Global fintech and funding innovation ecosystem

Five Trends in Blockchain To Be Excited About in The New Year

FintruX Network | Conrad Lin | Jan, 2019

fintech trends - Five Trends in Blockchain To Be Excited About in The New YearIn the past year, we have seen a lot of interest and careful, calculated advances being made in blockchain applications across industries. Blockchain today is proving to be a viable technology aimed at decentralizing every industry resulting in better efficiency and security.

Blockchain was born as the digital framework for cryptocurrency transactions, but many fintech enthusiasts prioritized the speculation of trading cryptocurrencies versus the technology that powered it. With the markets experiencing a downturn, we have the opportunity to shift our focus to innovative use cases of the technology.

What is Blockchain?

Blockchain technology is a digital database where its information is stored across computers linked to one another. It is decentralized and distributed which makes it nearly impossible to alter without detection. An example of distributed ledger technology, blockchain technology ensures transparency and security of data, empowering peer-to-peer transactions.

Outlook for Blockchain Technology in 2019

According to a recent Forrester research article, there is a real risk of experiencing a ‘blockchain winter’ in 2019 as many promised and groundbreaking applications of blockchain technology have not yet reached the masses. In addition, the bear market has always caused many retail investors to lose faith in the technology as a whole. However, cryptocurrency is only part of the picture, and in my opinion, a considerably small part of the equation.

The technology is powerful. There is a lot of push towards using this ubiquitous technology to develop sustainable and scalable solutions across industries which will surely be worth the wait.

Here’s what we can look out for in 2019:

  • Payments: Cross border payments using blockchain is an innovation that is bound to change the way we carry out financial transactions across the globe. The current process of initiating and setting up international payments involve multiple steps, intermediaries, multiple currencies and is subject to high transaction fees and regulatory constraints. Blockchain technology speeds up and simplifies this process, cutting out many of the traditional middlemen and at the same time, making payment transfers more affordable. Companies like Ripple are working with Japanese banks on an application based on blockchain to create efficient, instant cash transfers around the clock. Payment innovations using blockchain are also being taken up by credit card companies like Mastercard, Visa and American Express and financial institutions like the Bank of America which has taken out 43 patents on blockchain technology.

See:  Experts predict the five big fintech trends of 2019

  • Unlocking Liquidity: Decentralized lending based on the blockchain have opened an alternative financing mode for both individuals and small and medium enterprises. With limited access to credit and credit scores, blockchain based lending can make the whole process seamless and efficient. Borrowers can access competitive financing from any part of the globe, while lenders can use smart contracts to validate transactions. This model of financing though, is still in its infancy, and one must be cautious of scrupulous organizations that are acting as rogue banks. FintruX Network is currently building a transparent financing ecosystem where transparency, risk reduction, and efficiency is maximized, and all participants win. According to a Transparency Market Research report, the global peer to peer lending market will aim to cater to not just small business loans but also consumer credit loans, student loans and real estate loans in the near future.
  • Privacy: With the growing prevalence of data breaches and in the massively interconnected world we live in, blockchain technology will be a game changer as it provides a robust, incorruptible and encrypted recordkeeping that can be easily verified. The hashing feature of blockchain technology is one of the underlying qualities that make it suitable for privacy and security. Public ledgers and smart contracts can help iron out security and privacy issues in industries ranging from healthcare to education and can also be effectively utilized by the government. Estonia is a country that has initiated e-residency allowing their citizens to record data on the blockchain.
  • Artificial Intelligence: The trustworthiness and security of blockchains infinitely increases the effectiveness of AI as it is granted more accurate data, models and actions. There is also an increase in accessibility to data as the information is available in public domain. The powerful trifecta of Big Data, AI and Blockchain technology will help in building better AI models which can then be effectively utilized for applications in industries like retail, healthcare and pharma, gaming, manufacturing, customer service, automotive and even agriculture.
  • Internet of Things: Blockchain provides a secure and scalable framework for communication between the growing number of connected devices in our homes and offices. Due to its distributed nature, blockchain can also allow smart devices to make automated micro-transactions with cryptocurrency or token technology by leveraging smart contracts. Some companies working on this technology include SatoshiPay and IOTA.

