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Innovate or Die: Lenders Must Partner with Tech Providers… or Face Disruption

MonitorDaily

What will financial services look like in the future? Speakers and attendees tackled this question at the 2018 Commercial Equipment Marketplace Council (CEMC) FinTech Innovation Summit, held at the Ritz-Carlton Laguna Niguel in June.

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Smart Contracts and Blockchain Technology

Keith Letourneau, partner at Blank Rome, provided four examples of smart contracts in trade finance, supply chain transactions, commodities transactions and equipment leasing.

Using flow charts to illustrate the steps in a traditional versus a blockchain line of credit transaction, Letourneau demonstrated how blockchain accelerated a process, which normally took five to 10 days, to mere hours, eliminating many process steps and the role of intermediaries.

“If you haven’t considered the implications of blockchain and smart technology, then you definitely need to, because you don’t want to be the intermediary that’s left out in the cold at the end of the day,” Letourneau said. “It does have the potential to be very disruptive.”

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"Innovate or Die: Lenders Must Partner with Tech Providers… or Face Disruption," by Rita E. Garwood was published in the July/August 2018 edition of MonitorDaily.