The rise of cryptocurrency means financial firms may have to replace much of their internal IT infrastructure. That was one of the messages delivered at the ScotChain18 conference in Edinburgh this week which explored the effects that the rise of Blockchain will have on commerce.
The not for profit event was hosted at RBS Gogarburn in Edinburgh on Thursday and was organised by data recruiter MBN Solutions and blockchain specialist Spiritus. Jeremy Drane of crypto systems firm Libra said: “There’s an assumption by some companies that their current infrastructure will accept crypto and blockchain.
“We have been educating customers in what are the minute differences between data structures that don’t allow your systems to work and that it is better to buy new than repurpose your old software.
“It is hard for people to accept that as new data structures come along their old systems won’t work with it.”
ScotChain18 featured a broad range of speakers from across the cyptocurrency industry. Deloitte’s Risk Advisory Leader for Fintech and RegTech Kent McKenzie explained the regulation challenges that blockchain poses governments around the world while Apolline Blandin of the Cambridge Centre for Alternative Finance told the audience of the framework her organisation was creating to standardise the process structure of cryptocurrency.