See:  The Future of Government… in a Digital Age

Blockchain adoption and use cases are growing daily, and possibilities for innovation are endless. This technology will stimulate new solutions, enabling businesses to rethink their processes to maximize the benefits of utilizing distributed ledgers. I look forward to successful implementation of the technology in the year to come.

 

About Conrad Lin:

Conrad Lin is a young and dynamic entrepreneur, public speaker, and influencer with a background in Neuroscience and Psychology from the University of Toronto. He is a proven expert in business analysis, social media growth, global marketing strategy, project management, and product development with a specialty in DLT (distributed ledger technologies). Conrad excels at managing teams and delivering phenomenal results in a short amount of time, often fulfilling multiple roles in an organization. Conrad dedicates his efforts towards initiatives that impact the world positively and benefits the global community. He is often invited to speak at key fintech events around the world to share his innovative ideas and achievements with industry professionals.  Official Twitter: @cryptolin;  Linkedin: https://www.linkedin.com/in/conradlin

 


NCFA Jan 2018 resize - Five Trends in Blockchain To Be Excited About in The New Year The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Five Trends in Blockchain To Be Excited About in The New YearFF Logo 400 v3 - Five Trends in Blockchain To Be Excited About in The New Yearcommunity social impact - Five Trends in Blockchain To Be Excited About in The New Year

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Five Trends in Blockchain To Be Excited About in The New Year




