Priya Lakshmi

Digital Leader at Own

Message Posts: 9 Comments: 4

Bio Established business development leader with overall 18 years experience with over 10 years in the Banking and financial sector managing business development, strategy and relationships Career History Key strengths in advising and providing the right solutions and operating models for customer problems by breaking down complex problems into simple solvable parts

Blogs

Blockchain Observations

Rebirth of the Digital Twin: with Blockchain

14 Sep 2018

I am a huge Apple fan and this year’s launch of Watch Series 4 (I am sold, goodbye Fitbit!) and its huge focus on health (with fall sensor and ECG on your wrist!) made me think how these innovations are now creating a digital twin of all of us. Digital twin is not a new concept, it has been there for many years and more recently has seen more adopt...

Innovation in Financial Services

Towards an endogenous regulation - with AI and Blockchain

05 Jul 2018

When I concluded my final project report for the Warwick Business School Executive MBA last year, one of the summary points was that financial services regulators would soon need to start looking at ‘technology as law’ and would need to write laws and policies to govern this change. Regulations would become endogenous rather than reactive as the...

Innovation in Financial Services

Smart City Initiatives, Blockchain and Banks

31 May 2018

“What is common between a toothbrush and a mobile phone?” was the question asked at one of our offsite to test our team’s creativity. When I was asked recently how I see banks playing a pivotal role in blockchain based smart city initiatives, I for a moment felt like the toothbrush / mobile phone question. The winning answer to that question was c...

Innovation in Financial Services

Un-’block’ your business 1.0: Enterprise Blockchain Interoperability: Are we there yet ?

26 Apr 2018

I have had a busy and interesting first quarter of the year with many of my days filled with evaluating a new start-up / technology vendor who has come up with a brand new blockchain or DLT platform and whether backing them makes sense. I have also been spending equal amount of time working with or following some of the larger consortia formed in ...

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Priya is Commenting on

Un-’block’ your business 1.0: The New A 'AI' B 'Blockchain' and C 'Connected Devices' of Insurance

Hi Ram Smart contracts take the power of Blockchain to the next level as it one of the key underpinnings of the technology . While the Blockchain holds the record of every transaction in an immutable distributed ledger, smart contracts help to define the rules of the transfer or value. Smart contracts are codes and rules that self-execute when an event occurs (These contracts sit on a distributed decentralized Blockchain and are therefore immutable. This allows for trusted transactions to be carried out between two parties who do not know each other. There are even discussions of making smart contracts legal or define regulations in them. There are some good videos on Youtube that introoduce this concept more. hope this helps thanks priya

02 Feb 2018 Reply Read article

Un-’block’ your business 1.0: The New A 'AI' B 'Blockchain' and C 'Connected Devices' of Insurance

Thanks for your comments and will read your blogs when time permits . My point 1 is not about settlements , it’s about the ability to have smart contracts shared between participants . Point 3 is about sharing data without intermediaries . I look forward to your next blog . Reinsurance is one of the other key applicability in Insurance which also benefits from the smart contracts Yes customers don’t decide architecture , they look for seamless digital experience where there is no need for reconciliations because of time delays

23 Jan 2018 Reply Read article

Un-’block’ your business 1.0: The New A 'AI' B 'Blockchain' and C 'Connected Devices' of Insurance

You raise an interesting question. Even though I am a blockchain enthusiast, I also share the sentiment it is not a panacea ( see my other blogs) but there are some applications that will see definite benefit of the technology In this case , in addition to what I mention in the blog : 1. Smart contracts not only allow automation but they allow the agreement to be done collectively by all parties and therefore can be auto triggered without objections. This also greatly improves regulatory compliance as regulations can now be proactively coded in the contract ( remember PPI! ) and not reactively implemented / checked 2. Blockchain’s applicability to any settlement is one of the best usecases as the shared immutable feature greatly reduces reconciliation and settlement time. Now whether reduced settlement time is a good thing is a question for another blog ( I have addressed it a bit in one of my blogs ) 3. Combating fraud will need insurers to share data and today that is done through intermediaries , again something blockchain eliminates Hope this clarifies the applicability of blockchain to this particular case Do keep a watch for my blogs and do challenge when you see blockchain may not be the answer

23 Jan 2018 Reply Read article

Un-’block’ your business 1.0: Combining Machine Learning and Blockchain for Capital Efficiency

Hi Ramdas - thanks for your comment. Please read this paper by Bank Of England Staff to see the benefits of Blockchain in the settlement space : http://www.bankofengland.co.uk/research/Pages/workingpapers/2017/swp670.aspx Basically Blockchain provides you with an immutable , timestamped , distrubuted record of transactions that are agreed on the basis of consensus and removes the need for central party , therefore saving costs in reconciliation, operations and locked up capital Hope this helps

27 Sep 2017 Reply Read article