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Data is the new Black: Andy Hutchings Broso speech at The Gateway Launch

Updated: May 31, 2019

This speech was delivered by Andy Hutchings Broso during The Gateway Launch Event held in Sydney on April 9, 2019.



It’s good to see so many people here for what we believe to be a significant event.


I appreciate some of you had to pass up the temptation to be at Glee Books tonight for the launch of Michael Roddan’s new book, The People vs The Banks about the Hayne Royal Commission.


Gordon and I are pleased to be here and we would like to thank so many people for making tonight possible. Those who gave us encouragement when we most needed it, those who share our vision for a better industry and those who are now supporting us by engaging with the service.


And, of course, we would like to thank Sally and the FSC for making this venue available to us for the launch.


Convergence

Globally, there has been a massive realignment in the way society and governments expect the industry to act, and its accelerating rather than diminishing. Traditionally, the industry’s response has been to put another fix in, but I believe two things have changed that are demanding a different approach.


Firstly, governments and consumers will no longer accept poor service or bad culture and this is forcing change on the way the industry does business. The Hayne Royal Commission is one of the more obvious examples of this trend but there are parallels globally.


Secondly, advances in technology are changing the way people are looking at solutions from an array of perspectives; client relationships, business models and architecture, and, of course, internal operations.


Whether we like it or not, the industry is changing and adopting appropriate new technologies for appropriate use-cases gives the industry the chance to write its own future.


In our view that is bringing the advantages of centralised exchanges to the disaggregated financial services industry allowing the industry to re-imagine the way it does business. And doing all of this through what I like to call friendly disruption.


As Bill Gates said.

We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don't let yourself be lulled into inaction.

Although you do wonder with all this exponential technology whether it’s 10 years or 5 now.


From cryptocurrencies to smart contracts to supply chain management, blockchain is changing the way businesses interact with each other. In its simplest form for us in this industry, blockchain removes much of the risk associated with moving data between industry participants.


They say ‘Data is the New Black as so many initiatives reimagine how data is stored, permissioned, shared, analysed and enriched. However, data is probably the hardest thing to manage in any system, yet without it being available in a timely, accurate and auditable way much of the re-imagining fails. The Gateway, as a blockchain enabled data and document distribution utility provides the infrastructure to provide this essential ingredient.


It is our contribution to ensuring the industry has what it needs to move forward in the way it needs to.


And we already know many of the people in this room share our vision and we thank you all for the personal efforts you have made.


I am sure together we will make a difference.