Tag Archive for: blockchain

Blockchain and disruption in the financial world: Will banks survive?

| 4-3-2019 | Carlo de Meijer | treasuryXL

The world of banking as we know for many years is in a fundamental transformation process, triggered by new technologies. The most important is blockchain that is said to fundamentally change the way financial transactions are handled today. It is forecasted that this technology will have significant consequences on how traditional banks do business in the future, enabling new business models, deliver new value propositions and solve longstanding challenges, with the well-needed transparency and security in transactions that nowadays involve multiple parties and large amounts of data.

Though this technology is currently still at a nascent stage, blockchain is proclaimed to be a game-changing, disruptive innovation that holds the capability of completely shaking up the landscape of banking in the coming years. Others even proclaim that blockchain will make banks (entirely) obsolete.

Questions that arise are: how will blockchain technology drive disruption in the banking industry, what are the main areas that will be touched, and how will the banking ecosystem look like in say five to ten years from now.

But what is disruption (not!)?

But before answering these questions, it is important to agree what disruption really means. Since the word disruption was launched in the nineties this term has been used for so many things that it has lost their original meaning. Everything that is ‘new’ is described as disruptive and/or innovative.

It was the US professor Clayton Christensen who introduced the idea of disruptive innovation in 1997. According to him disruption means “any innovation that transforms a complicated, expensive product into one that is easier to use or is more affordable than the one most readily available”.

Disruption has three components: responding to competitors effectively; identifying new growth opportunities; and, improving understanding of what customers want.

“A disruptive business is likely to start by either satisfying the less-demanding customers or creating a market when none existed before. So, when mainstream customers start adopting the entrants’ offerings in volume, disruption has occurred”.Clayton Christensen

It is however very difficult to know in advance what real disruptors are. The process is often very long. It could take years before the true effects of disruption are presenting themselves in the market.

Though the classic examples of disruption involved technological advancements, disruption is not all about technology. Not every successful business or product needs to disrupt. But disruption is any time organizations find a more efficient, better way of doing things that attracts customers.

What makes blockchain (so) disruptive for banks?

What makes blockchain so disruptive for the banking industry? Why is this technology forecasted to revolutionising the way banks are nowadays doing business? The answer to this question lies in the three specific in-build properties of a blockchain: Decentralized, distributed and Immutability. These differ completely from those of banks that are centralised organisations.

Decentralized network

Blockchain operates on a decentralized network, that is acting on a peer-to-peer basis. It handles all operations similar to a bank, but without any central authority that monitors all data. So it potentially cuts out the middleman, giving back the power to the owner of the assets (i.e. data or tokens carrying some financial value).

All information is stored across its network via blocks. These blocks, that are time-stamped and linked together with all past and current transactions, are permanently recorded and consistently reconciled and updated in a cryptographically secure way. By storing data across its network, blockchain eliminates the risks that come with data being held centrally.

Distributed ledger

A second property of blockchain is the distributed ledger, that allows sharing of a ledger of activity – such as arbitrary data or virtually anything of value between multiple parties. What makes blockchain so important is its ability to automate trust and transparency among all parties using it. Because the ledger is distributed among all transaction participants, it exists simultaneously in multiple places. Each of the computers in the distributed network maintains a copy of the ledger to ensure transparency and also prevent a single point of failure and all copies are updated and validated simultaneously. This makes it extremely difficult to manipulate entries or tamper with the data without the other parties noticing.

Immutable records

A third unique property is its immutability. By design, blockchains are inherently resistant to modification of data. All blockchain networks adhere to a certain protocol for validating new blocks. No changes can be made once the system is set with the initial standards. Once recorded, the data in any given block cannot be altered without the alteration of all the subsequent blocks, which requires the consensus of the network majority.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

Blockchain and big Data​: A great mariage

| 12-2-2019 | Carlo de Meijer | treasuryXL

Blockchain and Big Data are among the emerging technologies that are high on many companies’ agendas. Both are expected to radically transform the way businesses and organizations are run in the upcoming years. Long-time developing in a separate way, at first sight one might assume that these technologies are mutually exclusive. But that idea is rapidly changing.

