GFF: technology still not reaching full potential 31 January 2019Luxembourg Reporter: Maddie Saghir
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Emerging technologies have huge potential but many are at a relatively early stage of development, one speaker said at the GFF Summit conference.
One panellist explained: “Incumbent technologies are built on legacy technology, programming languages and protocols that are becoming increasingly difficult to resource.”
According to the speaker, if there are practical and scalable actions for distributed ledger technology and smart contracts that can be used for financial markets then it is important that the industry collaborates for common standards.
Development around common standards can drive innovation and technology by providing clear specifications for Fintech and other solution providers to build onwards, the speaker explained.
The speaker warned delegates that failure to develop common standards could lead to the development of piecemeal and bespoke technology solutions for each group of users that will likely perpetuate the existing fragmented and inefficient financial markets ecosystem.
The speaker noted: “Furthermore, common standards will enable consistent business and regulator understanding of how our markets operate and the impact of events and change, be they driven by the market, regulation or other conditions.”
Meanwhile, they will enable clear and concise regulation to be developed efficiently and consistently implemented, the speaker added.
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