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One of the most obvious use cases for blockchain technology comes in the form of deploying smart contracts. Unlike its traditional contracts counterparts, a smart contract operates completely autonomously without relying on any human oversight. It goes without saying this technology holds a lot of promise, both in and outside of the financial world.
Also read: What You Should Pay Attention To in The 2016 Tech Industry
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.
Also read: Tips For A Successful Conversation in FinTech and Bitcoin
Over the past six years, Bitcoin has seen its fair share of success, although some people might argue how important digital currency has become as of late. The main question companies and service providers should ask themselves is whether or not these disruptive solutions actively address and fix financial services in existence today. In some cases, the answer might be “not yet”.
Also read: Customer Experience Is The Most Important 2016 Trend For Bitcoin Companies
When it comes to the traditional financial world as we know it, things will have to change sooner rather than later. Keeping up with the growing demand for new technologies and services is not an easy task, yet there are three main identifiers for financial institutions to address. Getting involved in blockchain technology development is not included in the list, as there is no real need to state the obvious.
Also read: Customer Experience Is The Most Important 2016 Trend For Bitcoin Companies
The year 2016 is around the corner and a ton of people are preparing their New Year’s resolutions. One of the topics on everybody’s list will be how they can improve their current financial situation and how they will go about doing so. There are a few simple things anyone can do without too much effort although some necessary research will be required.
Also read: The Fate of Bitcoin In Estonia Will Be Decided On January 11th 2016
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.
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.
Finding a Bitcoin-friendly bank seems to be an impossible task these days unless you live in the UK or Germany. Most people know the name Fidor Bank as being the only Bitcoin-friendly bank in existence, but there is a new kid on the block. NextBank has announced their upcoming launch and they have some interesting tricks up their sleeve.
Also read: New Bit-X Bitcoin Debit Cards Shipping Out
Bitcoin can be used to pay employees in all different kinds of areas. Mixed martial arts might not be in the top 10 of “types of employees” looking to get paid in Bitcoin but that isn’t keeping Jon Fitch from sticking with the digital currency. In fact, Jon is the first MMA fighter to be fully paid in Bitcoin. Quite an interesting turn of events, but it seems to work out quite well.
Also read: OpenLedger Decentralizes FinTech Exchange Concept
Traditional financial institutions are struggling to remain relevant in this day and age of mobile and cashless payments. Credit cards are becoming even more common, yet that payment method is not without its flaws. Most of the mobile payment solutions are built on top of an existing financial infrastructure, but once clearing and settlement agencies start to build their own instant payment platform, you can be sure the game is afoot.
Make sure to read: Fintech Companies Leapfrog Banks To Offer Faster Payments
Regardless of how you want to look at things, the financial sector is doing everything in its power to run itself into the ground. In the United Kingdom a new scandal has been revealed, where the largest work pension schemes prevent savers from accessing funds, and cash transfers are delayed by over three months. Something will have to change sooner or later.
Make sure to read: Mad Paws Brings Sharing Economy To Pet-Sitters – Blockchain Technology of Great Value
