Banks and Crypto: What Will Happen to the Banks?
How will crypto and the Blockchain impact banks, what will happen to the banks in the future, will cryptocurrency replace banks? Let’s find out! Many
Blockchain is a distributed immutable transaction ledger. Blockchain is solving the trust problem where multiple “writers” are changing a distributed database decentrally.
Usually, we do have trust issues in decentral access to the distributed data – some parties might change the data for their advantage and overwrite the updates from the other participants.
Let’s think for a second this would be financial data and we see that the financial data needs trusted parties to take care of it. That’s why the network of the banks and financial intermediaries has emerged.
However, blockchain is a genius innovation, which solves this trust problem via the usage of cryptographic algorithms. This allows multiple “writers” to change the distributed database without the risk of someone changing someone else’s data records.
Let’s think again on the financial data – the financial intermediaries emerged as entities to safeguard and process their user’s data. Data processing needs lead to the scale effects – bigger entities have smaller costs of processing standardized data and are in a better competing position compared to the smaller entities. This resulted in the consolidation of financial intermediaries
However, these business components are not required anymore with blockchain functionality – everyone can safeguard and process his data with the blockchain.
What does this mean? The key reason, why the financial intermediaries were created – safeguarding and processing their user’s data – becomes obsolete. The financial intermediaries can be dis-intermediated. This shows the power of blockchain genius innovation.
How will crypto and the Blockchain impact banks, what will happen to the banks in the future, will cryptocurrency replace banks? Let’s find out! Many
Blockchain technology in banking will bring changes to client value networks. This article focuses on the following: How does Blockchain affect financial services? New alternative
How to disintermediate the banks – here is our talk from the CryptoFin Conference from October 2019 in Tallinn and additional explanations: Here is the
In the previous article, we looked at what influences the fiat interest rate in the fiat-money based economy. The focus of this article is the
Here is SmartCredit.io pitch — 3 minutes and 40 seconds — from the Paris Blockchain Week. Enjoy! SmartCredit.io Pitch Transcript So, we are in the lending business, in the
During presentations about money, we usually hear that money has to be durable, portable, divisible and fungible. We fully agree with this distinction.
In the previous article, we looked at the two dimensions of money — base money and credit money. We also looked at the different kind of monetary systems that existed in the last 5’000 years and possible scenarios for the future.
Some readers may remember the NASDAQ Dot-com bubble of 2000, but most readers WILL remember the Crypto bubble of 2018. In this article, we ask if we can leverage our knowledge of NASDAQ’s 2000 bubble in forecasting future crypto trends? What are their commonalities? And what will happen next?
I was presenting on 28th of November 2018 at the moontec.io conference in Tallinn, Estonia about the monetary systems and about why one will need credit money in the crypto sector.
Here is Tarmo Ploom, Co-Founder of SmartCredit.io, on the Blockchain Challenge in Basel. Tarmo defined for students the task to build compliance filter for whitelisting crypto accounts — it’s about making whitelisting FINMA compliant. Task was accomplished.
Here is the Youtube video explaining the idea of SmartCredit.io Here is the transcript Hi guys, this is Tarmo speaking. Hi guys, I’m Martin, I’m
In this video, we discuss how everything started with the decentral credit-money, evolved then to our current central credit-money system and how it will go
SmartCredit.io newsletter has a simple mission: “The Bitcoin whitepaper defined the base money for the Internet. SmartCredit.io defines the credit-money for the Internet.” In the
SmartCredit.io is a Swiss-based project launched by veterans in the cryptocurrency, finance, technology and artificial intelligence fields.
[:ru]In January 2014 we forecasted Bitcoin valuation of 10’000 USD in the Swiss CFA Charter Magazine. The value of Bitcoin reached a record high of $19,850 in December 2017. Given the hype surrounding the value of Bitcoin, what could we expect its value to be in the future? The value of Bitcoin can be derived from the following as: [:]
Here is the presentation about Blockchain Value Cases held at the University of Applied Sciences in Basel:
On the 29th of March, I was giving a lecture about Blockchain Use Cases in Finance at the University of Applied Sciences in Basel. Blockchain
business value and what business models for blockchain bsuiness
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