BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings by bravenewcoin

View this thread on steempeak.com
money · @bravenewcoin ·
$113.85
BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings
<html>
<p><center><img src="https://s25.postimg.org/s7hzd99a7/thumb.jpg" width="470" height="260"/></center></p>
<p><center><img src="https://s25.postimg.org/9gg233epr/image1.jpg" width="1280" height="240"/></center></p>
<p><a href="http://bravenewcoin.com/authors/luke-parker/"><strong>Luke Parker </strong></a>||&nbsp;<a href="http://bravenewcoin.com/news/tag/banking">Banking </a>|| <a href="http://bravenewcoin.com/news/tag/blockchain+adoption">Blockchain Adoption </a>|| <a href="http://bravenewcoin.com/news/tag/scotland">Scotland</a></p>
<p>The Strathclyde Business School Centre for Financial Regulation (SBS) recently issued a <a href="https://www.strath.ac.uk/whystrathclyde/mediacentre/thefutureoffintechunderthemicroscope/">warning</a> that Scotland’s financial sector needs to accelerate its adoption of technology to avoid a future banking crisis.</p>
<p>“Fintech is being driven by two major innovations – blockchain, and distributed ledgers,” the recent announcement states. “[The technology] has the potential to create nearly 15,000 jobs in Scotland over 10 years. But failing to adopt leading-edge technologies would have the opposite effect, with a loss of just over 14,000 jobs.”</p>
<p>The warning preceded a conference in Scotland last Friday, “The Future of Fintech,” supported by Glasgow’s International Financial Services District and Scottish Financial Enterprise. SBS published a conference <a href="https://www.sbs.strath.ac.uk/apps/fintech/docs/fintech-white-paper.pdf">paper</a>for the event, “FINTECH in Scotland: Building a digital future for the financial sector,” which sets out how the industry is changing and what needs to be done to capitalize on it.&nbsp;</p>
<p><center><img src="https://s25.postimg.org/wj6l29g73/image2.jpg" width="912" height="212"/></center></p>
<p>Founded in 1948, SBS is one of four faculties forming the University of Strathclyde in Glasgow. The faculty is one of only five in the UK to be <a href="https://charteredabs.org/strathclyde-business-school-awarded-gold-small-business-charter-award/">awarded</a> a Gold Small Business Charter Award, from the Chartered Association of Business Schools (CABS), “for its excellent work in supporting Scottish firms scale-up through innovation, internationalisation and leadership.”</p>
<p>Director of the SBS Centre for Financial Regulation and Innovation, Daniel Broby, statess that Scottish banks and fund managers are already using FinTech. However, it’s largely developed in house and isn’t cutting edge.“</p>
<p>The gradual trend has been for traditional banks to move to off the shelf solutions and to leave the in house developed legacy systems,” the SBS paper clarifies. “We argue that this should be accelerated.”</p>
<p>Broby says that FinTech could be a game changer for both the banking and securities industries. “Financial transactions are set to become instantaneous, traditional paper money is being replaced by digital money, and entrepreneurs will be able to raise money directly from the public. All this is good news for the consumer.”&nbsp;</p>
<p><center><img src="https://s25.postimg.org/k5tqvcqin/image3.jpg" width="908" height="175"/></center></p>
<p>The United Kingdom is a world leader in Fintech, according to the House of Commons, with the sector<a href="http://www.publications.parliament.uk/pa/cm201617/cmselect/cmbis/87/8712.htm">estimated</a> to be worth £20 billion in annual revenues. The UK Government has identified this as a priority area and instigated many initiatives to support competition and innovation across financial service providers.</p>
<p>Ernst &amp; Young (EY) &nbsp;<a href="https://www.google.co.nz/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=2&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwj31u2K_PfOAhWHp5QKHQU9AzcQFgglMAE&amp;url=http%3A%2F%2Fwww.ey.com%2FPublication%2FvwLUAssets%2FLandscaping_UK_Fintech%2F%24FILE%2FEY-Landscaping-UK-Fintech.pdf&amp;usg=AFQjCNHWjA6MdGoBcbyi9U4u26FlJgo0dA">estimates</a> the startup element of Fintech revenue to be around £6bn. The multinational professional services firm, headquartered in London, states that “Much of Emergent Fintech is focused on a small number of sectors (for example peer-to-peer platforms, payments,capital markets), however we believe there is a huge amount of white space open to disruptive and innovative models”</p>
