Forward compatibility

INNO 2016-09-29T09:30:00.000Z

roomCode
INNO
Room
Innotribe
Date
-
Peter Vander Auwera
Co-Founder Innotribe
SWIFT
Angus Scott
Head of Product Strategy and Innovation
Euroclear
Saket Sharma
CIO Treasury Services Technology
BNY Mellon Treasury Services
Brian Behlendorf
Executive Director
Hyperledger Project
Valerio Roncone
Head of Market & Clients
SIX Securities Services
Tomas Kindler
Strategic Business Development
SIX Securities Services
Valerio Roncone
Head of Market & Clients
SIX Securities Services
Tomas Kindler
Strategic Business Development
SIX Securities Services
Patrik Havander
Head of Strategy & Communication
Nordea
Andrew Davis
Principal
Davis Consulting
Bart Preneel
President of Leaders in Security LSEC vzw
University of Leuven
Paul McKeown
SVP, Market Technology
Nasdaq Market Technology

Forward compatibility is a capability to plan ahead for gradual adoption by an ecosystem. This is about knowing HOW to get to the new/next destination:

• How do you rally the main stakeholders of the ecosystem into a rigorous system and process innovation? Process innovation is different from process-, datamodel-, or messaging standardisation. It is not about standardising the existing, and guaranteeing backwards compatibility. It is about co-creating a new reality

• How do you promote the evolution from the current model to the future model? In the case of distributed ledger technologies for example, it is not about a "tabula rasa" that will eradicate the existing, but how the existing is going to evolve. Example: a messaging hub-and-spoke paradigm towards business objects and lifecycles in the cloud, initially existing in one central database (one node), then evolves to a peer-to-peer networks of many distributed databases or nodes

• How do you bootstrap this new reality taking into account the network effects to be created and promoted in the new P2P reality

No disruption will happen without a fundamental re-design – or better, a re-invention – of the current end-to-end business processes:

• Knowing where the organisations want to get, and clearly define their journey
• De-risking change throughout this journey
• Making trade-offs in the breadth and depth of the destination
• Moving beyond the atomic nature of the transaction and creating strategies for enabling commerce vs. enabling transactions