There are growing expectations that distributed ledgers will help enterprises finally get to grips with Big Data, which thus far is struggling with a number of challenges. They are both powerful on their own, however when combined they may bring a large number of opportunities. Some even say that blockchain and Big Data are made for one another.

“Big Data is an incredibly profitable business, with revenues expected to grow to $203 billion by 2020. The data within the blockchain is predicted to be worth trillions of dollars as it continues to make its way into banking, micropayments, remittances, and other financial services. In fact, the blockchain ledger could be worth up to 20% of the total big data market by 2030, producing up to $100 billion in annual revenue.” Chris Neimeth, COO of NYC Data Science Academy.

In this blog I will look at what the interception of these two innovations may bring. Could blockchain be the solution for the existing Big Data issues and challenges?

Big data and data science/analytics: present challenges

Big Data is one of the fastest growing sectors in the world. Every business wants to get insights into usage patterns of their consumers. Massive datasets are thereby analysed using advanced statistical models and data mining. These Big Data sets will become even more prevalent over the coming years.

“It’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analysed for insights that lead to better decisions and strategic business moves.” Data Analytics Company SAS

“Data analytics has become the key to corporate competitive advantage because of its role in identifying emerging market trends. In turn, companies can use this information to make quicker and better decisions that help them drive profitability”.EY

The rise of Big Data has presented a slew of issues for both big businesses and everyday consumers. With the growth in data good analytics is becoming all the more problematic. Some major problems to data management and analytics include so-called dirty data, inaccessible data, and privacy issues. And as Big Data increases in size and the web of connected devices explodes, it exposes more of companies data to potential security breaches..

With the advent of Big Data, data quality management is both more important and more challenging than ever. Companies that are dealing with large datasets should ensure that the data are clean, secure and not been modified and come from an authentic source. They have to make sure that the latest version is synchronized among all of the data centres in real time. It should also be ensured that these data are accessible. For most, however, the data silos are still a major issue and a full company-wide digital transformation is still more concept that reality.

Blockchain and Big Data: two sides of the same coin

Main question is: how do both technologies relate to each other, if any? Notwithstanding blockchain has not been explored extensively in aspects of Big Data management and analytics, both technologies could and should be seen as two sides of the same coin.

While blockchain is focused on recording validating data (data integrity), data science analyses data for actionable insight, making predictions from large amounts of data (prediction). While blockchain is changing data management, the latter is transforming the nature of transactions. Or said in another way: “If Big Data is the quantity, blockchain is the quality”.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

 

Training Blockchain voor Financials

| 11-12-2018 | treasuryXL

Op 18 en 19 december 2018 organiseert Alex van Groningen de training Blockchain voor Financials. 

Is blockchain een hype of gaat het de wereld echt drastisch veranderen? Wat is de gigantische impact van blockchain op de toekomst van uw financiële functie? Ontdek in twee dagen wat blockchain is, hoe u het toepast en hoe u ermee begint in uw eigen functie, organisatie of bij uw klanten

Uniek: Ontvang waardevol advies op uw eigen Blockchain Case

Breng uw eigen blockchain-use case in en deze wordt al tijdens de training besproken en beoordeeld op haalbaarheid. Ontvang bruikbare tips en adviezen waarmee u direct na de training verder kunt.

In deze training onthult blockchain-expert Paul Bessems de nieuwe wereld van blockchain en geeft u daarbij vele aanknopingspunten om direct met blockchain aan de slag te gaan binnen uw organisatie of netwerk. Paul Bessems illustreert de theorie met vele voorbeelden uit zijn eigen praktijk waardoor de potentie van blockchain direct duidelijk wordt. Schrijf direct in.

Onderwerpen

  • Wat is Blockchain?
  • Het verhaal achter Bitcoin
  • Blockchain in de praktijk
  • Data Economics
  • Toekomst van Blockchain

Programma

Het volledige programma kunt u hier raadplegen.

Voor wie?

Dit programma is specifiek ontwikkeld voor financials zoals controllers, financieel managers, financieel adviseurs en financieel directeuren die betrokken zijn bij (management) innovaties zoals blockchain en digitalisering.

Bel voor meer informatie of een offerte met Ivo ten Hoorn op 020 639 0008.

