Despite its success throughout the years, there are a lot of people who still think the blockchain hype will go bust in the next few years. While there are several thousands of use cases for this technological marvel, very few of those concepts have come to fruition. The year 2016 will be an interesting one for the blockchain and Bitcoin alike, as all of the VC funds has to start paying off sooner rather than later.
Innovating financial services is not an easy task to accomplish, as there are quite a few hurdles to overcome. Perhaps the biggest challenge is coming up with an idea that is not only innovative but could also lead to mass adoption by everyday consumers. Before such an idea can be formed, aspiring entrepreneurs need to be in the right mindset as to why they want to change the financial system in the first place.
A lot of people have been wondering as to why blockchain technology suddenly became of such interest to financial institutions around the world. There are several reasons attributing to this status with 2015 having been a year of many success stories. In the end, these stories might lead to the global adoption of Bitcoin as well.
The year 2016 will be an interesting one as many people are expecting great things to happen from a financial and technological standpoint. At the same time, the year 2016 will play a pivotal role in the future of data protection and user security. But what will be the predictions for 2016 and which ones will come true in the end?
Also read: Creating Financial Resolutions For 2016
In the FinTech sector, there is no clear industry leader just yet, as the playing field is wide open for participants from all over the world. Certain areas are destined to do better than others, such as London, Silicon Valley, and the entire country of India. One city most people tend to overlook is Dublin, Ireland, where the FinTech sector is booming despite its challenges.
More and more companies all over the world are starting to see the benefits of digital currency and its underlying blockchain technology. The year 2015 has seen some spectacular numbers regarding VC investment in Bitcoin and the blockchain, and Cherubic Ventures will add another RBM 30m to that total. Funding future innovation in the digital currency and blockchain industry is never a bad thing.
Interesting technological events are happening in Estonia right now. Ever since the country started their E-Estonia citizenship program, a lot of interested parties have been keeping a close eye on the proceedings. Just last week, E-Estonia announced blockchain-based notary services thanks to a partnership with BITNATION. But that is not all, as the Estonian government is asked to shed some light on their Bitcoin stance in the near future.
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.