Emergence of Blockchain in Banking and FinTech: New Applications and Issues for Counsel

Leveraging DLT Platforms for Recordkeeping, Payments, KYC and More; Concerns With Regulation, Privacy, Adaptation

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, September 12, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will provide finance and lending counsel with an examination of current and potential uses of blockchain in banking and FinTech. The panel will discuss the advantages of distributed ledger technology (DLT) in cost-efficiency, cybersecurity and fraud protection, as well as the legal and structural concerns in implementation.

Description

DLT or blockchain is widely considered to be a disruptive force in the banking and financial services industries. Operating on a decentralized, peer-to-peer networked database, transactions are verified, monitored and enforced without a third-party intermediary, reducing costs and providing real-time information to network participants.

The best known use of blockchain is bitcoin, but banks and FinTech companies are using DLT platforms for other purposes, including account records, trading and financial transactions, KYC protocols, and loan and payment processing.

DLT is inherently more secure and less susceptible to fraud than centralized platforms, but there are challenges to implementing DLT. Counsel will need an understanding of the technology as well as the legal ramifications of blockchain, including concerns with privacy, integration into existing systems, regulatory uncertainty and scalability.

Listen as our authoritative panel discusses the potential applications of blockchain technology, and its advantages over centralized platforms with regard to authentication, data security and cost efficiency. The panel will also discuss the legal and logistical issues to consider in implementing DLT.

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Outline

  1. DLT/blockchain explained
  2. Applications in banking and FinTech
    1. Banking records and transactions
    2. KYC (know your customer)
    3. Trading platforms
    4. Payments—bitcoin and other virtual currencies
    5. Other
  3. Issues with implementation

Benefits

The panel will review these and other key issues:

  • What is a distributed ledger, and how does it change the way transactions and information are documented?
  • What are some of the current and proposed uses of blockchain in banking and FinTech?
  • What are the advantages of DLT and blockchain as to data security, efficiency and fraud protection?
  • What legal issues arise with DLT and blockchain that are not present with more conventional formats for transacting business?

Faculty

Ralph F. (Chip) MacDonald, III
Ralph F. (Chip) MacDonald, III

Partner
Jones Day

Mr. MacDonald's practice emphasizes securities, mergers and acquisitions, corporate governance, financial...  |  Read More

Stephen J. Obie
Stephen J. Obie

Partner
Jones Day

Mr. Obie concentrates his practice advising multinational corporations and individuals on U.S. securities and...  |  Read More

Ralph A. Daiuto, Jr.
Ralph A. Daiuto, Jr.
Chief Operating Officer and General Counsel
t0.com

Mr. Daiuto, Jr., is an accomplished attorney and business leader with over two decades of experience in the securities...  |  Read More

Dzmitry Maroz
Dzmitry Maroz
Senior Manager
Deloitte & Touche

Mr. Maroz has over 15 years of experience designing and developing financial technology solutions. Dzmitry has actively...  |  Read More

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