The Importance of Boring: Commoditisation as a Driver of Change
In his talk on "the yellow circle" at the Singapore FinTech Festival 2024, Fernando Luis Vázquez Cao explores how commoditisation - often seen as "boring" - is a transformative force. By drawing parallels between open-source software and blockchain technologies, he emphasises the need for governance, collaboration, and practical utility to drive meaningful change in financial systems.
Key highlights:
1. Governance and Collaboration are Key to Adoption
- Stakeholder Alignment: Success requires serving developers, businesses, and end-users with governance frameworks that balance innovation and practical needs.
- Corporate Contributions Matter: Major enterprises fund and enhance platforms to meet their business requirements, driving broader adoption.
2. Focus on Utility, Not Hype
- Practicality Over Innovation for Its Own Sake: End-users care about useful applications, not the underlying technology. Prioritize delivering value.
- Standards Enable Growth: Platforms succeed when they provide stability, security, and interoperability for developers and businesses.
3. Commoditisation Enables Transformation
- A Foundation for Growth: Open platforms like Linux and PostgreSQL became the backbone of cloud computing and SaaS.
- Financial Systems Need Evolution, Not Disruption: Blockchain can improve infrastructure when focused on institutional standards and real-world needs.
Conclusion:
True innovation often lies in commoditisation. Fernando's journey underscores that impactful change requires collaboration, governance, and utility-driven solutions. By addressing real needs and aligning stakeholders, founders can create platforms that drive systemic transformation and sustainable growth.
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Speaker:
- Fernando Luis Vázquez Cao, Chief Executive Officer, SBI Digital Asset Holdings