/biz/ - Business & Finance

Anon, please don't be a brainlet. It is so obvious...

https://www.youtube.com/watch?v=QrLr7MdyyLg&t=921s

https://www.nasdaq.com/article/how-smart-contracts-can-help-businesses-provide-better-customer-service-cm1030345

biz is way too early on this one...

>>11195756
>swift won't be on that chainlink network
Pic is the slide used by Sergey at Sibos last year.

Always funny to click on the occasional crypto video here and there and see the shills for TRAC XRP random shit "Credits' "wan to $50", you guys did a really good job to keep people in the dark from this one ill give you that. They have no idea whats coming

To anyone still dumb/ignorant enough to swallow the fud; look at pic related.

This was one of the main slides of Sergey's Sibos presentation, and it shows the use case Swift asked them to develop: smart bonds.
As you can see, it involves not only multiple sources (various individual banks feeding interest rate data), but multiple TYPES of sources (banks, S&P, SWIFT).
Even the "market rate smart contract" and "smart contract security" act as data sources.
And all of this for a single but complex transaction.

When people say "companies will just use their own nodes", in the case described in pic related, who will be providing "the" nodes exactly?

>>10156244
>How often has ESPN.com been down during nfl season when people check scores?
How many major automated financial transactions depend on this?

>If one source is down just use source 2, 3, or 4 until you get a result
That's what a decentralized solution offers, automatically.

>How often does nasdaq report bad financial data?
My pic wasn't about "bad data".
Also, the Chainlink network allows for single-node usage for simple closed systems like Nasdaq.

Chainlink's use case includes more elaborate systems however, like pic related (a slide from Sibos) where multiple sources AND multiple types of sources all have to come together to allow for a product to be delivered (in this case smart bonds).

>>10133255
Pic related was one of the main slides shown at SIBOS.
Source: https://imgur.com/a/z78Tc

Count how many times it says "Chainlink" on there.

Protip: 6 times.

What are the potential benefits of smart contracts for financial institutions and their customers? There are inherent benefits to smart contracts.

Investment banking: In trading and settlement of syndicated loans, corporate clients could benefit from shorter settlement cycles. Rather than the current 20 days or more, smart contracts could bring this down to 6 to 10 days. This could lead to an additional 5% to 6% growth in demand in the future, leading to additional income of between US$2 billion and $7 billion annually. Investment banks in the US and Europe would also see lower operational costs.

Retail banking: The mortgage loan industry will benefit significantly by adopting smart contracts. Consumers could potentially expect savings of US$480 to US$960 per loan and banks would be able to cut costs in the range of US$3 billion to $11 billion annually by lowering processing costs in the origination process in the US and European markets.

Insurance: Usage of smart contracts in the personal motor insurance industry alone could result in US$21 billion annual cost savings globally through automation and reduced processing overheads in claims handling. Consumers could also expect lower premiums as insurers potentially pass on a portion of their annual savings to them.

What are the potential benefits of smart contracts for financial institutions and their customers?
There are inherent benefits to smart contracts, as specific use cases highlighta
:
Investment banking: In trading and settlement of syndicated loans, corporate clients could benefit from shorter settlement
cycles. Rather than the current 20 days or more, smart contracts could bring this down to 6 to 10 days. This could lead
to an additional 5% to 6% growth in demand in the future, leading to additional income of between US$2 billion and $7
billion annually. Investment banks in the US and Europe would also see lower operational costs.
Retail banking: The mortgage loan industry will benefit significantly by adopting smart contracts. Consumers could
potentially expect savings of US$480 to US$960 per loan and banks would be able to cut costs in the range of US$3
billion to $11 billion annually by lowering processing costs in the origination process in the US and European markets.
Insurance: Usage of smart contracts in the personal motor insurance industry alone could result in US$21 billion annual
cost savings globally through automation and reduced processing overheads in claims handling. Consumers could also
expect lower premiums as insurers potentially pass on a portion of their annual savings to them.

