Former APAC CTO Becomes UBS New Blockchain Lead

Swiss banking giant UBS has named its former APAC CTO Peter Stephens as head of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, following the departure of Alex Batlin, who left the firm last week to join BNY Mellon in a similar capacity.

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A veteran at the Swiss bank, Stephens has served as a spokesperson for UBS and its blockchain work. He starts his new position on 1 November, working out of the bank's London innovation centre.

Veronica Lange, UBS head of innovation said, “Peter has been instrumental in driving blockchain and Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term initiatives out of Hong Kong and is well-versed in UBS blockchain strategy and development work. This appointment will ensure consistency of our blockchain strategy and a smooth transition in the approach of the next phase of our blockchain based business development

Collaboration is necessary for banks to unlock the full potential of the technology activity.

Stephens has been vocal about his belief that blockchain will be a disruptive force beyond finance and believes that collaboration is necessary for banks to unlock the full potential of the technology.

He commented, "Blockchain will take business models out completely, it will create new business models. Disruption from blockchain isn't just going to be in financial services."

UBS opened an innovation lab in Level39's high growth space, HighGrowth:42 in April 2015 to explore the role of blockchain technology and smart contracts in financial services.