Blockchain & Financial Services
Banking & The Unbanked
Blockchain allows banks to conduct faster and cheaper transfers, and creates a more efficient client management system that reduces KYC and AML verifications to a single instance that can be shared across institutions. On the consumer’s end, blockchain allows for cheaper transaction fees, where sending cryptocurrency becomes significantly cheaper, and payments such as remittances can be received by unbanked populations.
The Token Economy
The Token Economy, where crypto tokens replace fiat currency, is more than just the digitization of money. Tokenization allows users to codify money in a way that meets obligations set out by a community and makes money more of a social good. This codifying gives tokens a dynamic use that goes beyond money’s role as a unit of exchange to a direct means of achieving community objectives.
Retailers are starting to look at the ways they can incorporate cryptocurrency payment into their point-of-sale systems, in order to attract new customers, reduce transaction processing costs, track their supply chain, and secure customer information management that protects and empowers their customers.