Ripple Report says Blockchain is reaching critical mass in global payments

| 15-11-2018 | Carlo de Meijer | treasuryXL

Recently Ripple launched its “Blockchain in Payments Report 2018”. Main finding of this Report was that global payments based on this technology is reaching critical mass this year. And on top of that organisations are already ‘looking to incorporate digital assets into payments flows’. I was wondering where these findings were based on, so this blog. But what is even more important, did they also tell the whole storey: i.e. what about the various challenges?

Blockchain and cross border payments

The Ripple report showed, a fast majority of respondents acknowledged that improvements in cross border payments can be made, especially in regards to the pre-funding system and real-time gross settlement (RTGS), and that may help expand business scope and sale.

According to Ripple, the consequence of this is, if they want RTGS for global payments ‘without any incremental costs’, the only way to achieve that is by using blockchain and digital assets to source liquidity.

Blockchain’s potential

Respondents did not only acknowledge that blockchain could bring improvements to cross border payments, they also attribute benefits such as speed and greater geographic access to this blockchain technology. Of these benefits speed ranked first (42%), followed by greater geographic access (40%), cost reduction (38%) and, improved transparency (36%).

Respondents in the financial and broker area show the strongest recognition of blockchain’s potential: 60% were very interested; followed by FinTech (47%); and, banking (46%). Based on the services provided remittance providers showed the strongest recognition of blockchain’s advantages (49%).

Nearing blockchain momentum

The findings in the Ripple Report clearly showed that blockchain is ‘moving from experiments to production’ in 2018. And acceptance of blockchain technology will accelerate in the coming five years.

There are various indicators for that. The activity of the so-called Early Majority, including innovators, early adopters and those that are running blockchain pilots or PoCs (totalling 45% of all respondents) are convincing signals that ‘we are nearing the tipping point for mass adoption of blockchain’, says the Report.

Another interesting finding is that while first movers (mostly large companies), thus those that already have started deploying blockchain technology in production as a way to survive in their markets, ‘ stand to lose most in the face of’ the smaller, more agile mid-market organisations that make of the largest part of Early Majority and Late Majority groups.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

 

African countries open for blockchain acceptance

| 04-09-2018 | Carlo de Meijer | treasuryXL

Even though Africa did not get a lot of attention in the press when talking about blockchain and its acceptance on this continent for long, that is fundamentally changing. Did you know that last year African countries had the highest number of online searches for “blockchain” and “bitcoin” last year. This especially goes for Ghana and South Africa. And did you now that a growing number of blockchain events and conferences have been organised throughout the continent.

There are various developments on the African continent that indicate the growing interest for blockchain. We are seeing some impressive inroads on the use of blockchain in various African countries. In those countries local tech startups have taken up blockchain technology to counter many of the economic and political issues that exist within the continent today.

In this blog I will be diving somewhat deeper into why it may be important for Africa to use blockchain, what are the main use cases and what blockchain initiatives, experiments and projects have been launched both by governments, financial institutions and companies.

Why blockchain in Africa?

To date, blockchain adoption has been sporadic across Africa, but that is changing. Studies have found out that blockchain technology could solve a number of fundamental political and societal challenges facing Africa.

One of the main pulls of blockchain technology in Africa is that it is decentralized, and transparent, leading to many possible use cases based on combating corrupt political and voting systems. In South Africa (but also in other African countries), where corruption is undermining the image of Africa’s most advanced economy, blockchain could play an important role. By implementing blockchain’s “tamper-proof” record of transactions in both the public and private sectors, one could combat fraud and corruption across the whole region.

Blockchain technology through social media based models could also contribute to a more open and inclusive economy. This opportunity is particularly relevant for Africa, where a large portion of the population is excluded from the formal economy, because they can’t open a bank account, don’t have a birth certificate, passport, driver’s license, etc. Blockchain may help to overcome many of these challenges.

Foreign aid and charity donation do not (yet) reach its full potential. Less than 40% of charity money reaches the intended beneficiary in Africa. But also the use and distribution of medicines and food by the many NGOs is far from optimal. Using blockchain could make these streams much more transparent.

