17 December 2017
IOM FinTech perspective
Brian Donegan

IOM FinTech perspective

Brian Donegan - Isle of Man Govt Economic Development Department

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The end of the Middleman?

21 July 2015  |  2174 views  |  0

The Isle of Man, indeed the entire World, stands on the edge of a new technology era. Since the arrival of the Internet a piece has always been missing. That has all changed now with the arrival of decentralisation via the Internet.

New advances in cryptography and computer networks have resulted in the emergence of new technology that will change the way we live and work forever. At the core of this technology is an encrypted, shared, distributed and immutable repository of information that is available for all to see on an online public ledger. For the first time unrelated people can communicate and reach consensus on a transaction without the need for a controlling authority. This is not good news if you are a middleman. The implications for this technology are profound because in the future two people can use a unique piece of digital property and transfer it to each other in a safe, secure, time-stamped, irreversible way. Already we see the blockchain technology powering digital currencies however much more innovation is underway such as self-enforcing digital contracts (also known as Smart Contracts whose execution requires no human intervention). It may be impossible to wiretap decentralized communications platforms in the future and in the same way decentralized marketplaces will aim to operate free from regulation.

The Isle of Man has been an early mover as it recognised the potential of the technology very early on and introduced appropriate regulations and an attractive legal and fiscal environment to establish clusters of start- up businesses in our blockchain industry. The blockchain technology is positively transforming how corporate governance and capital markets will operate in the future and the Isle of Man is at the very heart of this revolution. In the world of tomorrow everyday citizens will be enabled to perform many functions on the internet for example an individual citizen will be enabled to trade equities and perform other complex financial trades (hitherto the preserve of the independent financial advisor intermediary) , simply by using a few lines of code. This innovation ushers in a new exciting period for business and enhanced corporate profitability.

Not too sure about the Middleman though...

 

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job title Head of Operations - eBusines and ICT Development
location Douglas
member since 2015
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Brian is Head of Operations for the Isle of Man Government Department of Economic Development. He is responsible for growing the e-business sector on the Island, specifically focussing on digital curr...

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