9 Crowdfunded Blockchain Trends Replacing Your Banking Services 2017
The blockchain a decentralized digital transactions ledger sounds boring next to the trendy products grabbing the attention and wallets of the crowdfunding folks.
You may be more familiar with its high intrigue sub theme as the platform for cryptocurrencies, led by Bitcoin, aiming to disintermediate the global monetary system. The real thriller for investors is the duller accounting function. This super secure digital database is about to change how we conduct our digital lives, including our banking, investing, insurance, and most other online transactions.
If it were not for the crowdfunding community the blockchain would not be ready to turn us all into more active netizens. Crowdfunders have sunk more coque samsung a8 loup money into blockchain technology than any other sector. The blockchain sector has also helped crowdfunding enter the private investment mainstream. Crowdfunding is now the largest private equity asset class, representing 21 percent of coque a70 samsung gold all equity investments in the UK in 2016, according to Beauhurts Deal 2016 report.
9 Crowdfunded Blockchain Trends Replacing Your Banking Services in 2017 Fintech Click To Tweet
Here is our guide to the crowdfunded blockchain technologies ready to transform coque autres galaxy samsung your digital life in 2017.
What exactly is the blockchain
But first, the short history of the blockchain and why crowdfunders so zealously back it. It’s a story of a new age crypto currency maker who meets the father of modern cryptography and invents a secure digital future. The new technologist is Vitali Buterin, a developer of blockchain technology and a cryptocurrency called ether, which has raised around $18 million in crowdfunding. Buterin incubated his ideas at the Canada’s University of Waterloo incidentally, not far from the world class Perimeter Institute where real world physicists including Nobel laureate Stephen Hawking study the effect of a different kind of either on galactic stars.
The genius of the blockchain is that no one person controls it. Instead, all coque samsung galaxy a40 stranger things participants in the transaction have access to the blockchain and must approve future transactions. coque samsung s7 Tampering with the blockchain would be like breaking into a house while all 20 people with coque samsung a8 2018 dbz keys to the house looked in through the window and watched you.
Let’s say these 20 investors are chained together through the buying and selling of Apple stock. Each time the investors make a trade, they create a transaction block a hacker proof, digital imprint of the sale or purchase of Apple stock. Ethereum’s elegant solution was to add Turing complete scripts to the blockchain, which prevent attacks. These scripts are very different from coque samsung a7 the “Turing script” for the blockbuster movie on the life of Alan Turing. The coque samsung j3 2016 armor brilliant World War II codebreaker’s Turing computing scripts create stronger encryption, allowing a super secure blockchain platform to host financial transactions and virtual assets. The first blockchain was developed by Bitcoin to facilitate digital currency exchange.
The first blockchain was developed by Bitcoin to facilitate digital currency exchange.
These digital money exchanges are now expanding into more traditional banking services. An executive from payments giant Western Union Marwan Forzley is one of the innovators who saw the future of financial services on the blockchain. He started Align Commerce, a blockchain platform facilitating cross border e commerce through payment services, currency exchange, and wire transfers by exchanging fiat currencies in and out of Bitcoins. Since traditional banking intermediaries are not used, fees are low.
The uberization of coque samsung a20 plume banking services is not only lowering fees but even removing them. Abra Teller is providing free global money transfers in its efforts to replace ATMs with peer to peer money transfers. Competitors include Circle and BitPesa for importers and exporters. Funding Circle, the leader in P2P loans, seeks to undercut small business bank lending fees. As samsung galaxy a20 coque silicone competition increases as new P2P financial services are introduced, consumers will be able to shop around for coque samsung a50 the lowest fees. You will find many of these services offering some free services, hoping you will eventually upgrade to higher priced services.
These virtual financial services like Circle offer lower fees coque samsung galaxy j3 3d stitch by doing away with expensive middlemen.
