The latest institutional player to grapple with the effects of blockchain technology on the financial system is the International Commodities and Derivatives Association (ICDA), a long established representative group for global brokers, investment fund managers, commodities trading firms, market information providers, exchanges and clearing houses. The Geneva-headquartered organization, which until recently was known as the Swiss Futures and Options Association (SFOA), has announced that it will hold an event called the ICDA Blockchain Conference in the City of London at April 2016.
The ICDA says this event “is not for techy geeks” but looks at the blockchain from a business development perspective and will explore how the particular qualities of this new technology will change the face of business for exchanges, banks, CCPs and the industry at large. We talked with Dan Day-Robinson, Chairman of the ICDA, to understand how his organization views the possible effects of the disruptive technology derived from bitcoin on its members.
Since when has blockchain technology been on your radar?
Last September we entered into a discussion about blockchain with some of the members of the Association and quickly recognised the significance of a technology that has the potential to cut-out intermediaries for the markets that we serve.
Bitcoin was initially hailed as a method to bypass the established order, do you think banks and exchanges can ignore the technology?
Bitcoin and blockchain are two very different propositions. Whilst blockchain is hailed by some as the ultimate disruptor, in truth the range of applications for distributed ledger technology are only really beginning to be appreciated, and many of them can be used to facilitate and streamline existing processes. Whether that is the best use of this technology, remains to be seen. Similarly, whether the technology can be kept within the confines of the traditional system […]
