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"Blockchain is changing the way we operate in the financial industry"

Prior to his keynote speech at IT Days on September 27th, we met with Hedi Sghaeir, CIO of Société Générale Bank & Trust Luxembourg, to discuss the main challenges and opportunities brought by the use of the Blockchain technology.

"The Blockchain technology is definitely changing the way we are operating in the financial industry. This technology is actually removing the need of a central entity, setting up a trusted relationship through a consensus mechanism," he explains.

Hedi Sghaeir also talks about several functional and technical challenges. Here they are.

Functional challenges:

• Referential data

• Unclear legal ownership and jurisdiction

• Unclear recourse mechanisms

• Environmental impact

• KYC requirements

• Privacy issues (ie: GDPR)

• Internal process to change


Technical challenges:

• Interoperability: different technologies to handle

• Verification speed and transaction volumes

• Security: identity & cryptographic key management

• Management of blockchain nodes in the IS

• Synchronization of the data with local data storage / application