>>9191058

>>9172376
>t.nasdaq

>MFW most anons on here don't know the significance and connection between Chainlink and the upcoming Nasdaq crypto exchange this summer.
>MFW all you need is a handful of LINK to make it by the end of this year.
>MFW LINK gains will rip your face off soon enough.
>MFW you just realized LINK is the key to the new paradigm we haven't experienced in the crypto market yet.
>When Nasdaq allows trading of cryptocurrencies on it's platform, it's going to need blockchain agnostic middleware to read off chain data feeds.
>56 finance firms will be joining the crypto markets by this summer.

https://www.wsj.com/articles/nasdaq-plans-to-launch-bitcoin-futures-in-first-half-2018-1511968313

https://www.forbes.com/sites/kenrapoza/2018/04/25/nasdaq-ceo-bitcoin-trading-cryptocurrency/#574d82a513f4

https://cointelegraph.com/news/reuters-survey-at-least-56-finance-firms-will-enter-crypto-in-next-6-months

>>9146466
Because when Nasdaq allows trading of cryptocurrencies on it's platform it's going to need blockchain agnostic middleware to read off chain data feeds.

>>8739302
They already made smart oracles. Pic related is one, and it was done half a year ago.

>>8372854
>hurrdurr APIs will just sign their data
The APIs would have to become hundreds of times more complex and demanding to connect their data to any and all cryptographic back-ends (blockchains, DLTs, smart contract platforms, ...).
The financial industry alone makes BILLIONS of API calls every day, none of which currently involve smart contracts yet.
Nobody is going to turn their handy little API into a sprawling abomination just for smart contracts.

And that's just for the basic connection of data to blockchains. There's a whole other level of complexity beyond that called "smart oracles".
Any transaction that is more complex than
>query API
>???
>profit
will need data from different sources to be aggregated, compounded, synchronized, triggered, stored, ... on a blockchain backing, in compliance with SLA and other rules and regulations.
See pic for an example of such a complex transaction.
APIs can't do that, and users won't code this shit themselves any more than they will all code their own OS.
Certainly not the financial industry, which is still using a Cobol back-end and outsources literally EVERYTHING that isn't their core business.

>>8305239
For the transactions that don't need multiple oracle verification, Chainlink's a handy solution that keeps users from having to set up their own oracle, with cost kept low because of the free market of competing nodes.

For the more complex and/or important transactions, Chainlink is a common framework without which many transactions would be almost impossible (look at pic related and imagine if everyone was using a different oracle solution); and it provides an added level of security thanks to the multiple verifications.

Smart contracts are automatic, even the smallest step must be as secure as it can be.
And of course the data source has to be trusted. Why the fuck else would you even use it?

>>7821953
He meant node.

Look at pic related, a slide from the Sibos conference.
Each node is represented by a Chainlink cube that literally says "Chainlink".
Think of a node like a "link in the chain", with the chain being the network.

>>7756530
>The blockchain startups biz backs are obvious losers for tech and business reasons but this is to be expected since none of you actually have any clue about anything
So you want to elaborate on that, or just spread general FUD and sound like some kind of enlightened westcoast VC?
Why wouldn't banks use decentralized oracle networks, so they can utilize the latest technology now without having to move away from their legacy systems?
Why would that technology fail, and compared to what, when it has been proven to be secure enough that from a regulatory standpoint, it is sound?
Why can't the ChainLink network be the one that pulls it off, considering they have been in development since before ETH, and they have an active community, alot of whom are looking to become node-operators?

>>7250974
Forgot pic to go with point 1)

>>7032416
You're welcome.

>>6965720
I'm sure you wrote out all that drivel because you care about anons, right?

https://www.financierworldwide.com/blockchain-trade-finance-and-sanctions-issues#.WmCpENWvDqA

Someone who is not a brainlet and has some understanding of this, please comment. This seems to imply that companies would be accepting massive risk by using LINK to settle global transactions as they are not able to verify that none of the participating nodes/parties are from any countries that there are any sanction with. And if LINK if being developed in the USA this leads to much of LINK's potential market being cut out. Can someone please elaborate. Maybe I am misunderstanding this.

>>6544108
You're an idiot. The Swift smart oracle is part of the network, you dumbass.
See pic, it was the main slide in Sergey's Sibos presentation.