The New Era of Fin Tech Powered by Blockchain
Blockchain technology is an Internet-based distributed ledger technology with characteristics of decentralization, high security, low credit cost, immutibility, openness and transparency. It has provided a new credit creation mechanism and has shown a wide range of application prospects in the financial sector. Therefore, it has naturally become a hot topic of discussion.
A new generation of digital asset trading platform — EPIPHANY in cooperation with the University of Amsterdam held an event titled “ The New Era of FINTECH Powered by Blockchain “ on May 9, 2018 in the University of Amsterdam, Netherlands.
The event mainly discussed the impact of blockchain technology on the financial industry. Given the importance of top-tier financial institutes both at home and abroad for blockchain technology, it is generally agreed that blockchain will have a huge impact on the financial industry even if it is not disruptive. The following is a brief analysis of the impact and influence of blockchain technology on major areas of the financial industry:
1. Influence on Central Banks
The blockchain clearing technology is much less expensive than the traditional transfer systems used by central banks today. Faced with this situation, the central banks may need to learn and understand blockchain technology and actively adopt blockchain technology to design new types of digital currency.
2. Influence on Commercial Banks
Digital currency that existed on the blockchain is an independent currency that does not depend on the banking system. Therefore, it will compete with traditional commercial banks for household savings in the future if it is developed into an independent currency.
3. Influence on Investment Banks:
The open, transparent and traceable electronic record system based on the blockchain can effectively reduce the possibility of black-box operation and insider trading. It will help the securities issuer and the regulatory authority to maintain market fairness and reduce the agency cost caused by information asymmetry.
4. Influence on Insurance Industry:
Blockchain technology provides open, shared, and real data information to effectively protect the integrity of insurance. Smart contracts can also avoid claims disputes. The introduction of blockchain technology in the insurance industry can effectively prevent insurance fraud.
The University of Amsterdam is a world-renowned university located in Amsterdam, the capital of the Netherlands. Founded in 1632, it is the largest comprehensive university and one of the oldest universities in the Netherlands. It enjoys a high reputation in Europe.
In this event, the guests discussed the impact of the blockchain technology on various aspects of the financial industry, and also talked about the first largest influence product of blockchain technology — digital currency assets.
It can be said that blockchain technology is accompanied by the rise of global digital assets. It may be noted that although there may be a bubble accompanied by speculation, everyone agrees that countries’ attitudes toward blockchain assets from prohibition to recognition to support all mark the future development trend of blockchain assets.
Digital asset blockchain and other technologies are exactly what the financial industry needs to innovate. The decentralized platform economy based on blockchain technology is likely to become the industry application of blockchain technology. The EPIHPHANY trading platform is an ecological project based on the decentralized platform economy of blockchain technology.
As one of the initiators of this event, EPIPHANY is a new generation of digital asset trading platform and a decentralized trading system alliance platform built on the NEO ecosystem. It is an ecosystem initiated by the most active blockchain company from the USA and licensed financial institutes. All parties involved in the construction of the EPIPHANY decentralized trading platform are licensed and real-name institutes.
Cao Huining, a professor of finance from Cheung Kong Graduate School of Business (CKGSB), once said: “In the future, the mainstream blockchain in finance should be real-named, and only the real-name blockchain can meet the requirements of KYC and anti-money laundering in the financial industry. At the same time, only the real-name blockchain can achieve OMO, allowing the financial transactions in the chain to increase trust for individuals.”
At present, EPIPHANY has invited seven U.S. licensed institutes to participate in the construction of the Exchange’s ecological projects, and has gradually established a comprehensive monitoring and self-discipline operating system. EPIPHANY is a digital asset trading platform with financial licenses. The license number can be found in the white paper. EPIPHANY is a new digital asset trading platform and strives to achieve compliance, thereby reducing the risk of transactions and safeguarding the trader’s equity as much as possible.
EPIPHANY hopes that, by involving multi-party supervision, regulators can monitor the operation of the EPIPHANY trading platform from time to time to achieve transparent and visualized transaction so that each participant can trade in a rest and safe way.
The promotion and use of the EPIPHANY system may strengthen anti-money laundering and KYC audit, gradually reduce financial crimes such as money laundering and illegal financing in the global digital asset circulation, help digital assets to rapidly circulate under the compliance system, drive the development of the real economy, and ultimately allow EPIPHANY to become the world’s leading digital asset trading platform.
DANIELE DE NEPI, the BD Director (Europe) of GBB (GRAND BULLS BLOCKCHAIN) shared his own understanding of the impact of blockchain technology on financial technology innovation, and also introduced the actual application of blockchain technology in the physical industry using GBB as an example.
GGB Sapphire blockchain is initiated by GRAND BULLS BLOCKCHAIN INC., a blockchain company in Chicago, USA. It is a commercial public blockchain for financial payment and intelligent asset digitalization built on internet. It will help the sapphire industry to complete the traceability of gemstone products and form underlying technical services for the sapphire index and related ETF products and financial derivatives.
GBB sapphire blockchain adheres to the operation under the compliance system and is about to obtain the MSB license (license for issuance, sales, and trading of digital currencies) issued by FINCEN. It is the first blockchain digital currency license for digitizing the gem industry assets.
GRAND BULLS BLOCKCHAIN INC will continue to conduct R&D and iterative upgrades of the underlying technology of the blockchain, truly integrating technology with the physical industry. The digitization of assets and the circulation of digital assets in the gem-jewelry industry also help the development of the real economy through the circulation of digital assets.
Bytom is a blockchain interaction protocol for diversified bit assets. Different types of assets (right to earnings, unlisted equity, debts, digital currencies, etc.) running on the Bytom can be exchanged and gambled based on this protocol. Complex interactions are also possible based on smart contracts.
VICTOR is a distributed procurement data platform based on the NEO system. It redefines personal shopping methods, creates a technology to promote products to find buyers in the world, and enriches the personalized experience of shopping.
Blockchain technology experts enthusiastically participated in the discussions and speeches, which strengthened the public’s understanding of the impact of blockchain technology on the financial industry.
The event was a complete success. Everyone agreed that blockchain technology is a dazzling star in the field of financial technology in recent years. Blockchain is built on the basis of cryptography, shared ledger, and distributed consensus mechanism, and sets up a distributed ledger system that does not rely on the operation of any particular third party. It has the potential to change the infrastructure of the entire financial industry and thus has a far-reaching impact on the entire industry. It is worthy of our attention. As one of the initiators of this event, the University of Amsterdam also expressed its high concern for the blockchain industry and actively supported R&D personnel at the university to participate in the research of high-quality blockchain projects.
Becoming a first-rate global super trading engine platform for digital assets; enabling licensed institutes to rapidly establish their own trading system for digital assets based on EPIPHANY; enabling each participant to trade in a relieved and safe way; and enabling each regulatory authority to monitor EPIPHANY’s operation in real time to reach openness, transparency, and compromise
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