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Blockchain, DeFI, NFTs: From use cases to business plan
Journal of Digital Banking,
6
(3),
251-261
(2021)
Abstract
The financial sector and banks have existed since ancient times. Their history has been marked by crises and moments of prosperity. Innovation has often been the driver of the sector, allowing it to evolve and rebuild each time. New technologies are more than ever at the heart of current events in the sector, particularly with the development of Blockchain and Distributed Ledger Technology (DLT). Blockchain can be described as one of the greatest inventions of the 21st century, a ‘business game changer’ and has been compared to the Internet of value. These technologies require a different way of thinking and will make banks question their strategic positioning. This paper aims to, first, describe the impacts of Blockchain in the financial sector and to decipher innovations such as decentralised finance (DeFI) or non-fungible tokens (NFTs). Second, it analyses the innovation strategies of banks in the face of a technology with disruptive potential.
Keywords: Blockchain; DLT; tokenisation; business model; disruption; strategy
The full article is available to subscribers to the journal.
Author's Biography
Laurent Marochini is Head of Innovation at Société Générale Securities Services in Luxembourg. Since 2018, Laurent has been Blockchain Leader for the Group and founder of the Innovation Lab #LePlateauLUX. Prior to joining SGSS, Laurent held various management positions in the banking sector, in particular in BNP Paribas Securities Services and Credit Suisse Private Banking. He joined Société Générale in 2006 as a risk manager. Laurent is highly involved in the FinTech ecosystem. He is Co-Chairman of the ALFI (Association Luxembourgeoise des fonds investissements) Working Group Blockchain & Crypto Currencies and member of the FinTech & Digital Executive Committee, President of the taskforce Blockchain and crypto at the LHoFT (Luxembourg House of Financial Technology), as well as Vice Chairman at ABBL (Association Banques et Banquiers Luxembourgeois) for the FinTech and Innovation Committee. The industry has recognised Laurent as Top 4 FinTech Leader of the year for the Luxembourg by Finance Awards (2017); Top 21 RegTech worldwide Leader by Medici (2018); Twice awarded second Worldwide Best Innovation Maker of Société Générale (2015–2016).
