Eric Saraniecki is one of the Founders of Digital Asset. Prior to Digital Asset, Eric built a trading desk at DRW trading that specialized in illiquid commodity markets and co-founded Cumberland Mining, one of the largest crypto-asset liquidity providers in the world.
In this session, Eric explains why open source is finally making a strong upward move into the application layer, starting with FinTech.
Introduction and a bad joke (with an important moral) - 0:00
Core financial systems are already commoditized (How people intrinsically understand this, but the implications have not yet materialized - and what they are. Banks aren’t competing in how they implement the components of their system, they compete in services they offer to their customers. How things are built isn’t important to the users. Why this should lead to wide-scale open source multi-vendor types of options, and why haven’t seen this yet. ) - 2:14
A wave of new APIs and services (Eric comments on the innovation in the finance tech area. Open banking and open APIs are just a tip of the iceberg. What’s underneath?) - 4:05
Bigger wave of financialization (How firms such as McDonalds could enter the finance/payment tech ecosystem, and why they didn’t do it yet.) - 5:30
Open infrastructure and systems of record (Eric provides a framework to better understand a contemporary enterprise: a fusion of systems of record and systems of engagement. Why Eric thinks we haven’t seen enough innovation in systems of record. Open and closed systems of record.) - 7:15
Open banking APIs (Eric does a quick case study: Plaid) -13:05
What could an open system of record do? -14:59
Why we are building DAML (Eric explains why DAML (Digital Asset Modeling Language), is the best language/framework for building open systems of record. Privacy and data rights, portability and interoperability. -17:27
What are our customers building - 20:56
Summary and a few words about the future -22:46
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