Financial Services

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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.

Retail Payments

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.

Want to learn more?

The Blockchain Research Institute and its research contributors have produced a number of reports on the topic of financial services, including:

  • The Token Economy: When Money Becomes Programmable, which reviews initial coin offerings and the legal and policy consequences of the token economy
  • The Future of Retail Payments, a case study which examines the initiatives of Overstock and Newegg to accept cryptocurrency for online payments, and the partnerships they formed to overcome challenges with legacy system incorporation
  • Reinventing International Clearing and Settlement, which examines the inefficiencies of the global payments system and proposes the incorporation of blockchain to lower costs of global payments, remove the need for the complex system currently managing risk, and allow for much faster funds transfer between countries

2019 Financial Services Speakers

Alex Tapscott

Jerry Cuomo

Bill Barhydt

Caroline Malcolm

Richard Carleton

Oli Harris

Mark Petrov

Michael Terpin

Massimo Morini

Pramod Achanta

Jai Waterman

Alex Kaplan

Irving Wladawsky-Berger

Ajith Thekadith

Hadley Stern

Nigel Gopie