Citisoft's Steve Young recently took to the FTSE Global Markets blog to discuss blockchain and its impact on the asset management industry. The popular media narrative puts the cart before the horse, urging asset managers to dive into the tech with little or no thought of their existing business processes and how those will help or hinder the progress DLT promises.
Says Steve, "If any financial services firm is going to genuinely disrupt anything, that firm has got to create a new business model. If all asset managers are going to do is create a new blockchain layer within its operations or convert a current process into a blockchain procedure, the benefits are going to be minimal; it is not going to change the world."
For more of Steve's thoughts on the operational groundwork necessary for realizing maximum blockchain benefits, read the full blog.