They are our clients, our friends, good contacts or just people we met in the crypto-community. They have new vision, they are running great projects, they are developing new services or they just want to share their story. Havas Blockchain is interviewing key people of the blockchain ecosystem.
We are today with Romain Devai, senior manager at Ailancy :
- Can you present us Ailancy and your work on Blockchain ?
Ailancy is an independent management consulting firm specialised in the financial services industry. We have developed a unique expertise in digital innovation and Blockchain. Our approach is essentially based on the possibilities brought by Blockchain building bricks (its main features): distributed ledger, transfer of ownership, smart contracts, built-in audit trail… We are not a technology company, our focus is on the possible applications of Blockchain to financial services (payments, trade finance, capital markets…). Our approach is pragmatic: starting from an existing pain point in the industry and assessing how Blockchain could solve it.
During the last phase of “inflated expectations”, there were too many attempts to promote Blockchain as the solution to any issue. Blockchain is based on sharing and managing data in a collaborative fashion, it is a technology with potentially strong network effect and that fits well with infrastructure / consortium projects. That makes it suitable for certain kinds of projects only.
Also, as the technology is evolving constantly and to some extent is still at an R&D phase, we partner with technology experts in order to make sure that the current maturity of the technology can deliver what is expected for each project.
2. What are the business cases your participated in ?
We have advised incumbents as well as startups on various use cases (mutual funds, ICOs, non-listed securities…) We are very proud to be part of RegistrAccess, a recent initiative launched by seven banks for non-listed securities. We have advised the banks from the start of the project and now SLIB (chosen to develop and operate the solution). It is a perfect example where Blockchain technology is really fit to solve existing inefficiencies for exchanging information and keeping track of non-listed securities.
3. What is your view on the tokenization of the economy ?
We strongly believe in that trend as Blockchain offers a great way to issue and exchange digital assets. That is why we are now looking at use cases outside the financial industry as our experience in managing financial instruments with Blokchain could be replicated to non-financial assets. Ultimately there is not that much difference between managing securities or loyalty points on a distributed ledger. Our expertise in finance is extremely useful to advise a corporation on issues such as the valuation of their token, secondary market structure, fungibility of tokens…
Linking physical assets to digital tokens is also promising but probably more complex and riskier as you need to find a secure way to keep the integrity of the link between the two.
Overall, we think that tokenization will take time. As demonstrated by ICOs in the last couple of years, it is a great idea that is still morphing and is note completely mature yet. We also think that regulation has an important role to play in that process in terms of investor and more broadly consumer protection. Obviously, there is a balance to be found so that regulation does not hamper innovation.
It is this complex context in terms of regulation, technology, disruption of existing value chains, that makes Blockchain projects so exciting for us.