Taxes and Innovation | April 19, 2024 In the 2024 federal budget, Canada proposed significant changes to the capital gains tax, specifically increasing the inclusion rate to 2/3 for gains exceeding CAD 250,000. This policy shift is poised to have profound implications that have sparked a country wide debate.  The 2024 Canadian federal budget proposed several changes to capital gains taxes that could both support and challenge entrepreneurs, innovators, investors, and Canada's competitiveness and productivity. Capital Gains Tax Changes in the 2024 Budget Increase in Capital Gains Inclusion Rate: The budget increases the capital gains inclusion rate from 1/2 to 2/3 for dispositions after June 24, 2024. For individual taxpayers, this increase applies to the portion of capital gains realized in excess of an annual $250,000 threshold. This could potentially deter investment by increasing the tax burden on larger gains, which might impact investor behavior negatively by reducing the after-tax return on investments. See:  ‘Underwhelming’ financial services sector contributes to lagging productivity: report At the same time, conversely, the budget introduces a new Canadian Entrepreneurs’ Incentive, which offers a reduced inclusion rate of 1/3 for up to $2 million of certain capital gains realized by entrepreneurs on the sale of ...
Freepik rawpixel.com taxes - Five Trends in Blockchain To Be Excited About in The New Year
Open Finance | April 19, 2024 Balancing Innovation and Privacy in the UK's Open Finance Evolution As the UK steadily advances towards the implementation of Open Finance, a delicate balance is being sought between pioneering financial services and the imperative protection of individual privacy. Drawing insights from the KPMG report "The Roadmap to Open Finance in the UK," this article examines the transformative potential of extending Open Banking principles to a wider financial landscape. While Open Finance promises to enhance accessibility and efficiency across financial services, concerns about privacy and increased surveillance present significant challenges. How Open Finance Differs from Open Banking Open Finance refers to the extension of Open Banking data-sharing principles to a wider range of financial products beyond just banking, such as investments, pensions, and insurance. It allows third-party providers to access financial data across different sectors, provided they have the consumer’s consent. This broader scope aims to create a more integrated, transparent financial services environment where consumers have better control over their financial data and can benefit from personalized financial products. See:  BoE Report: Open Banking Boosts Productivity, Competition While Open Banking focuses primarily on banking data, allowing third-party applications to access bank account information to ...
Innovate Finance and KPMG Roadmap to Open Finance in the UK - Five Trends in Blockchain To Be Excited About in The New Year
Consumer-Driven Banking | April 17, 2024 2024 Budget Announces Next Steps on Canada's Consumer-Driven Banking Framework But Lacks Clarity on Launch Date The 2024 federal budget announcement of Canada's Consumer-Driven Banking Framework takes another step towards implementing a 'made in Canada' Open Banking regime with a strong emphasis on security and consumer rights. Although the framework lacks a definitive launch date that adds a shadow of uncertainty over its practical rollout. This lack of clarity raises questions about the capacity to keep up with global digital finance initiatives with the aim of delivering timely benefits to Canadian consumers and businesses. See:  Canada’s Open Banking Framework 2024 Preview Key Announcements The key announcements made in Canada's 2024 Consumer-Driven Banking Framework as outlined in the federal budget document include several important elements aimed at establishing and guiding the implementation of open banking in Canada: Legislative Timeline --> The government plans to introduce two key pieces of legislation, one in the spring and another in the fall of 2024, to lay down the regulatory and operational groundwork for open banking. Financial Consumer Agency of Canada (FCAC) Oversight --> The FCAC has been designated as the primary regulatory body for overseeing the open banking ...
Freepik Budget - Five Trends in Blockchain To Be Excited About in The New Year
Open Banking | April 16, 2024 Will Canada's Open Banking Framework be tabled in the 2024 federal budget as promised? As Canada stands on the cusp of adopting open banking, the financial sector and consumers alike await the specifics of the framework that will dictate the future of banking in the country. The answers to these questions will not only shape the regulatory landscape but also determine how effectively Canada can leverage technological advancements to foster a more inclusive and competitive financial environment. What Questions Will Be Answered? How stringent or flexible will the accreditation criteria be for entities that wish to participate in open banking? There's a balance to be struck between protecting consumers and not excluding a broad range of market participants. What measures will the government implement to ensure the security and privacy of consumer financial data? Comparisons may be drawn with other countries like Australia, which uses strong encryption and security standards. What technical standards will be adopted? Will Canada align with international standards to ensure global interoperability? What mechanisms will be in place to monitor and enforce compliance with the open banking rules? This includes who will oversee these rules and how they will do ...
Freepik vecstock Canadian flag - Five Trends in Blockchain To Be Excited About in The New Year
Survey | April 15, 2025 The Dichotomy of AI in the Workplace and Strategies to Manage it's Impact According to a recent Deloitte Digital and Natter report called "AI can cut costs but at what cost to the workforce experience", while AI promises substantial improvements in efficiency and productivity, it also raises significant concerns regarding job displacement, privacy, and the dilution of human interaction. This article delves into the cost-benefit analysis of AI in professional settings, guided by insights from Deloitte's comprehensive survey, and discusses effective strategies to manage its impact on the workforce. The report outlines a nuanced debate on the workforce implications of AI across four key areas, each representing a tension between potential benefits and risks: 1. Efficiency vs. Inclusivity AI can significantly enhance efficiency by automating routine tasks, which can reduce the time and effort employees spend on mundane activities, potentially freeing them up for more complex and rewarding tasks.  69% of 1:1 Natter conversations cited improved efficiency in routine tasks as the top hope for AI in the workplace. See:  When Tech and Humanity Clash: AI Dilemma at SXSW There is a concern that the focus on efficiency might overlook the need for inclusivity. The ...
Deloitte digital and natter AI costs to the workforce experience - Five Trends in Blockchain To Be Excited About in The New Year
