Richie Etwaru, discusses the opportunity and implications of blockchain as a paradigm to slow/chose the expanding trust gap in commerce. He unpacks blockchain to a level of simplicity to be consumed by those that are just starting to understand and explore the paradigm. He lays out a current state of commerce, suggesting that every company is currently at risk of being disrupted or incurring severe strain from a blockchain version of itself.
In the early 1990s, we said the old media is centralized. It’s one way, it’s one to many; it’s controlled by powerful forces, and everyone is a passive recipient. The new web, the new media, we said, is one to one, it’s many to many; it’s highly distributed, and it’s not centralized. Everyone’s a participant, not an inert recipient. This has an awesome neutrality. It will be what we want it to be, and we can craft a much more egalitarian, prosperous society where everyone gets to share in the wealth that they create. Lots of great things have happened, but overall the benefits of the digital age have been asymmetrical. For example, we have this great asset of data that’s been created by us, and yet we don’t get to keep it. It’s owned by a tiny handful of powerful companies or governments. They monetize that data or, in the case of governments, use it to spy on us, and our privacy is undermined.
What if there were a second generation of the Internet that enabled the true, peer-to-peer exchange of value? We don’t have that now. If I’m going to send some money to somebody else, I have to go through an intermediary—a powerful bank, a credit-card company—or I need a government to authenticate who I am and who you are. What if we could do that peer to peer? What if there was a protocol—call it the trust protocol—that enabled us to do transactions, to do commerce, to exchange money, without a powerful third party? This would be amazing.
Several years ago, an unknown person or persons named Satoshi Nakamoto came up with the Bitcoin protocol. Once again, the technology genie has been unleashed from its bottle. It gives us another kick at the can, another go, to try and rethink the economic power grid and the old order of things. That, to me, is how big this is. It feels like 1993.
Hyperledger, a collaborative platform created to advance blockchain technology, was founded by The Linux Foundation at the end of 2015. But what makes it so popular among corporations? Why are twenty-four of the $1bn+ companies working with blockchain, according to Forbes, specifically working with Hyperledger – when only two are using Ripple, which is surely better-known within the crypto community?
A Frameworks For Frameworks
Hyperledger has no native coin fueling activity and is neither a blockchain nor a company. One might think of Hyperledger as a platform on which its participants can build, well, other platforms. As its website describes it:
In fact, its appeal for corporations lies in what it isn’t as much as what it is. It isn’t a blockchain supporting a cryptocurrency. It isn’t a permissionless blockchain anyone can view transactions on with an explorer. And while its community loudly espouses the virtues of blockchain technology, it isn’t prescriptive about what you can and can’t do with it.
Full Article: https://cryptobriefing.com/hyperledger-fabric-forbes-50-blockchain/
In the mid-90s, Bill Gates said that ‘banking is necessary, banks are not.’ This sentiment has deepened among the population over the last decade, with public opinion turning against banks after the financial crisis of 2008 and technology opening up a range of new options for financial management. This has enabled startups to enter the sector at an unprecedented rate, causing a high level of disruption. Apple, Stripe, and Square are just a few of the companies revolutionizing how we pay for things, while digital currencies and peer-to-peer lenders are opening up new funding avenues for startups and SMEs. In a recent PricewaterhouseCoopers survey of more than 1,300 financial industry executives, 88% said they feared their business was at risk to standalone financial technology companies in areas such as payments, money transfers, and personal finance, and 51% said they believe they could lose as much as 40% of their revenue to standalone FinTech firms.
Did you know that artificial intelligence and machine learning could detect that it wasn’t really you who just swiped your card? That’s right, systems are being developed to flag transactions that seem fraudulent, so that banks can call up consumers and take control before the damage worsens. With everything from your refrigerator to your car going smart, banking and financial services cannot afford to lag. Before this decade ends, AI and big datawill be making radical changes to the way banks serve their customers.
From creating better customer experiences and providing personalized financial advice, to automating process and administrative work as well as lower their own internal costs, banks can benefit greatly by leveraging AI and big data. Here are some of the most interesting ways AI and Big data will transform banking in 2019.
By Daniel Gutierrez : Original article
Artificial intelligence promises to change customer relationships with banks. As more customers bring devices such as Amazon’s Alexa and Google Home into their residences, forward-looking banks can offer automated services to help users perform tasks such as requesting an address change or submitting an application for a credit card or personal loan.
In a recent report on the projected impact of AI on the banking and finance industry, the World Economic Forum warns that small and midsize banks struggle to find their footing in this rapidly changing environment.
It is not enough to just import technologies like AI, blockchain or smartphones into existing financial services, says futurist and fintech entrepreneur Brett King. To stay in business, banks need to rethink the role their business plays in their customers’ lives. King paints a vivid picture of how Jack Ma, robo advice and quantum computing will shape the Bank 4.0.