PayPlus+, IBM and Bitwala

Jan 15 · 3 min read

With and without tokens: Blockchain technology rolls over financial industry

Despite the decline in the crypto market, blockchain technology is a key topic of the future for companies and countries. First and foremost, banks and payment service providers are increasingly turning to the innovative technology. In addition, FinTechs and established companies are increasingly offering blockchain solutions.

In the financial industry, three trends can be identified for blockchain applications:

  1. Payment service providers, such as PlayPlus+, which developed blockchain-based solutions with their own token.
  2. Classic companies which are testing the blockchain technology to handle financial transactions more securely and efficiently — without tokens.
  3. FinTech companies develop the Blockchain account for the private customer to simultaneously manage crypto and fiat currencies clearly.

PayPlus+, a stock corporation founded in Munich, could become the PayPal of tomorrow. With its Ethereum blockchain-based multi-channel payment gateway, the payment service provider aims to revolutionize online payments.

The market for online payment services and the need for security continue to grow which provides a good conditions for the project to develop. For this purpose, 500 million own utility tokens were generated (PLUS tokens), which enable the business customer to use PayPlus + services.

Commenting on the KryptoJournal, PayPlus + AG CEO Roberto Piroddi said:

“The problems of centralized payment systems give blockchain players such as PayPlus + the opportunity to push the revolution of the cashless and blockchain-based economy, with the goal of becoming […] the leader in the market One of our advantages is that our ecosystem is open to external software developers who can constantly offer new innovative solutions to our business customers.”

The number of blockchain applications for financial transactions among banks and institutions is growing. Recently, IBM and CLS, a foreign exchange settlement provider, announced the launch of a blockchain platform for banks. Also, the Blockchain platform, named LedgerConnect, is already being tested by nine banks, including Barclays and Citibank.

Commenting on “Reuters,” Barclays Chief Technology Officer Lee Braine said:

“Barclays is participating in the LedgerConnect Proof of Concept to gain a deeper understanding of blockchain applications and experience in this area, as well as a number of possible uses Investigate cases “.

An example from Germany for Blockchain-based accounts is the Berlin-based FinTech Bitwala. It plans to start Germany’s first blockchain bank account for private customers. Bitwala wants to connect the world of traditional online banking with blockchain technology. In addition to conventional banking services, the company will provide easy and secure access to the crypto world.

It is becoming clear that established and new companies in the financial sector rely on blockchain technology. This is also confirmed by a study of renowned management consultancy PwC from August 2018. 600 managers and subject experts were interviewed worldwide for the study. Eighty-four percent of study participants stated that they were dealing with the topic. 15 percent have already implemented projects in the field of blockchain technology. Nearly half of the respondents (46 percent) also said that blockchain technology provides a great value for the financial industry.

To conclude with, blockchain solutions have already left their mark on the financial world. Blockchain technology could therefore revolutionize the corporate and financial world in the future, as the Internet did once.

Click here for more updates about PayPlus+ and their development process.


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