Release | April 15, 2024 VoPay's Partnership with Mastercard Will Offer Near Real-Time Money Movement in Canada and Globally for Consumers and Businesses Mastercard and VoPay have announced a strategic partnership leveraging Mastercard's comprehensive money transfer solutions, known as Mastercard Move, to facilitate rapid, secure, and efficient monetary transactions both domestically and internationally. This partnership aims to redefine the landscape of financial exchanges, improving accessibility and convenience for both businesses and consumers. See:  VoPay Launches VoPay360 – Embedded Financial Technology Hamed Arbabi, CEO and Founder of VoPay: "This partnership delivers on both companies’ commitment to provide more choice and greater transparency for people who need to send money. The platform will also transform the way businesses and consumers transfer money internationally. Be it personal remittances, small business payments or commercial disbursements, with Mastercard Move, VoPay will enable businesses, financial institutions and consumers to send money to bank accounts, mobile wallets, cards and cash-payout locations in over 100 countries. The joint solution between Mastercard and VoPay will transform the user experiences for both the sender and the recipients." Mastercard Move integrates domestic and international money transfer capabilities, offering various payment methods including direct bank transfers and payments to debit or prepaid ...
Freepik smart watch payment - Five Trends in Blockchain To Be Excited About in The New Year
Bitcoin | April 15, 2024 Understanding the Ripple Effects of Bitcoin's 2024 Halving The upcoming Bitcoin halving in 2024 is poised to significantly impact the cryptocurrency market. Historically, these events have precipitated major price fluctuations and heightened investor interest due to the reduced rate at which new bitcoins are created, effectively diminishing the block reward from 6.25 to 3.125 bitcoins. See:  Bitcoin’s Energy Blueprint for the AI Revolution Bitcoin halvings are scheduled to occur approximately every four years, or every 210,000 blocks, until the maximum supply of 21 million Bitcoins has been mined. This is expected to continue until around the year 2140. After the 2024 halving, there will be several more halvings until the maximum supply limit is reached. Each halving reduces the rate at which new Bitcoins are created and released into circulation, thus prolonging the period of mining reward distributions.  Here's what you need to know. Historical Price Trends Below is a chart and table displaying the Bitcoin prices approximately one year before and one year after each of the halving events: Past halvings have consistently led to increased bitcoin prices. For example, following the 2016 halving, bitcoin's price surged from $650 to approximately $2,528 within a ...
Freepik bitcoin halving - Five Trends in Blockchain To Be Excited About in The New Year
Real Estate Fintech | April 14, 2024 Michael Katchen on Redefining Mortgage Accessibility for the Next Generation Could Wealthsimple be making big moves in the mortgage industry, especially for young Canadians struggling with homeownership? The company is all about making financial products simple and accessible, a vision that Michael Katchen, CEO and co-founder, emphasized in a recent interview with the Toronto Star. Here, we explore how Wealthsimple is planning to shake up the traditional mortgage process to make it friendlier and more accommodating for the modern home buyer. See:  Wealthsimple Launches Private Equity Fund for Retail Investors Interview Insights Katchen emphasized that Canada does not need another traditional bank but something more innovative and responsive to modern needs. He articulated Wealthsimple's goal to redefine financial services with simpler, more accessible products. Wealthsimple targets younger demographics who are often overlooked by traditional banks. The platform resonates with this group, offering tools and services tailored to their preferences and financial behaviors. Katchen highlighted that younger Canadians are crucial for the country's economic future, especially given the impending wealth transfer from older generations. Katchen has expressed concern about the increasing unaffordability of the housing market in Canada.  A serious problem that isn't easy ...
Freepik Women giving house keys - Five Trends in Blockchain To Be Excited About in The New Year
AI | April 12, 2024 AI is not just a tool for augmenting human tasks but an emerging workforce that merges labor and software into a single market NFX recently published an article titled "The AI Workforce is Here: The Rise of a New Labor Market" that discusses the merging of labour and software due to the advancements in artificial intelligence.  The shift is creating significant opportunities for innovation and new business models, transforming industries by substituting traditional SaaS functionalities with comprehensive AI-driven solutions. Traditionally, software has been a tool to help humans work more efficiently. However, AI is changing that by taking on entire jobs by itself, essentially merging the realms of software and labor into one. This means companies might start seeing software not just as a tool, but as an active part of the workforce. As AI starts doing more of the work traditionally done by humans, there's a huge opportunity for new businesses to emerge. These businesses can use AI to do things cheaper, faster, and possibly better than humans.  The convergence of labor and software markets is expected to not only broaden the market scope but also to enhance profit margins. See:  AI Race of ...
Image freepik tech worker in age of AI - Five Trends in Blockchain To Be Excited About in The New Year
April 12, 2024 Over the years, horse racing as a sport has painted quite an interesting brand identity that most people connect with history, traditions, and high-class elegance. But in reality, the situation is quite different. If we take away the old-school layer of the sport, we can unveil that horse racing is one of the most advanced sports in the world in terms of fintech solutions. Over the years, sport has incorporated many technological solutions that make it more entertaining, safer, and environmentally friendly. Organizing a horse racing event and managing stables requires a lot of hard work and dedication, so we must use all the help from technology that we can get. Harnessing Data Analytics Horse racing is a sport that heavily depends on data in every section. From breeding, to racing, and even betting, the ability to monitor and read data can give us insights of the sport and help us understand it even better. Thanks to advanced algorithms and powerful processors, we can crunch numbers faster than ever before. Trainers can use this data to analyze the performance of the horse, race organizers can use this data to make events even more spectacular, and bettors use ...
Unsplash Joseph Daniel - Five Trends in Blockchain To Be Excited About in The New Year

 

Leave a Reply

Your email address will not be published. Required fields are marked *

twenty − 5 =