In Bitcoin’s early years, many wrongly viewed it as the beginning of the end of the traditional banking system. However, in time, the banking industry has embraced digital currencies and blockchain and is leveraging their capabilities to better serve its clients. Dr. Daniel Diemers, the co-founder of SNGLR Group, talked to CoinGeek Backstage about the intersection of the two and what’s in the future for the banking industry.
Diemers started out as a coder in the 80s with an interest in the gaming industry. Since then, he has been fascinated by emerging technology and its application in various industries. He joined a panel discussion on CoinGeek Zurich to discuss the potential of blockchain to innovate legacy banking, moderated by Bitcoin Association’s Patrick Prinz.
Diemers joined Becky Liggero for CoinGeek Backstage to further discuss the intersection of banking and blockchain on the sidelines of the event. Born and raised in Zug, Switzerland, it was almost fated he would take an interest in blockchain and digital currencies, with his hometown being referred to as ‘the Crypto Valley.’
Diemers acknowledged the gradual transition over the past five years—from all the focus having been initially on digital currencies to now blockchain technology as a data ledger becoming quite prominent. In 2017, for instance, it was all about ICOs and ‘overnight millionaires.’
However, now, the focus is on solving real problems that consumers face. “It’s less about the whole cryptocurrencies, and the wars and DeFi, this is about getting solutions for the businesses that have a positive impact and I think this is why all these people came here today [to CoinGeek Zurich],” he told CoinGeek.
Diemers has become a regular at CoinGeek Conferences and could vividly recall the prior event, CoinGeek London. And while back then the event attracted a wider audience as COVID-19 restrictions hadn’t kicked in, he still observed growth with CoinGeek Zurich, especially in regards to content. This growth was also reflected in the general growth in the industry, with areas like CBDCs and stablecoins taking a more prominent role in the past year.
The veteran developer further acknowledged the evolution in enterprise needs that has in turn led to a shift away from private ledgers, which are in some circles referred to as permissioned blockchains. Tapping on his experience working with enterprises that are exploring blockchain technology, Diemers noted that some of the qualities they are seeking include, “How resilient is it? How scalable is it? How expensive is it to do a transaction?”
Enterprises also want to build on a blockchain platform whose team is consistently working to improve it, he told CoinGeek.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.