These virtual financial services offer lower fees by doing away with expensive middlemen. Gyft does not use third parties to manage gift card programs, which means charging higher fees to users. A gift card administered on a blockchain creates a direct transaction ledger between the user and Amazon, Starbucks or whatever retailer is behind the card.
Watch for your bricks and mortar and online banks to soon offer similar services to compete. Japan’s Rakuten’s acquisition of Bitcoin wallet Bitnet to provide payment services and money transfers over the blockchain is just the start of acquisitions and partnerships to compete with a suite of blockchain banking services.
The beginning of a potentially huge market in blockchain insurance services is beginning to be rolled out. inSpeer’s innovative crowdfunding platform for insurance policies for electric cars is inspiring new models. By collaborating, the coque samsung j6 peers are able to bring down the higher cost of insuring electric vehicles.
The blockchain also has an important role in the future of insured valuables. Its potential value in preventing theft and fraud is unpriceable. Twenty percent of the $60 billion art market is believed to be made up of forgeries. Everledger founder Leanne Kemp says counterfeiting is a $1.7 trillion business. These types of frauds and others cost the insurance industry over $2 billion each year.
If the blockchain had existed when your great grandfather bought the Picasso on your library wall, you may have been able to fund 10 college educations with the sales proceeds. Alas, every year billions in potential art sales do not take place because the provenance a record establishing ownership and authenticity of the artwork cannot be established. Led by Everledger, blockchain transaction ledgers are changing how assets are valued, tracked and coque samsung a50 harley quinn insured. It smart contracts fight theft and fraud by providing a permanent record of transactions on valuable assets. Everledger has received funding on XSoar a secondary market exchange running on the blockchain. With Everledger on the job, the Parisian thieves would have coque queen samsung galaxy a10 had a very difficult time selling coque samsung galaxy j3 2016 tigre Kim Kardashian’s stolen diamond ring, without creating a permanent record of their crime in the blockchain.
The delivery of coque riverdale samsung a40 insurance services will also be transformed by new blockchain models. Edgelogic may be a little ahead of us, but it is a fascinating example of how the Internet of Things interconnected devices and the blockchain could work together. Imagine sensors in your home notifying your insurer on your shared blockchain of a house fire or theft. The insurer could automatically begin an appraisal of the damage, possibly remotely through smart sensors, and then transfer the money for repairs or article replacement, conceivably within hours.
The Australian Securities Exchange ASX is promising instant gratification over the blockchain. The ASX says it can execute securities trades in milliseconds over the blockchain. With no need for traditional front to back office operations, traders could conceivably go to the bank a few seconds after completing a trade and withdraw their trading gains from an ATM, says ASX.
The ability to disintermediate the broker will make securities buying more efficient coque samsung j3 manga and cheaper, and reduce broker fraud
The ability to disintermediate the broker coque samsung j3 2016 chaton will make securities buying more efficient coque officiel samsung a50 and cheaper, and reduce broker fraud. UBS is testing smart bonds that pay interest in BondCoins linked to real currencies. The banks reap efficiencies and cost savings from the decentralized registry replacing the back office tasks of recording buying and selling among bondholders. As a smart bondholder, you would be able to view all transparent coque samsung a10 tvvt transactions and receive automatically distributed interest rate payments.
The Korean Stock Exchange is readying to trade over the counter securities over the blockchain. Securities settlements take place among central registries and many brokers who do not always agree on who the owners are. Investors using a blockchain can follow the chain of ownership themselves.
In January the Nasdaq exchange in Estonia ran a test to conduct shareholder voting over a blockchain. This would finally achieve the elusive goal of Of making the voting process transparent. As the United States starts to prosecute people for voting irregularities in the US presidential election including illegal voters and double counting the power of a fully transparent voting system is evident. Neighbors could tell on neighbors voting illegally or more than once.
It is the moving nightmare everyone wants to avoid you cannot get the keys to your new house because of a delay in your funds clearing. The movers are charging you an hourly fee for the furniture in their truck. You, the children, dog and two cats are in a motel waiting to get access to your new home…