Why the Solution to Bank Mistrust Lies in Platforms like PLAAK
Less than half the population trust financial services according to an annual survey released by the world’s largest public relations firm Edelman. Financial services were once again the least trusted sector, Technology ranked the most trusted. In 2017, trust in banks sat at 48% in Australia alone, 5% lower than the global average. The same 2017 survey also indicated that 53% of Australians did not believe in a positive outcome of financial market reforms. Australians indicated that some of the issues that bred mistrust was to do with profit shifting, unreasonable executive remunerations and shifting jobs overseas. Edelman’s 2018 survey appeared to mirror this sentiment, with 60% agreeing that CEOs are driven more by greed than a desire to make a difference.
The marked mistrust in the financial sector has caused an undeniable shift towards the active exploration of platforms such as PLAAK, that empower consumers to use technology to undermine the monopoly of companies such as banks. Not only can they empower consumers, but provide better services within a safer and more transparent environment.
Blockchain technology has greatly influenced this shifting perspective. A secure, immutable, contractual-based development platform and ledger, the technology establishes a decentralized environment that when harnessed within applications, provide powerful solutions to current industry problems. Within the financial sector what this means is the transfer of funds almost instantaneously anywhere around the world with negligible fees. Due to the distributed nature of blockchain, the information transferred is also kept safe and immutable, so that unlike current banking systems, files cannot be corrupted or changed.
PLAAK is a platform that has taken notice of these irrefutable advantages of blockchain and used the technology to establish an ecosystem of applications that will threaten the dominance of banks and other big companies. The first applications released will be their decentralized exchange and wallet. These will form the foundation for the ecosystem which will branch out into investment portfolios, a freelance app, health app and many others. The company’s ethos is to “Give Power Back to People” and their consideration of a wide range of factors lend to the notion that they follow through with this sentiment. Unlike similar platforms, the company is not driven by greed but by what blockchain technology can do to better people’s lives. Their exchange will offer only 0.25% fees, lower than the current majority. The PLAAK exchange and user wallet are both decentralized, so that they never have any control of users’ assets unlike banks. They offer a range of cryptocurrency coins and the added security of a biometric system along with a myriad of other security measures. PLAAK’s investments app, to be launched soon after, will help grow users’ investments, a professional team of experts working together with algorithms to create and monitor portfolios. They will not only help consumers enter the potentially trillion dollar crypto-market, but foster their assets and sense of security within a safe and user-friendly environment.
Through the creation of such a network using blockchain technology, consumers can remain confident that PLAAK is working hard to reduce the reliance on banks and companies who have grown complacent over the years due to their market monopoly.