“The terms cryptocurrency, Ethereum, Smart Contracts, or DApp (Distributed applications) are still quite exotic when it comes to traditional technology business, especially traditional banking. Of course, there are many startups that are focusing solely on digital currency or Smart Contracts technologies, however, we still do not see any large financial companies actively participating in this technology revolution.

In this talk, we start by analyzing the key benefits and principles of the Ethereum Smart Contracts, then overview the traditional banking technologies and concepts. We try to understand how financial companies could use blockchain technologies in different ways and why they have been reluctant to do this yet.

Finally, we look at the Thought Machine way to adopt the best of the two words: apply Smart Contracts concepts in traditional retail banking technologies. The idea of configurable core banking with Smart Contracts is fully demystified, benefits and challenges are explained. Although the whole talk is focusing on the Smart Contract concepts application in the core banking technologies, the same system architecture patterns can be applied to any business field.

Key takeaways:
– Overview of the Ethereum Smart Contract concepts and their most exciting applications
– Traditional core banking technologies and the latest trends
– Best of the two worlds: applying the Smart Contract concepts in traditional core banking
– Configurable product-company systems architecture with Smart Contracts”