5 Blockchain Companies That Will Change The Fintech Industry
The financial technology industry has gone through an enormous transformation over the years, thanks to innovation and the never-ending desire for high quality system operation and customer satisfactory services. From lightning-fast payment processing and wealth management, to alternative lending services, financial systems are becoming more efficient by the day. Fin-Tech has aided financial literacy, retail banking, investment, etc.
However, blockchain technology has done more for Fin-Tech than we might have previously thought. Following its introduction to us through Bitcoin in 2008, the Blockchain has found great use in the financial industry and a report following a recent study by BIS Research says more are to come.
The blockchain technology could save the financial institutions over $40 billion per year in infrastructure, IT, operational, third-party fees, and administrative personnel costs.
Still unconvinced? Here are 5 companies using blockchain to disrupt the Fintech Industry.
1. Coindash: This trading platform currently operates on Ethereum Blockchain technology and will expand to others soon. It combines crypto-trading software solutions where one can analyze his performance, a social network where the users can follow other successful traders, and a marketplace to execute in the future all the transactions from A to Z. This gives users the best guidelines and experience in crypto-trading.
The software solutions are flexible. They allow a user to employ predefined contracts for automated trading and executing an investment order. If you are new to cryptocurrency, Coindash’s social network gives you the opportunity to learn from experienced traders. You can copy strategies and trades thereby making a profit as you learn.
Successful traders have their trades offered as trading signals to the network earning fees in the platform token CDT by doing so. This makes their own trades bring in more profits.
2. Lendoit: This decentralized peer-to-peer lending platform is the first of its kind on Blockchain technology. Lendoit seeks to change the way loans are given out and received all over the world and for the first time enabling cross border loans.
with no central authority to get a loan from, like a bank, borrowers are matched directly to lenders through this platform without the use of an intermediary. By simply filling out a loan application on the Lendoit marketplace, borrowers are able to get funds without jumping through hoops and at lower interest rates than any bank. By using real world score providers, bad borrowers are disqualified leaving only trusted ones to apply for the loan. The lenders bid the interest they desire and with a smart syndicated loan filing system the platform makes sure the loan is filled quickly with the optimum loan interest for both parties. The fact that lenders give a loan to many people at once helps spread the inherent risk that exists in any loan. Although several P2P projects already exist in the field (like Salt), Lendoit is the only one that does not use a collateral in order to take a loan, using its Smart Compensation Fund Contract and the local collector’s auction system in cases of defaulted loans.
3. Kyber Network: Kyber Network is a decentralized, trustless, instant and liquid exchange that enables conversion of crypto-assets. It allows the exchange and conversion of digital assets. As higher liquidity gives a less volatile market, Kyber Network makes crypto-trading assuring. It also promises rich payment APIs. This is besides a contract wallet that allows you receive payments seamlessly from any token.
Based on blockchain technology, the exchange is on-chain. What this translates to is a greatly reduced risk of attack. There is no centralized target to attack.
4. Civic: With Civic, you need no longer fear identity theft or any cybercrime. It provides instant, secure and affordable access to identity verification using the power of Blockchain. As the winner of the Best New Startup Award at the K(NO)W Identity Conference 2017, its effectiveness is not in doubt.
As every sector gets increasingly data-driven, the risk of personal data getting compromised increases. You may be vigilant in your online activities, but you share your data with banks, utility companies, online stores, etc. And these companies are capable of getting compromised too.
Civic is an ideal system for any company serious about protecting their clients’ identities. It uses hashing algorithms in encrypting client information. This will go a long way in reducing the access of malicious interceptor of sensitive payloads.
5. OmiseGo: This is a Blockchain-based decentralized exchange. It has Ether as its central asset but its wallet is capable of holding different kinds of currencies and assets.
The OmiseGo’s blockchain makes use of Ethereum Smart Contract in storing Ether reserves and allows real-time asset transfer plus conversion.
If you are looking for a super-fast, cheap decentralized exchange that allows real-time exchange of any digitized asset or currency, OmiseGo is the answer.