How is Web3 impacting Financial Services? Artwork

Web3 Innovators

In Web3 Innovators, Conor Svensson, founder of Web3 Labs speaks to those folk changing the face of finance and other industries with web3 and blockchain technologies. Each week he speaks to a new guest who shares insights from their own journey with web3, giving you the chance to learn about challenges they’ve faced along the way, and how it's impacting their industry right now and will in the future.

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Web3 Innovators

How is Web3 impacting Financial Services?

February 08, 2023 • Conor Svensson • Season 6 • Episode 2

In the second episode of our new season of Web3 Innovators, our host Conor Svensson is joined by Bharat Gupta, Senior Principal for Financial Services and Insurance at Infosys, which is a global leader in next-generation digital services and consulting

Bharat is focused on digital strategy for financial services clients covering crypto and blockchain advisory for new business initiatives.

Episode highlights:

How blockchain as a technology initially sparked Bharat’s interest in the space
The similarities he saw between mission critical systems and blockchain technology
Why he became fully involved in 2019 after large organisations showed an interest in the space
What Bharat believes will happen in the future with the digitisation of financial services
How digitisation of product can help raise capital and introduce a wider customer base
What regulation is currently like for financial services
The scalability issues with the Bitcoin and Ethereum network and how these are being resolved
How financial services are dealing with transparency and privacy on the network
Bharat’s advice for anyone wanting to become involved in the space
The projects Bharat is currently focusing on

Key Takeaways:

So that really intrigued me and then pulled me in completely. If large institutions are looking into this then I think it makes more sense for all of us to look into this space. - Bharat
It was never a thought for financial services that they need to change their product. - Bharat
So this whole new field has opened up for startups to raise capital. And how this is happening is because of that same underlying technology, and that's what I call digitisation of the product. - Bharat
These networks are not designed for transit. These networks are designed for settlement. So I call it the base layer. Layer one networks are nothing, but it's a settlement networks. Whatever you need to do on top of it, that is your transaction layer. So transaction layer has to be very scalable
Now they are building, and I believe that ecosystem will definitely thrive and then scale again, because Bitcoin would not just become a store of value, it will also become a transaction mechanism. - Bharat

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