Banking and Fintech on The Blockchain Posted on : Dec 15 - 2018

Fintech on Blockchain is fast disrupting the financial industry. The speed and scale of this disruption will mainly depend on the adoption of the new economy by the users. People have spoken, everyone is tired of black boxes, we want to be the ones to determine how much we pay for the transfer of information and finances between us.

Why long, expensive money/asset/information transfers with the participation of several intermediaries through multi-layer systems? We do not wait for days to send urgent mail across the world. We expect the technology to work for us. Then why should we accept long lead times for cross-border payments? Could it be a question of trust?

Perhaps, we still rely on traditional banks to provide consultancy, security or dispute resolutions. We rely on banks to protect us to ensure that the counterparty will meet obligations. Banks are seen by government institutions, as guarantors for safeguarding our rights and contract agreements.

But the problem remains; banks are slow at solving our problems and this slows down the markets.   Time costs money and, in order to validate each other, we are paying huge commissions to third parties for this process. Anonymity does not exist, yet we want to understand that those who we deal with go through a clear verification procedure to provide the legitimacy of transactions.

One interesting company which aims to offer change the way banking is done is Platio. It claims to be one of the first fully licensed companies that aims to provide the complete spectrum of services in its multi-asset banking system. Platio's function is banking as a service and its  CFO, Irina Berkon certainly has her ideas clear on where blockchain and fintech are going.

"The future is in blockchainization and tokenization of the finance industry. Blockchain is the most convenient environment in which AML regulation can be applied. All transactions have trusted track records. The wide spread of blockchain in the finance industry results in self-regulation of the financial system and the best option for further development, Berkon says. View More