Mr. Flemming Lippert ,
Senior Trade Finance Advisor
Flemming Lippert is an international trade financier and has been employed within the financial sector for 30+ years, amongst others with ABN AMRO Bank and global Nordic banking institutions.
Flemming has directed a most differentiated scope of clients with their global perspectives on trade and finance and has played a significant role in setting up Trade Finance establishments in a broad scale of institutions domestically in the Nordics and abroad.
Flemming has developed several trade papers on specified customs and issues within international trade, amongst others heading off the larger Bankers Payment Obligation (BPO) vs Letters of Credit discussions in regards to risk factors and choice of funding instruments - https://www.linkedin.com/pulse/follow-up-extinction-revolution-letters-credit-jacco-de-jong?trk=prof-post
HESITATE…and you will miss out on what is already (industry) trending in 2018!
It is not “Disruption”, not “MeToo” and it is definitely not limited to the Financial Industry or in fact any industry. But it is: “Blockchain”!
You have heard it before, even during the latter parts of 2017, but this is 2018 and in the business sphere, where most of us de facto all live and breathe, you simply need to prepare for how Blockchain will hit you – and hit you soon! Or rather – hit whatever industry you are getting up to each morning.
The Shipping Industry has it. The Food Industry has it. The Financial Industry has it. FinTech institutions surely will interact with it. Or rather – these 4 industries are trying to build a beta-version of Blockchain. A set of encrypted data that is nursed on numerous servers worldwide and accessible only to parties that carry the key and interacts in trade with counterparts that have the same desire: to exchange trade papers against payments. Parties that barely know each other but suddenly wants to trade across borders; parties that see a need and potential to trade products and services in new markets, often far from their domestic market place.
Financial Institutions used to have a monopoly on arranging the payments and paper exchange between international parties by acting as an intermediary body. But also to take on (still in high demand) political and commercial risks that for instance exporters would happily do without. To arrange a credit facility for importers that had the means and the contract with a counterpart. Blockchain may be the game changer and seems to be a multi-facetted, perfect match for deal junkies going forward.
Blockchain has the build in DNA to become even more trendy globally than the so-called “Internet of things”. However, what so far is a killer for enhancing Blockchain is the fact that industries across are lacking in the Standards-department (“Digitalisation calls on Standards”, quote: Marianne Dahl Steensen”, Man. Director of Microsoft Denmark) and on top of this, Governance (legal framework) is nowhere to be found… that is, until now.
IBM is one major player working with Financial Institutions and indeed the Shipping Industry to change this. Lately, revealed by Maersk entering a contract with IBM to build a 100% digital, Blockchain industry version. Blockchain is the near future (1+ years) of global trade! And the all essential code that needs to be broken relates to Information Security.
No matter what industry you are in - what should you do now? Simply go and Google “Blockchain” and prepare for the inevitable!
Disclaimer: The thoughts and opinions expressed here are those by the contributors alone and do not represent the views of any other organisation, the forum moderator or that of Aei4eiA.
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