<p>“We describe Traditional Fintech as ‘facilitators’ (larger incumbent technology firms supporting the financial services sector) and Emergent Fintech as ‘disruptors’ (small, innovative firms disintermediating incumbent financial services firms with new technology),” states EY. “The UK is poorly represented in Traditional Fintech (four out of the top 100 globally), but is strong in Emergent Fintech (one half of all promising start-ups in Europe).</p>
<p>The SBS paper highlights the London ranking, while reiterating that it’s not the leader in Fintech In comparison with London. “This represents an opportunity for Scotland as the industry is still nascent,” the paper explains. “Organizations in Scotland have a closer network and therefore the potential for more flexibility and agility.</p>
<p>”Scotland has a number of support services to promote the development of talent and innovation, such as DataLab, CodeClan, Informatics Ventures, Skills Development Scotland, Glasgow Economic Leadership and Strathclyde University’s Hunter Centre for Entrepreneurship.</p>
<p>There are also a growing number of incubator programs, including CodeBase, the UK’s largest technology incubator based in Edinburgh, and Scottish Enterprise which provides training and support.&nbsp;</p>
<p><center><img src="https://s25.postimg.org/3w3ksgfun/image4.jpg" width="912" height="231"/></center></p>
<p>The paper makes it clear that a Fintech plan, and its execution, will determine whether Scotland joins the winners or losers in Fintech adoption, “Fintech will facilitate new processes and architecture that will make digital settlement cheaper, simplifying back-end processes, all key areas for the Scottish financial sector.”</p>
<p>“To be successful in Fintech Scotland requires an all-round approach to technology adoption and usage,“ the paper qualifies. “The sort of technology that might prove successful is a funded digital wallet linked to an existing or disrupter bank account.”</p>
<p>SBS recommends that support for a Scottish cryptocurrency takes a leading role in making Scotland as a digital hub. “As yet, no large government has backed a digital currency and we suggest this may well be something that could make a difference for Scotland.”&nbsp;</p>
<p><center><img src="https://s25.postimg.org/n2ld9dlq7/image5.jpg" width="910" height="192"/></center></p>
<p>In most countries only central banks are permitted to issue currency. Scottish banknotes, however, are not technically legal tender, even in Scotland. The notes are issued by the Bank of Scotland, Clydesdale Bank, and The Royal Bank of Scotland. SBS claims that widespread use has established “a precedent which can be built on.”</p>
<p>A Scottish cryptocurrency would have to be an encrypted distributed ledger run by the three banknote issuing banks, the paper argues. “The Scottish payment system currently exists without a legal framework [..] This legal ambiguity can be used to issue Scottish digital currency, backed by deposits from these currencies with the Bank of England. The Scottish Parliament would have to support the initiative and presumably pass legislation on cryto-currencies to ensure its success.”</p>
<p>The idea has is far from new. A leading Scottish think tank, the New Economics Foundation (NEF), proposed a parallel Scottish currency late last year. <a href="http://www.neweconomics.org/blog/entry/scotpound-a-new-digital-currency-for-scotland">ScotPound</a> was described as fully digital in nature and used much like mobile cash options we have today. “Scotland is in a unique position to take full advantage of current trends in digital financial innovation,” NEF researcher Duncan McCann told <a href="http://www.scottishfinancialnews.com/5901/think-tank-proposes-digital-currency-for-scotland/">Scottish Financial News</a>.&nbsp;</p>
<p><center><img src="https://s25.postimg.org/yszaqrein/image6.jpg" width="911" height="220"/></center></p>
