SRC expert Botermann | DLT for IT service providers in the banking environment
Crypto assets based on blockchains move many states, companies and the world of banks and their IT service providers.
Distributed ledger technology (DLT for short) is the term used to describe the technology of “distributed cash ledgers”. The key difference: transactions are legitimized in a decentralized manner and stored with the participants. As a disruptive technology, DLT makes numerous intermediation and clearing points redundant. Banks are threatened with the loss of their position as anchors for trustworthy transactions.
But this is precisely where the prospects for future business models lie, since it is precisely the banks that traditionally have expertise in the safekeeping of confidential information. The decisive technical trust anchor of every transaction via DLT is the customer’s private key. The trusted management of this private key may prove to be a perspective for the evolution of banks’ business models.
To summarize: DLT applications offer IT service providers in the banking environment good opportunities to adapt their own business models and also position themselves for the future. Services in the crypto custody business can be seen as a suitable entry point, which can be expanded and supplemented in the future.
How can business models in the banking environment be adapted to these developments? What opportunities does the crypto custody business offer? What technical and regulatory requirements must be met?
In the articles DLT for IT service providers in the banking environment (german), crypto custody business: starting point for business field expansion (german) and crypto custody business as a business area expansion for banks (german) published in gi GELDINSTITUTE and on cash.online, SRC expert Dr. Benjamin Botermann gives an insight and overview of challenges, opportunities and stopler stones of the crypto custody business with distributed ledger technology (DLT).
The SRC experts will follow the exciting developments in the field of cryptocurrency and digital euros for you and support you in the realization of your cryptocustody business. We will be happy to inform you about the possibilities to get involved in this innovative sector.