introduction - kpmg · 9am introduction ravi beegun, kpmg luxembourg 9:10am demystifying blockchain...
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IntroductionRavi BeegunKPMG Luxembourg
9am IntroductionRavi Beegun, KPMG Luxembourg
9:10am Demystifying blockchainEric Larcheveque, Ledger Wallet
9:30am The investment management revolution beyond blockchainPierre Gerard, Scorechain
9:50am The FinTech that the investment management sector has been waiting for?Practical implications
Debate with:- Fabrice Croiseaux, InTech- Eric Larcheveque, Ledger Wallet- Laurent Kratz, Scorechain
moderated by Said Fihri, KPMG Luxembourg
10:30am Closing and Q&A
WiFiUsername: digitalfundPassword: 6297
© 2016 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved
Document Classification: KPMG Confidential
Blockchain potential applications – a few examples
Trading
Trading of illiquid securities
Clearing and Settlement
Instantaneous execution and settlement
Recording
Proof of existence and ownership of assets
No reconciliations / Perfect audit trails
Identity verification
Blockchain based KYC
Demystifying BlockchainEric LarchevequeLedger Wallet
demystifying
blockchainEric Larchevêque
blockchain● database● distributed● fully auditable● irreversible● slow, inefficient
blockchainspermission-less
publictrustless
censorship resistantirreversible
Ƀ Ξ
permissioned
semi-privatetrusted
regulatedreversible
R3CEV / IBM / ...
Permissioned blockchains are a challenge for IT departments.
Bitcoin’s blockchain is a challenge for executive committees.
The strength of Bitcoin powers the resilience of the blockchain.
It drives a new paradigm:innovation without permission.
Smart contract
programmable money
AbraTurning smartphones into ATMs
Global peer to peer money transfer network
BTCjamGlobal peer-to-peer lending platform
ChangeTipMicropayment infrastructure
ColuIssuing digital assets on the Bitcoin blockchain
Fully traceable, transferable and secured.
notarizationproof of existence
digital identitysecurities
loyalty pointsprediction marketspre-paid minutes
energy creditsasset management
votes...
What we do at Ledgertrusted hardware for blockchain applications
thank you
The investment management revolution beyond blockchainPierre GerardScorechain
KPMG April 19th 2016Pierre GERARDcofounder – CEO@pierreneo
Scorechain S.A. ©
Blockchain
Public ledger Distributed Database
Distributed ComputerSmart contracts
IndependenceNo central authority
Scorechain S.A. ©
Public Ledger
Distributed accountingThe ledger validates the transactions
Can register any assets“tokenization”
Scorechain S.A. ©
Smart contracts
A legal contract is a program in a Blockchain
Can verify external sources and identity – digital signatures & KYC,…
Can generate instructions such as payments or moving assets
Scorechain S.A. ©
Fund Industry
Scorechain S.A. ©
FUND
Sponsor
Shareholders
TransferAgent
Custodians
DistributorsRetail
Customers
Administrator
InvestmentManager
Brokers
Scorechain S.A. ©
need for third party to intermediate?Bookkeeping?
exchange & verify information?
Scorechain S.A. ©
Transfer Agent
maintain records of shareholder accounts, calculate and distribute dividends and capital gains, and prepare account statements, income tax
information, and other shareholder notices
Scorechain S.A. ©
Custodian
responsible for holding and safeguarding the securities owned by a fund
Scorechain S.A. ©
Dividends, capital gainsTax report – withholding tax?Shareholders reports NAV CalculationAccount balances, StatementTrailer feesAuditKYC / AMLSubscription, Settlement!
Scorechain S.A. ©
Regulationnot too soon, please!
regulators can use blockchain to monitor the activity while maintaining the privacy
“read only access”
"Blockchain tech has the potential to impact of all three of our core businesses – advisory, tax and audit.”KPMG - http://www.coindesk.com/kpmg-blockchain-antidote-regulatory-costs/
Scorechain S.A. ©
YES WE CANopen protocol
improves availability, reliability reduces cost
almost real timeopportunities for new comers
Robot Investors ? DAO ?
NO, IT WON’T WORKintegration with legacy systems
cost of changeprivacy
(New?) Regulation
banks don’t want to change banking
incubated during 18 monthsincorporated in July 2015
blockchain analytics & intelligencenow for Bitcoin for customersalso for assets management –insurance,… smart-contracts
Scorechain S.A. ©
Scorechain S.A. ©
Scorechain S.A. ©
Interested in all blockchain applications
anduse cases
Scorechain S.A. ©
US VC investment is more than $800m 2.6x rest of the world combined
Q3 - 2015
Fabrice CroiseauxInTech
Eric LarchevequeLedger Wallet
Said FihriKPMG Luxembourg | Moderator
Laurent KratzScorechain
Practical implications - Panel
Q and A & Closing remarks
Thank you
Coming up…