And there are many other economic and financial areas including agriculture, where African countries are behind Western countries, in which blockchain can help Africa accelerate into the future.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

 

Corda Enterprise blockchain platform: unlocking new opportunities

| 30-07-2018 | Carlo de Meijer | treasuryXL

Early this month R3 announced the launch of Corda Enterprise, a commercial version of its open-source Corda blockchain platform, which aims to help a wider range of business use blockchain in their sector. With the launch of Corda Enterprise, companies can now select a version of Corda that fits their unique needs – regardless of their industry, size and stage of development. It however took more than a year hard working, because of the various challenges, such as scale, security and privacy.

Corda Enterprise brings greater enterprise capabilities to the Corda platform. Built upon the existing Corda’s functionality, it is thereby enhancing availability and performance. These extra features may enhance security and make Corda Enterprise easier to scale. Next to the We.Trade platform for trade finance (see my recent blog: We.Trade on blockchain: yes we can), Corda Enterprise is the second commercially available blockchain platform for business, specifically optimised to “meet the demands of modern day businesses”, especially complex regulated institutions.

Why Corda Enterprise?

The whole idea of the original Corda platform (see my blog: R3CEV Corda Platform: the blockchain app store, 9 October 2017) was to enable businesses to transact directly and privately, reducing transaction costs and streamlining operations. Many large users however are facing technical, regulatory and compliance issues that prevent them from using blockchain internally at scale. Not all businesses can realise the full potential of blockchain because of technical constraints like their existing IT systems and complex infrastructures, as well as issues around privacy, scalability and interoperability between systems. R3 is therefore launching Corda Enterprise and has implemented additional functionalities so that every business can benefit.

 

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

 

Blockchain for trade finance: A network business

| 19-06-2018 | Carlo de Meijer | TreasuryXL

Trade finance has become one of the top focus issues for blockchain technology use. The number of pilots and other trials that are looking into the opportunities of blockchain technology for trade finance and supply chain have dramatically increased in 2017 and intensified this year. The sheer complexity of trade finance is thereby reflected in the variety of potential solutions. Different parts of the ‘trade finance supply chain’ had their own blockchain initiative. A large number of these pilots however stopped or failed being too narrow in their set-up. These were mainly focused on certain – and limited – aspects of the trade finance chain.

The various parties who are involved in the trade finance and supply chain business however are increasingly becoming aware that stand-alone solutions are not the answer to the various challenges in the trade finance industry. The success of using blockchain in trade finance purposes stands or falls with networks effects and if it is adopted widely. They are increasingly convinced that as well as developing a platform and blockchain solution, a network must be in place that covers all the parties in the trade finance chain so that the full transaction can be completed on the blockchain.

As a result we have seen the upcoming of blockchain trade finance networks with exotic names like Batavia, Marco Polo, We.Trade and more are expected to follow. In this blog I want to go somewhat deeper in these various offerings.

Trade finance: a complex process

Trade finance is a complex process. Various parties from exporters, importers, banks, truckers, shippers, custom agents and regulators all require checks and verifications at various points along the chain. Each interlocking part of the chain depends on successful completion of the previous phase and on reliable information.

Banks thereby play a large role in the trade finance chain, notably in the supply of letters of credit and other financing mechanism. Letters of credit are the most widely used way of financing between importers and exporters, helping guarantee trade transactions. At the moment buyers and suppliers use a letter of credit typically concluded by physically transferring paper documents to underpin transactions. This process however creates a long paper trail and it may take between five and ten days to exchange documentation.

A network business

Trade finance is a network business. It is an activity that often involves multiple counterparties in various and far-away parts of the world. Creating a blockchain trade finance ecosystem that combines all the different stages of trade from production to end-delivery is a must. For blockchain trade finance platforms to work in an optimal way this means on-boarding other banks, regulators, customs and all parts of the trade cycle. This asks for the setting up of blockchain-enabled trade finance platforms or networks with common standards enabling interoperability.

“Of course we are closely monitoring initiatives among all the other consortia that we know about developing trade finance on blockchain and we are mindful of ensuring inter-operability where we can”. Hubert Benoot, Head of Trade KBC and chairman of We.Trade

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

 

Blockchain and Trade Finance: how it could work

| 07-06-2018 | by Vincenzo Masile | treasuryXL|

 

How can trade finance operate leveraging a Blockchain based infrastructure to drive efficiencies, reduce cost base and open up new revenue opportunities?