<p><a href="http://scotcoinproject.com/">ScotCoin</a>, on the other hand, is a cryptocurrency that uses the counterparty token system. It was started in 2013 and project members have been distributing the coins ever since. Interestingly, they offer 1000 free ScotCoins to anyone who requests them.&nbsp;</p>
<hr>
<p>&nbsp;<strong>This article can be found on our website on</strong> <a href="http://bravenewcoin.com/news/15-blockchain-whitepapers-awarded-winners-of-us-department-of-health-and-human-services-challenge/"><strong>this link</strong></a><strong>. &nbsp;</strong>&nbsp;</p>
<hr>
<p><strong>According to the</strong><a href="http://www.bravenewcoin.com/markets"><strong> BNC indices</strong></a><strong>, at the time of writing:</strong><br>
<br>
<a href="http://www.bravenewcoin/steem">Steem</a> was trading at <strong>$0.80048052</strong><br>
</p>
<p><a href="http://bravenewcoin.com/bitcoin">bitcoin</a> was trading at <strong>$605.81</strong><br>
</p>
<h3>If you enjoyed this article, remember to <a href="http://www.steemit.com/@bravenewcoin">FOLLOW</a> and SHARE our daily content!</h3>
</html>
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 117 others
properties (23)
post_id863,772
authorbravenewcoin
permlinkbravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of
categorymoney
json_metadata"{"links": ["http://bravenewcoin.com/authors/luke-parker/", "http://bravenewcoin.com/news/tag/banking", "http://bravenewcoin.com/news/tag/blockchain+adoption", "http://bravenewcoin.com/news/tag/scotland", "https://www.strath.ac.uk/whystrathclyde/mediacentre/thefutureoffintechunderthemicroscope/", "https://www.sbs.strath.ac.uk/apps/fintech/docs/fintech-white-paper.pdf", "https://charteredabs.org/strathclyde-business-school-awarded-gold-small-business-charter-award/", "http://www.publications.parliament.uk/pa/cm201617/cmselect/cmbis/87/8712.htm", "https://www.google.co.nz/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwj31u2K_PfOAhWHp5QKHQU9AzcQFgglMAE&url=http%3A%2F%2Fwww.ey.com%2FPublication%2FvwLUAssets%2FLandscaping_UK_Fintech%2F%24FILE%2FEY-Landscaping-UK-Fintech.pdf&usg=AFQjCNHWjA6MdGoBcbyi9U4u26FlJgo0dA", "http://www.neweconomics.org/blog/entry/scotpound-a-new-digital-currency-for-scotland", "http://www.scottishfinancialnews.com/5901/think-tank-proposes-digital-currency-for-scotland/", "http://scotcoinproject.com/", "http://bravenewcoin.com/news/15-blockchain-whitepapers-awarded-winners-of-us-department-of-health-and-human-services-challenge/", "http://www.bravenewcoin.com/markets", "http://www.bravenewcoin/steem", "http://bravenewcoin.com/bitcoin", "http://www.steemit.com/@bravenewcoin"], "image": ["https://s25.postimg.org/s7hzd99a7/thumb.jpg"], "tags": ["money", "bitcoin", "blockchain", "crypto-news", "bravenewcoin"]}"
created2016-09-05 16:00:00
last_update2016-09-05 16:00:00
depth0
children9
net_rshares34,770,694,642,045
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value106.590 SBD
curator_payout_value7.257 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length9,404
author_reputation92,849,116,967,026
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (181)
@paketkita.net · 
steem down :)
👍  
properties (23)
post_id863,890
authorpaketkita.net
permlinkre-bravenewcoin-bravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of-20160905t161439119z
categorymoney
json_metadata"{"tags": ["money"]}"
created2016-09-05 16:14:45
last_update2016-09-05 16:14:45
depth1
children1
net_rshares48,245,166,207
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length13
author_reputation189,089,174,848
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@bravenewcoin · 
:) :)
👍  
properties (23)
post_id865,334
authorbravenewcoin
permlinkre-paketkitanet-re-bravenewcoin-bravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of-20160905t185047039z
categorymoney
json_metadata"{"tags": ["money"]}"
created2016-09-05 18:50:45
last_update2016-09-05 18:50:45
depth2
children0
net_rshares48,245,166,207
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length5
author_reputation92,849,116,967,026
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@pipokinha ·
$0.05
The first country to adopt a cryptocurrency  will be the first to leverage is economy.
