Fintech & The Future [Infographic]

The GetLine Network presents our new infographic: “FINTECH & THE FUTURE”. FinTech is short for Financial Technology, and is a fairly recently coined term used to describe the advances in technology for personal and industrial finances. With the advent of cryptocurrencies and blockchain technology enabling financial decentralization and Peer-to-Peer (P2P) functions, FinTech has made leaps and bounds.

There have been predictions concerning FinTech, or of things which Fintech will help to bring about, including:
-A cashless society,
-Banks becoming obsolete,
-New ways of getting loans and capital.

All three of the above predictions have already started to take place. Cryptocurrencies, tokenized assets, digital wallet mobile phone apps, debit & credit cards, Near Field Communication (NFC) technology, & QR codes have all helped make it possible for a person to never have to carry physical cash around if they choose not to. The same technologies are starting to undermine the perceived need of having a bank account. With digital currencies, fiat, and commodities being able to be traded, bought, sold, and transferred p2p, via the internet & blockchain, through one’s phone, or tablet, or other smart device, this perceived need is getting weaker and weaker. Even loans and financing are being slowly pulled from the large financial institutions with things such as P2P Lending (like GetLine), Crowdsourcing, and ICOs, creating new sources of funding/capital.

What Is Peer-to-Peer Lending? P2P lending is a disruptive concept in the financial realm, in which loans are procured directly from a collection of individuals on a digital platform, thus providing loans and new investment opportunities to the average citizen, without going through the traditional system. Large and popular P2P platforms, include: GetLine, WeTrust, Dharma, and SALT, among others. The GetLine Network is unique among it’s peers, as we are decentralizing our entire platform through the Ethereum blockchain, and utilizing their Smart Contracts for automated loan contracts. This will enable us to scale globally, and offer overall better services for all parties involved. P2P lending has been growing rapidly in recent years, and estimates show that it is an industry with gigantic potential.

What’s the future of FinTech? We expect the future of FinTech to continue growing, crossing almost every industry, and becoming more and more part of our daily lives. We believe it will continue to disrupt the financial industry at large, and that it will have a great impact on venture capital.

Global venture capital fintech funding trends have gone from 312 deals & $2.2 billion dollars in 2011, to 848 deals & $14.6 billion dollars by 2015, in just around 4 years time!

As it grows, we expect FinTech to help us improve many things across various industries, such as artificial intelligence, cyber security, blockchain, insurance & investments, and new leaders in blockchain technology, among other things.

FinTech has been catching the eyes of experts from around the world, including: Amit Goel, Co-Founder of Lets Talk Payment; Simon Cocking, Senior Editor at Irish Tech News; And Pawel Tomczyk, from Cyberius, and a blockchain enthusiast. See their comments in the infographic, where we also share a couple of ways on how you can personally take advantage of FinTech yourself.

Enjoy the infographic, and please feel free to like, comment, and share.

Enjoy the weekend,
The GetLine Network team.

If you enjoy our articles, please like and follow us on Facebook and Twitter.
Also, join our Rocket chat if you’re interested in contributing to our platform.