It is vital that the international trade flow is smooth and transparent but this is not always the case for the below reasons:

 

Current Isues

  1. Manual contract creation: The import bank manually reviews the financial agreement provided by the importer and sends financials to the correspondent bank
  2. Invoice factoring: Exporters use invoices to achieve short-term financing from multiple banks, adding additional risk in the event the delivery of goods fails
  3. Delayed timeline: The shipment of goods is delayed due to multiple checks by intermediaries and numerous communication points
  4. Manual AML review: The export bank must manually conduct AML checks using the financials provided by the import bank
  5. Multiple platforms: Since each party across countries operates on different platforms, miscommunication is common and the propensity for fraud is high
  6. Duplicative bills of lading: Bills of lading are financed multiple times due to the inability of banks to verify their authenticity
  7. Delayed payment: Multiple intermediaries must verify that funds have been delivered to the importer as agreed prior to the disbursement of funds to the exporting bank

Blockchain can help as follows:

Blockchain Advantages

  1. Real-time review: Financial documents linked and accessible through Blockchain are reviewed and approved in real time, reducing the time it takes to initiate shipment
  2. Transparent factoring: Invoices accessed on Blockchain provide a real-time and transparent view into subsequent short-term financing
  3. Disintermediation: Banks facilitating trade finance through Blockchain do not require a trusted intermediary to assume risk, eliminating the need for correspondent banks
  4. Reduced counterparty risk: Bills of lading are tracked through Blockchain, eliminating the potential for double spending
  5. Decentralized contract execution: As contract terms are met, status is updated on Blockchain in real time, reducing the time and headcount required to monitor the delivery of goods
  6. Proof of ownership: The title available within Blockchain provides transparency into the location and ownership of the goods
  7. Automated settlement and reduced transaction fees: Contract terms executed via Smart Contract eliminate the need for correspondent banks and additional transaction fees
  8. Regulatory transparency: Regulators are provided with a real-time view of essential documents to assist in enforcement and AML activities

Part of the gain from digitization lies in cutting costs: transactional and overheads. Digitization should also free the flow of finance to firms starved of it, partly by helping banks’ compliance with anti-money-laundering rules.

Vincenzo Masile

Treasury Expert/Credit Risk Manager

 

Hyperledger blockchain projects: from incubation to production-ready status

| 26-04-2018 | Carlo de Meijer |

Last year I wrote a blog on the Hyperledger project and what that could mean for blockchain acceptance (see my blog: Hyperledger Project: collaboration pays off, 9 April 2017). We are now almost a year later and I am wondering if they are meeting my expectations. “2017 was a milestone year for Hyperledger both for new members and for new technical breakthroughs. In 2017 we doubled our membership, gaining companies like American Express, Cisco, Daimler and Baidu, and we’re expecting more companies and organizations to join in 2018.” Brian Behlendorf, Executive Director, Hyperledger.

Many blockchain followers know the Hyperledger Fabric Framework. This is the most used one in the various trials worldwide. But in the meantime the Hyperledger community has developed a whole series of these projects and tools that are less familiar. The purpose of this blog is to get more insight into these offerings and how they are developing from the incubation to the real production-ready status.

But first of all a reminder!

The Hyperledger Project

The Hyperledger project that was launched end 2015, is the international blockchain consortium of companies and organizations hosted by the Linux Foundation. Their goal is to collectively build an open source platform for the development of blockchains. Hyperledger thereby aims to enable organizations to build robust, industry-specific applications, platforms and hardware systems to support their individual business transactions by creating enterprise grade, open source distributed ledger frameworks and code bases.

The project has attracted the attention of several large companies that were early adopters of distributed ledger technologies at that time. The consortium nearly doubled in size last year to reach almost 200 members. Today, more than 220 organizations now support the Hyperledger initiative, including leading companies in finance, banking, Internet of Things, supply chains, manufacturing and technology development.

