History lessons for a digital future: Why are our times comparable to the 1450’s?

On Tuesday, November 5, 2019, Managing Director Dr. Stefan Hirschmann and his team from VÖB-Services organised an inspiring BANKENNETZWERK networking event “Digitisation and digital competence in banks” with an auditorium of 70 banking professionals.

Bankennetzwerk am 5.10.2019 im Holiday in Düsseldorf Digitalisierung und Digitalkompetenz Foto und Copyright Bernd Schaller Kiefernstr. 18 40233 Düsseldorf www.schallerfoto.de info@schallerfoto.de 00491776769111

Learning from history is crucial to understand the current societal changes triggered by technological progress. It‘s the basis to be able to make smart strategic decisions in a fundamentally changing business environment.

Some examples in the keynote referring to Professor Niall Ferguson‘s inspiring book „The Square and the Tower“. Enjoy some of his insights here

Bankennetzwerk am 5.10.2019 im Holiday in Düsseldorf Digitalisierung und Digitalkompetenz Foto und Copyright Bernd Schaller Kiefernstr. 18 40233 Düsseldorf www.schallerfoto.de info@schallerfoto.de 00491776769111

See more impressions HERE

Libra and the Dilemma of Trust

A crypto currency challenges technology, regulation and humans.

Author: Jochen Werne

“Money is perhaps the most concentrated and acute form and expression of trust in the social-state order.”

Georg Simmel


In this clarity, the German philosopher and sociologist Georg Simmel, born in 1858, formulated the value of a currency in his work “Philosophy of Money”. This clear and comprehensible insight also provides a simple basis for understanding why, for example, states rely on the independence of their central banks. And just as simply the question arises, which order do you trust when it comes to crypto currency?

Almost 4,000 of these currencies now exist worldwide. After Bitcoin, Ether, XRP, Litecoin and Co., Libra now wants to establish itself as a future heavyweight in the market – and with a noble goal. Libra is to become the cashless payment option “for mankind” and make international payment easier.

Libra Coin – the currency of the future?

No crypto currency received comparable media attention, triggered only by the announcement of the project. And the emotionality and toughness with which the discussion is already being conducted shows how seriously the topic is being taken. It’s about reputation, influence, control, responsibility and only in the last instance about technology. Central banks and government bodies are sceptical about the “currency of the future” on a broad basis, even though the advancing globalization could argue for a single currency in the long run. A currency that supports a consistent free exchange of goods and services. Also under discussion is whether Libra Coin could be the means of payment for the approximately 1.7 billion people who have no access to banking services and whether the familiarity and the large target group of Facebook, combined with the announced low transaction costs, could make it possible to reach billions of people worldwide.

Challenges at all levels

Technically, not all hurdles have been cleared yet: In order to make a stable coin possible, it is necessary to find the right technology. It is precisely this stability that is supposed to distinguish Libra Coin from other crypto currencies and thus also make it suitable for skeptical end consumers. Members such as Mastercard, Paypal or Ebay should also provide the Libra Association with their names and brand promises additional confidence for the end consumer. But already today the alliance is not as stable as the founding members had hoped and the exits of Mastercard, Visa and Paypal weakens the consortium.

The Libra Association has repeatedly emphasized that it wants to comply with all regulatory aspects, but there are voices at the political and banking levels that are extremely sceptical about the project. The new payment system raises many questions in monetary and legal terms. Central banks and supervisors want to keep an eye on the influence of the potentially new currency and usually share the view that whoever acts like a bank must be treated like a bank. In other words, comprehensive requirements must be met and regulations observed – especially at the international level. This is difficult because current regulations are designed for the classical financial system, with which the Libra system has largely no points of contact. The aim is to keep total regulatory influence and not to allow any possible loopholes.

Despite its American origin, the Libra Coin is to be administered from Geneva by the Libra Association. The idea here is to be regulated by the Swiss Financial Market Supervisory Authority FINMA. Although Facebook has paid a lot of attention to the underlying technology, the legal issues still need to be clarified. Especially with regard to money laundering, consumer protection and possible misuse of the currency for illegal activities. Within the Association, there will be no special treatment for the founder Facebook, but equal voting rights for all members.

Acceptance and European values

With regard to Germany, it can be said that its citizens are within the international average as far as their affinity for digital is concerned. However, a historical-cutlurell caution can certainly be observed with regard to the topic of money, which certainly explains the well-known love of cash. A more pronounced European awareness of data protection with the General Data Protection Regulation (GDPR) makes many people, especially in Germany, sceptical about the subject. The fact that Libra was launched by Facebook is hardly a confidence booster after the Cambridge Analytica scandal. The fear of the transparent customer meets with security concerns about one’s own savings. Every German knows the quote: “Friendship ends with money” and thus new things are always put test. Culturally different in Sweden, where sometimes it’s only possible to pay by card. The same in China, where WeChat Pay and Alipay are no longer just a trend.

As always, changes are taking place step by step. It remains to be seen whether Libra Coin in its current form has future prospects. In any case, any change can only work if it is accepted and used by the end consumer despite all skepticism.

And this stands and falls – also in the digital world – with what Georg Simmel already put in the centre in terms of money in the 19th century: CONFIDENCE.

A more in-depth look at money and value can be found in the article “Coined Liberty 2.0“.

Following the keynote on “Libra in Retail?” at the Payment Summit 2019 in Hamburg, the article “Libra and the Dilemma of Trust” has been published to give participants further insides on the topic.

International Understanding. Admiral of the Fleet the Lord Boyce Prize presented for the first time

This prize to be awarded to the person, group or team that contributed the most to the goal of creating international understanding within the year, of the Lord Warden Trophy and it was unanimously agreed by a panel of judges that this should be presented to Jochen Werne (a founder member of GOST as well as a member of RCPYC) for his outstanding work in reaching across national boundaries and promoting and advancing the spirit of sailing around the world both through his work with GOST and the various other organisations he represents, not least his organising the Lord Warden Challenge race. Congratulations to you Jochen.

Geoff Dunne esq., Commodere, Royal Cinque Ports Yacht Club Dover
Admiral of the Fleet The Lord Boyce and the Commodore of the Royal Cinque Ports Yacht Club Dover, Geoff Dunne presenting the Award for special engagement in International Relations to Jochen Werne

It was a great honour to receive the Admiral of the Fleet The Lord Prize, awarded for the first time for international understanding, on behalf of all those who, through their commitment, have helped to unite people from different countries of our beautiful planet. 

A great privilege to receive the prize from the hands of one of the people I greatly admire for his life’s work and especially for his brilliance in bringing people together. The Lord Warden of the Cinque Ports, Admiral of the Fleet The Lord Boyce is a shining example for so many and a great inspiration.

Digital Summit 2019

It’s a great pleasure supporting on October 28, this year’s DIGITAL SUMMIT together with other experts from the “Platform Learning Systems, the Platform for Artificial Intelligence” #DigitalGipfel19 #platformeconomy

The Digital Summit (previously the National IT Summit) and the work that takes place between the summit meetings form the central platform for cooperation between government, business, academia and society as we shape the digital transformation. We can make best use of the opportunities of digitisation for business and society if all the stakeholders work together on this.

The National IT Summit was renamed the Digital Summit in 2017. This was to take account of the fact that digitalisation comprises not only telecommunications technology, but the process of digital change in its entirety – from the cultural and creative industries to Industrie 4.0.

The Digital Summit aims to help Germany to take advantage of the great opportunities offered by artificial intelligence whilst correctly assessing the risks and helping to ensure that human beings stay at the heart of a technically and legally secure and ethically responsible use of AI

The Digital Summit looks at the key fields of action within the digital transformation across ten topic-based platforms. The platforms and their focus groups are made up of representatives from business, academia and society who, between summit meetings, work together to develop projects, events and initiatives designed to drive digitalisation in business and society forward. The Summit will serve to present the results of the work that has been done in the past, to highlight new trends and discuss digital challenges and policy approaches.

Looking forward moderating the Panel Discussion on “Digital Platforms for new AI-based Services”

International Understanding – Keynote: Technologies and humanity in the context of modern Vietnam

Video Stream of Jochen Werne’s keynote at the launch ceremony of the Vietnam Germany Innovation Network (VGI Network).

“It was a great inspiration to meet so many committed people in just one day, ambitious and authentically personally committed, striving for strong intercultural relations between Vietnam and Germany, with the aim of bringing visible benefits to the people of both nations”.

Jochen Werne

Experience more about the VGI Network at https://www.facebook.com/VGInetwork2019/

Keynote: ARE CERTAIN CULTURES MORE PREDISPOSED TO CYBER-THREATS?

Great discussions on the suspicious nature of society with data experts at the BankenForen Conference IT- & Cybersecurity in the financial industry

Details HERE

TV: Navigators Heritage Interview with GOST Representative Stefano Malvestio

It’s a great pleasure seeing GOST’s Documentation Officer Stefano Malvestio in an in-depth Interview with Italian TV-station Asterisco about Navigator’s Heritage Challenge and its effects produced in the creation of International Understanding and the creation of awareness for the UN Global Goals.

The Lord Warden Offshore Cup – Tying a stable knot for international relations

The Lord Warden Cup is a 200nm Offshore Sailing Challenge from Dover to Portsmouth and back, with the goal to install a stable international relations between sailors and people. 

The Cup is conjointly organised by the Global Offshore Sailing Team (GOST) and the Royal Cinque Ports Yacht Club Dover (RCPYC)

The Cup has been inspired by the current Lord Warden, Admiral of the Fleet The Lord Boyce, who has been for the Cup’s initiators a role model for a creator of international relations.

The 1st Lord Warden Offshore Cup will take place between Thursday October 10, 2019 and Sunday, October 13, 2019. 

  • 10/10/19 – Noon: Skipper Briefing at the RCPYC
  • 10/10/19 – Afternoon: Start of the Lord Warden Cup outsides the Gates of the Port of Dover using the tide towards Portsmouth
  • 11/10/19 – Arrival at Portsmouth – End of the 1st Leg
  • POSSIBILITY FOR CREW CHANGE 
  • 11/10/19 – Evening: Program and Commemoration Dinner at Portsmouth 
  • 12/10/19 – Morning: Start of the 2nd Leg of the Lord Warden Cup using the tide towards Dover
  • 13/10/19 – Afternoon: Arrival in Dover 
  • 13/10/19 – Afternoon/Evening: Prize Winning Ceremony at the RCPYC 

The Awards

The Lord Warden Cup

This Cup is awarded to the Winners of the Offshore Sailing Challenge

The Admiral of the Fleet The Lord Boyce Prize

This prize is awarded to the person, group, association or team who contributed most to the goal of creating international understanding within this years’ Lord Warden Cup

AIDHNC congratulates GOST on it’s 20th anniversary and the milestones in the field of international understanding

We’ve been honoured by a message arrived from the ASOCIACIÓN PARA LA INVESTIGACIÓN Y DIFUCIÓN DE LA HISTORIA NAVAL DE CUBA. We are grateful that we were able to establish a long-term relationship with this esteemed association and its great members . Together we reached far beyond the boundaries often faced by national politics.

Jochen Werne
Co-Founder Global Offshore Sailing Team

¡EXCELENTE! 20 años de esfuerzos, destinados al matenimiento de las tradiciones e historia naval, a mantener vivas las hazañas de los pioneros exploradores, a unir a la familia naval internacional, a unir pueblos, culturas, a salvaguardar el medio ambiente y a lograr la union de los pueblos con un mensaje de paz y de concordia. Toda esa labor a hecho grande a GOST, que sin dudas hoy ocupa el liderazgo entre la organizaciones de su clase. Nos sentimos profundamente honrados y orgullosos de haber sido un pedacito de esta hazaña de gigantes. ¡Larga vida a Global Offshore Sailing Team! Sois un ejemplo a seguir, una esperanza. FELICITACIONES!!!! Reciban todos su miembros, las muestrasde del más profundo respeto y admiración  de la Asociacion para la Investigacion y Difusión  de la Histora Naval de Cuba. Gracias por existir.

Maximino Gomez Alvarez
Vice-President of the AIDHNC
Historian Maximino Gomez Alvarez with the AIDHNC flag

Translation: EXCELLENT! 20 years of efforts aimed at maintaining naval traditions and history, keeping alive the exploits of pioneer explorers, uniting the international naval family, uniting peoples, cultures, safeguarding the environment and achieving the union of peoples with a message of peace and harmony. All that work has done great to GOST, which undoubtedly today occupies the leadership among the organizations of its kind. We feel deeply honored and proud to have been a bit of this feat of giants. Long live Global Offshore Sailing Team! You are an example to follow, a hope. CONGRATULATIONS! Receive all your members, the deepest respect and admiration of the Association for the Research and Dissemination of the Naval History of Cuba. Thank you for existing.

Author Juliane Waack writes about J. Werne’s keynote on societal & business transformation

What’s next? Expedition into the digital spheres

25. JULY 2019 BY JULIANE WAACK – KEYNOTE BY Jochen Werne

Digital Expert Author Juliane Waack

For the opening keynote of our ec4u virtual conference Digital Thoughts on May 23rd, Jochen Werne, Director Marketing & Authorised Officer at Bankhaus August Lenz, talked about opening up to the digital transformation. It turns out, what we associate with technology and what it actually offers are often two completely different things.

Jochen Werne

„Companies and people need to participate actively in the transformation. We need to move. It’s impossible to be a passive participant in the transformation.“

J. Werne

READ THE FULL ARTICLE HERE