Blockchain and Cryptocurrency
“Blockchain and cryptocurrency have changed and continues to change how the finance industry works. They enable peer to peer transactions without the need for expensive infrastructure or timely and costly intermediaries. Trust is usually the domain of governments and banks; the tech now allows the following via an app or web page:
Via smart contracts assets can be tracked and protected. Identities and credentials can be issued and due to the underlying ledger, their validity can be trusted. All transactions have increased traceability and enhanced security. Blockchain and crypto transactions occur in real-time or near real-time. This means faster transaction times and speeds for customers. A wire transfer that would take 1-3 business days can now be cleared within a few minutes to 2 hours. The ICO boom changed venture capital and how funding is allocated. Restrictions in geography, financial savviness, and funding currency have been erased.”
- Austin Tuwiner, Owner at BitPremier Media LLC
“Blockchain can easily compress the notoriously lengthy processes of sending money abroad, which is a superior competitive advantage for money transfer service providers. However, while the technology is there and its advantages are definite, organizations are still very reluctant to adopt it. Still, I think blockchain’s time to make the financial industry faster and more transparent has finally come, and we’ll be seeing more success stories soon.”
- Ivan Kot, Senior Manager at Itransition
“The finance industry is changing and it is due to some of the new trends such as AI, automation, and blockchain. Blockchain works in two ways: firstly, it's a great security solution because it has multiple points of verification built into each transaction, and secondly, with its person to person transfer technology, there are fewer financial costs to customers because there is no intermediary fee charge connected to the transfer. With all these technology trends, banks are now able to concentrate on higher priority concerns rather than the smaller issues of bank balances and other low priority enquiries.”
- Andrew Roderick, CEO at Credit Repair Companies