Pros of the Hyperledger project

The Hyperledger project has a number of pros that distinct them from other blockchain consortia. First of all Hyperledger is open-source, offering a “neutral home” for incubating technology. They are developing codes as open-source and bringing enterprises together to share knowledge and experience. This may lead to much faster adoption and better solutions than if it is simply built in-house. Second, Hyperledger is not focusing on one area of appliance, but on universal use cases. The software developed at Hyperledger has been adopted in many industries including supply chain, healthcare, finance etc. But what is more important, the Hyperledger Fabric, one of the (considered) most mature, extensive, flexible and active developed frameworks, allows users to create private channels in public settings, enabling the security and privacy that is needed.

Umbrella strategy

Hyperledger operates under an “umbrella” strategy. It is set up as a specialized hub for blockchain projects that facilitates not only the development, but also the commercialization of enterprise-grade blockchain based projects. Hyperledger “incubates” and promotes blockchain technologies for business, including distributed ledgers, client libraries, graphical interfaces and smart contract engines.

This strategy nowadays encompasses a (growing) number of blockchain projects, including blockchain frameworks, in addition to a number of development tools. At the moment Hyperledger incubates nine business blockchain and distributed ledger technologies, of which five blockchain frameworks and three development tools. These are in various stages of development and cover unique blockchain applications.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

 

 

What future role for CSDs in blockchain post-trade environment?

| 05-04-2018 | Carlo de Meijer |

Blockchain technology enables real-time settlement finality in the securities world. This may mean the end of a number of players in the post trade area. For a long time, central securities depositories (CSDs), as intermediators in the post-trade processing chain, were expected to become obsolete. CSDs, but also other existing players in the post-trade environment, are however changing their mind on these new technologies and on their future position in the blockchain world. Increasing regulation, legacy systems and costs pressures, are drivers for CSDs to at least embrace some aspects of blockchain. They are increasingly considering them as enabler of more efficient processing of existing and new services, instead of a threat to their existence. It is interesting to see that some of these actors – who could be potentially big losers in a distributed ledger technology (DLT) or blockchain system – are open to innovation with blockchain and willing to invest in DLT. Last January SWIFT and seven CSDs worldwide agreed on a Memorandum of Understanding to explore the use of blockchain technology in the post trade process esp. e-proxy voting.

Where do CSDs stand now?

Complex and fragmented post-trade infrastructure

The current post-trade infrastructure is highly complex and fragmented, crowded with intermediaries, and dealing with outdated legacy systems and technologies. Much of the complexity and fragmentation of the post-trade world is the result of the various participants (custodians, issuers, registrars, CSDs) holding their own, separate ledgers in order to carry out the processes. Consequently, they spend much time and resources on reconciliation and risk management, in order to ensure that transactions can be (and are) appropriately carried out. The completion of securities transactions is as a result a costly and risky business. This has important consequences, efficiency-wise.

Situated at the end of the post-trading process, CSDs are systemically important intermediaries. In the post-trade process the CSDs play a special role both as a depository, involving the legal safekeeping and maintenance of securities in a ‘central depository’ on behalf of custodians, in materialised or dematerialised form; and for the, involving the issuance of further securities by issuers, and their onboarding onto CSDs’ platforms.

Is there a future for CSDs in a disruptive blockchain world?

Blockchain: disruption in securities post-trade

DLT has the potential to heavily disrupt existing post-trade processes in financial services, impacting the business model of a number of intermediaries. This raises significant questions for the present actors in the post-trade world as their role may change dramatically or even disappear. For some actors in the post-trade world, DLT could completely replace their businesses or even make them obsolete. And others should question what will be their added-value within future DLT services.

With blockchain, that is linking trading partners directly, everything will be in place in the ledger at the time of the transaction. Institutions will no longer have to maintain their own databases in the future with DLT, as there will be only one database for all participants in the transaction.

With DLT, all of the complex systems and processes to transfer cash and equities from one account to another are not required. Everything can be embedded into the blockchain. Buyers and sellers can match transactions in seconds and all parties are aware a transaction has been done. This will heavily ease the reconciliation process. Blockchain could ultimately become the standard for financial transactions and real-time settlements, increasing transparency and efficiency in a highly fragmented industry.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher