| |JUNE 20228BANKS & BLOCKCHAINBy Dheepak Rajoo, SVP, Head of IT, RBL BankDheepak is a technology leader, passionate about improving existing business models and financial solutions using emerging technologies such as API, Blockchain, ML, Big Data, AR/VR/IoT and AI, having expertise across across banking, insurance, and financial services.Bank: The concept of banking in India could be traced back to the Vedic period (700-100 BCE) and has evolved since. It continued to exist in the medieval period and Colonial era. And modern banking emerged in the 18th century that has withstood massive changes and advancements from time to time until today!Blockchain: The buzzword heard and pronounced in the boardroom of every established organization, enterprise, or startup in recent times. As is popularly known, mainstream interest in blockchain began after 2008 when Satoshi Nakamoto developed the world's first electronic payments from one party to another without going through a financial institution.So, understanding these two subjects (banks and blockchain) under the context of technology does need some logical dissection.The Demographic & Cultural Gap: Banks & BlockchainThis topic (Banks and Blockchain) is a classic example of the clash between baby boomers and millennials who often have conflicting approaches in problem solving. Forbes reports that by 2025, 75 percent of the workforce will be represented by millennials outnumbering other generations. But since the C-suite roles are dominantly occupied by baby boomers, cultural and demographic differences set the perfect room for conflicting views and approaches. A 2020 study points out Gartner's report that 60 percent of big data analytics initiatives in banks fail due to lack of required skill, technical infrastructure, unsupportive senior executives, and inappropriate organizational culture.Discussion:Technology (blockchain) is eager to reinvent IT infrastructure, data, information, governance, and assets. But, banks are prudent about sharing their data as they do not want to compromise on the foundations of trust and confidentiality. The 2017 Global Blockchain Benchmarking study and a 2020 study assert that nearly 30 percent of global market revenue for blockchain technology comes from the banking and expert opinion
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