👍  
properties (23)
post_id863,915
authorpipokinha
permlinkre-bravenewcoin-bravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of-20160905t161637841z
categorymoney
json_metadata"{"tags": ["money"]}"
created2016-09-05 16:16:39
last_update2016-09-05 16:16:39
depth1
children1
net_rshares126,960,963,703
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value0.038 SBD
curator_payout_value0.012 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length86
author_reputation15,213,257,710,618
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@bravenewcoin ·
$0.05
Good insights friend! Surely someday blockchain will be the standard for the monetary system.
👍  
properties (23)
post_id865,498
authorbravenewcoin
permlinkre-pipokinha-re-bravenewcoin-bravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of-20160905t190534178z
categorymoney
json_metadata"{"tags": ["money"]}"
created2016-09-05 19:05:33
last_update2016-09-05 19:05:33
depth2
children0
net_rshares124,421,744,429
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value0.048 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length93
author_reputation92,849,116,967,026
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@cryptoiskey ·
$0.05
Sounds like Scotland better get on board for the sake of the people. Jobs are not easy to come by in any country, so creating jobs is a godsend.
👍  
properties (23)
post_id864,126
authorcryptoiskey
permlinkre-bravenewcoin-bravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of-20160905t164059749z
categorymoney
json_metadata"{"tags": ["money"]}"
created2016-09-05 16:41:00
last_update2016-09-05 16:41:00
depth1
children1
net_rshares124,421,744,429
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value0.037 SBD
curator_payout_value0.012 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length144
author_reputation12,686,251,981,032
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@bravenewcoin ·
$0.05
Correct, I come from South Africa and more than 25% of the population is unemployed and that is only of the people who were registered in the census, there are many unregistered as well. Jobs and education are the most important things to cultivate.
👍  
properties (23)
post_id865,511
authorbravenewcoin
permlinkre-cryptoiskey-re-bravenewcoin-bravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of-20160905t190716394z
categorymoney
json_metadata"{"tags": ["money"]}"
created2016-09-05 19:07:15
last_update2016-09-05 19:07:15
depth2
children0
net_rshares124,421,744,429
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value0.048 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length249
author_reputation92,849,116,967,026
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@thefinanceguy ·
$0.05
It will be interesting to see how this plays out.
👍  
properties (23)
post_id864,503
authorthefinanceguy
permlinkre-bravenewcoin-bravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of-20160905t172442044z
categorymoney
json_metadata"{"tags": ["money"]}"
created2016-09-05 17:24:42
last_update2016-09-05 17:24:42
depth1
children1
net_rshares124,421,744,429
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value0.037 SBD
curator_payout_value0.012 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length49
author_reputation17,157,122,197,835
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@bravenewcoin ·
$0.05
For sure!!
👍  
properties (23)
post_id865,515
authorbravenewcoin
permlinkre-thefinanceguy-re-bravenewcoin-bravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of-20160905t190741136z
categorymoney
json_metadata"{"tags": ["money"]}"
created2016-09-05 19:07:42
last_update2016-09-05 19:07:42
depth2
children0
net_rshares121,882,525,155
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value0.048 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length10
author_reputation92,849,116,967,026
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@kus-knee · 
Well written and presented as always! UPVOTED!

@kus-knee (The Old Dog)
properties (22)
post_id866,901
authorkus-knee
permlinkre-bravenewcoin-bravenewcoin-experts-say-scotland-should-adopt-blockchain-technology-or-risk-losing-tens-of-thousands-of-jobs-and-hundreds-of-20160905t214049329z
categorymoney
json_metadata"{"users": ["kus-knee"], "tags": ["money"]}"
created2016-09-05 21:40:48
last_update2016-09-05 21:40:48
depth1
children0
net_rshares0
last_payout2016-10-06 16:26:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length71
author_reputation301,995,172,040,201
root_title"BraveNewCoin: Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
Help/Feedback