What if I already told you I already told you and you didn't listen.
" $LINK took our jobs"
During a @sgfintechfest panel that included @SergeyNazarov, @Temasek Managing Director Pradyumna Agrawal and @EuroclearGroup CEO Valérie Urbain - @SBI_DAH CEO Fernando Luis Vázquez Cao made an interesting point regarding institutional motivation to move to blockchain - kill the IT dept.
"I see the end game as the the financial institutions being able to focus - finally - just on the financial function like in the 50s - before mainframes and the institution had to care about the IT side of things. These days big banks have tens of thousand engineers - they have data centers globally...
Again this started with the mainframes - putting the payment rails on a ledger - securities also in a ledger. In the 80s there was this transition to you know open architecture systems. Then in the 90s you had the internet and all of a sudden you know Banks were not only running huge IT teams but also issuing credentials for you know internet users you name it.
And then cloud computing came and some of these data centers started to be you know dropped and people started to have contacts with AWS, Amazon you name it and if something broke, at least had a contractual relationship with the cloud provider, right? But now with blockchain you don't even need to have an account with a cloud provider. This universal computer - with the right smart contract - would allow a developer to have access to payment rails to implement a certain function for a new financial product right whatever that is, right.
So one would argue that in the future, if we get the the governance of this global computer right, the banks can finally just like in the 50s focus just on the financial function, right? This magic - you know - global computer will take care of things. Of course banks cannot sue Ethereum, right? You cannot have a contractual relationship with such an entity which means that FI's will need to be involved in the governance of all of that."
Bankers want to bank - not run IT departments.
Chainlink brings real world systems back to first principles.
$LINK CRE CCIP CCT
30, 40, 60% reduction in low function, low value add activities
2,46 rb
0
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