About Unblock Tokyo: An Open Source, Bank Free Monetary Ecosystem

Asia Blockchain Review
August 30, 2019
About Unblock Tokyo: An Open Source, Bank Free Monetary Ecosystem

BINARYSTAR and ABR are organizing Unblock Tokyo: An Open-Source, Bank-Free Financial Ecosystem on October 5th, in a major gathering of all-star developers discussing the current state of the Japanese Blockchain Ecosystem.

What is decentralized finance and how will this movement transform the banking industry? How will consumers be affected, and how are developers in the blockchain community driving this transformation? With Unblock Tokyo’s series of talks, workshops, and networking activities, join BINARYSTAR and Asia Blockchain Review to explore a future where the financial system is bank free and open source, in stark contrast to the traditionally centralized system that has been in place for the last century.

During the peak of the 1997 economic crisis, Hokkaido Takushoku Bank the 10th largest bank in Japan at the time — suffered a massive failure and eventually collapsed, setting off a host of interventionist measures by the government through the Bank of Japan. These included the provision of emergency central bank loans and arranging for the North Pacific Bank to take over the failed bank’s deposits and outstanding loans. The fall of Hokkaido Takushoku Bank illustrates the fact that even larger banks are not immune to the systemic challenges prevalent in the global economic market. 

Fast forward to 2019, and it appears that this is still the case. In May this year, it was reported that the net profits of 11 regional banks and eight regional bank groups in Japan fell 4.0% from the previous year. Worse still, a report issued by the Bank of Japan in May this year forecasted that more than half i.e. 60% of regional banks in the country will suffer net losses in a decade’s time. With the Sino-US trade war threatening to throw the global economy into recession and Japanese banks having to grapple with financial issues of their own, the Japanese people are increasingly looking to an alternative, bank-free financial ecosystem to entrust with their hard-earned savings.

Blockchain’s latest offering of decentralized finance (DeFi) offers an alternative to the existing global financial system. DeFi involves the development and operation of financial decentralized applications (DApps) on top of public blockchain networks, such as those of Bitcoin and Ethereum. The advantages offered by DeFi services over those offered by conventional financial institutions are manifold indeed, ranging from cost and time savings to reducing the risks faced by ordinary citizens of falling victim to currency manipulation and the existential threat of ‘too big to fail’ institutions. Ultimately, DeFi restores financial autonomy to the people in line with true democratic principles, offering the tantalizing prospects of a blockchain-based, open-source financial ecosystem established and operated by the people, for the people. 

BINARYSTAR and Asia Blockchain Review are seizing this opportunity to discuss the possibilities offered by blockchain for Japan’s financial industry, particularly how DeFi could revolutionize the industry. Join us in October as we explore how we might be able to leave banks out of the equation during our flagship event, Unblock Tokyo. Among the talks to be held at Unblock Tokyo, Gustav Arentoft, Business Development Manager at MakerDAO — a decentralized and permissionless lending platform that allows users to borrow its USD-pegged stablecoin DAI — will be leading an eye-opening session on “An Open-Source, Bank-Free Monetary Ecosystem.”

Expect meetups, keynotes, workshops, hackathons, dinners, and parties! We will discuss the hottest topics in the blockchain and crypto space and make lasting connections with people from all around the world.

Sign on with our promo code ABR25 for 25% off your ticket price: http://bit.ly/33G3i1l

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