Transforming Financial Services with Blockchain

Most financial markets, like the US stock market, have been in an ongoing uptrend for the past 10 years. Yet, the current systems are frequently regarded as obsolete, since they lack proper digitalization, transparency, contemporary rules and global availability.

As blockchain technology could handle many of those aspects, a wide introduction seems like the next logical step for the finance sector. In this article, we summarize the most promising opportunities and our offers to the finance world.

Real estate needs an upgrade and there are a handful of reasons for that. Buying or selling a house usually comes with mountains of paperwork and additional costs for notaries or escrow services. Not only does a blockchain provide a secure and reliable technology to store important documents, it also gives the potential to eliminate the middleman by using smart contracts.

The tokenization of fungible assets would drastically reduce the time that is needed to trade property and it would grant the ability to easily divide the ownership of property among multiple investors. As a result, investing into real estate will become available to everyone around the world, and not just financial heavyweights.

Insurances have been a double-edged sword for a very long time. While many people in developed countries don’t want to live without insurances, it is often a hassle to claim them in certain situations. Simultaneously, insurance companies experience many limitations within data collection, auditing cause policies and verification.

As a consequence of these long existing troubles, insurance companies are actively experimenting with blockchain technology for policy issuance, automated payout, etc.

We have teamed up with the big players in the insurance industry to develop an industry-wide blockchain-based insurance authentication system. The system aims at providing a unified platform for the stakeholders, including insurance companies, policyholders, and government agencies, to validate the insurance in real-time, without revealing policyholder’s identity.

Have you ever tried conducting a wire transfer from a European country to the US? If yes, then you probably recognized the effort and time it took to do so. As many cryptocurrency enthusiasts know, this is one of the core problems that its underlying technology is aiming to solve. Although cryptocurrencies are already used to transfer value across borders, there are still several hurdles to clear before they can serve as a reliable platform for all kinds of payments.

In comparison to 2017, the current year is continuously evolving in terms of adoption and acceptance. Institutions and governments are not only interested, they are also actively experimenting and working on the adoption of the technology.

There are still a few challenges standing in the way of a global acceptance. The blockchain trilemma of maintaining scalability, speed and decentralization might be one of the first stumbling blocks that needs to be solved. Besides that, the explicit transparency is another big obstacle for winning banks and other substantial institutions. Constructing highly configurable blockchain architectures could be the next step for onboarding governments and the big players.

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