A lot of countries around the world are still struggling to boost the number of available jobs. If those numbers do not increase, economies can not recover from the 2007 financial crisis, which is not an ideal situation. Unfortunately, there are some factors that hinder the job market growth, such as additional taxation and red tape on jobs.
As much as digital currency enthusiasts would like to steer away from the banking system as we know it today, collaboration between both worlds will be quite important for the foreseeable future. Even Santander’s, Mariana Belinsky, seems to think along those lines. Any innovation in the Fintech industry will need some form of support by traditional financial institutions and Bitcoin – or Ripple, in this case – are no exception.
Ever since banks and other financial institutions around the world have started to show an interest in blockchain technology, the Bitcoin community has been speculating on what projects might entail from this interest. In the case of Lloyd’s, one of London Market’s key players, there seems to be a keen interest in using blockchain technology to revolutionize insurance markets as we know them.
Insurance Sector is Ripe For The Picking
The financial sector has seen little to no innovation over the past fifty years, and the lack of thinking ahead is clearly showing as of late. In fact, hardly anyone can make sense of the financial system we use today, not even the people who are actively working in the sector on a daily basis.
One of the more intriguing results of implementing blockchain technology is how it allows people to trace payments back to their origin. Unlike what most people assume, Bitcoin is a far cry from being anonymous, as all transactions are broadcast on a transparent ledger visible to anyone. Europol is looking for someone who is skilled in this field, as Bitcoin tracing is apparently of interest to them.
A lot of people around the world are keen on the term “blockchain technology” for the time being, although they do not necessarily like the concept of Bitcoin all that much. The interesting part is how people think they can have a blockchain without Bitcoin, yet the reality is far different. ANX International has recently announced their full suite of blockchain solutions.
Bringing blockchain technology to the mass market will be the best way to raise awareness of what can be achieved through innovation and collaboration. Finding Bitcoin’s “killer app” will be critical to take things to the next level, although market penetration is very difficult right now. Sharebits.io may be the answer to our prayers as they want to bring mass adoption to the world of cryptocurrency and blockchain technology.
Also read: iGaming and Bitcoin Are Two Peas In A Pod
One of the most interesting aspects of conferences like Web Summit is the handful of startups that manage to win an award during the event. This “vote of confidence” can be the start of a great future for these new companies. One of those companies is Remittio, a global encrypted banking alternative founded by Michael Taggart and Mark Lyford.
It is no secret more and more service providers are supporting Bitcoin payments, albeit not all of them are advertising it publicly. Worldpay, one of the world’s leading payment networks in the world, seems to have taken a liking to Bitcoin and its underlying blockchain technology. While official Bitcoin integration is not on the agenda just yet, efforts are taking place behind the scenes to best serve merchant clients.
Making Bitcoin more convenient to use is one of the main points of focus for both established companies and newly founded startups. Even though sending money to anyone else in the world is pretty straightforward, there are plenty of improvements to be made. Bitwala may have found a possible solution, as their new EmailPay service lets anyone send funds to an email address.
Also read: Fiat Currency Vs Digital Currency
Bitcoin is poised to disrupt the financial sector, and money remittance services will be among the first to feel the wrath of borderless digital currencies. Servers like Western Union and MoneyGram are the top contenders in the remittance sector, yet that paradigm might be about to shift sooner rather than later. That being said, MoneyGram isn’t feeling the pressure just yet.