As new technologies emerge, they tend to enhance the existing ecosystem by converging with other technologies, eventually transforming various industries. Within the realm of Fintech, the two technologies that are on the verge of transforming it are Blockchain and Artificial Intelligence (AI).
Blockchain is a distributed database or a digital ledger that maintains a continuously growing list of data records that are hardened against tampering and revision. It is the foundation on which the popular cryptocurrency ‘Bitcoin’ is built upon. Like every other technology, it has its own set of pros and cons. Though in the nascent stages of its applications, Blockchain has been an area of keen exploration for both, startups and enterprises belonging to the finance industry and beyond.
According to White & Case, Blockchain could reduce banks’ infrastructure costs worldwide by $15 to $20 Billion a year by year 2022. Fintech influencers like Oliver Bussmann (Founder of Bussmann Advisory) says: “Blockchain is a game-changer that will have major impact on the financial service industry.”
When it comes to new technologies, every one is in the testing waters to see how well it will integrate with the existing ecosystem. At Crowd Valley, with some of our select clientele, we’re undertaking global pilots to trial solutions using the Blockchain technology.
Artificial Intelligence (AI):
Simply put, Artificial intelligence (AI) is intelligence exhibited by the machines. Fintech companies deal with a lot of data points and put it into action but analyzing it, drawing insights and learning from the ever growing data to evolve, is where the role of Artificial Intelligence comes in, as it helps to make sense of the data and provide key enablements for the system to evolve. According to a recent Forrester report, Artificial Intelligence (AI) and the Internet of Things (IoT) are the two technologies that will provide Fintech companies with the most opportunity to grow and expand their levels of customer engagement by 2021.
Though Blockchain and Artificial Intelligence technologies have already begun paving the way for drastic transformation in the Fintech industry, only time will tell its mass adoption across the markets and usher into a completely new ecosystem whose rate of innovation will only accelerate at speed we’ve never witnessed before.
Read the whole article on Crowd Valley News.
Est. 2009 Grow VC Group is the global leader of fintech innovations, digital and distributed finance services. Our mission is to make the finance services more effective, transparent and democratic. The Group includes leading fintech companies in their own areas.
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