is worth it. Subject 9213698623 is beginning to understand the pattern, and is keen to share the information with millions of others with a view to one day staging a revolution.)
- Automated compliance (Even when outnumbered by a popular rebellion, Mr. Smith and his fellow regulators will draw comfort from the knowledge they have everyone’s non-compliant transaction history and Uber rating to hand.)
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