If there is one sector set to experience the most disruption from blockchain technology, it is likely the Fintech sector. From security token ecosystems to blockchain-enabled wealth management SaaS (software as a service), the financial technology sector is changing fast. According to PWC’s 2018 Global Blockchain in Business survey, 84% of survey respondents were actively pursuing blockchain technology.
This is a significant increase from just two years ago, when only 56% of survey respondents understood the promise and potential of blockchain technology
If you’re a financial services executive wanting to prepare for your blockchain-enabled future, it is imperative you understand how quickly your industry is changing. Savvy startups are utilizing everything from artificial intelligence to decentralized data exchanges to disrupt the financial services sector.
The more you understand about the disruption heading your way, the better you can prepare yourself and your team for the challenges that are ahead. If you want a sneak peek behind the curtain of blockchain disruption in the financial services sector, following are a few blockchain-enabled financial technology startups you ought to know about.
B4Finance offers a blockchain-enabled document and data management system for wealth managers, cryptocurrency investors, asset managers, and private banks. Their platform offers everything from portfolio management tools to transaction monitoring interfaces and encrypted file management. If you’re looking for a platform that is regulatory compliant, investigate the future of ICO technology (initial coin offering) and data encryption/decentralization with B4Finance.
Bloqboard is another essential tool to discover if you’re a financial services exec diving into the deep end of blockchain technology. Bloqboard offers a powerful platform for monitoring decentralized protocols for cryptocurrency lending. Bloqboard works with popular platforms like MetaMask, Toshi, Dharma, and Ethereum and can be used to track P2P (peer-to-peer) lending of tokens as well as wallet-to-wallet digital token transfers. As P2P cryptocurrency lending becomes more mainstream, those in the financial services sector with a deep understanding of the landscape will have a significant advantage over their competitors.
If you’re an independent financial services consultant, Calero is an intriguing find. Calero is building a blockchain and artificial intelligence-enabled platform for accounts payable and invoicing for freelance and independent entrepreneurs. Future plans for Calero include a token sale, payment wallet, smart contracts, and even a speech recognition interface for the platform. Whether you use Calero yourself or recommend it to clients, stay tuned for development news from this up-and-coming blockchain startup in the financial services sector.
Desico is building a platform to tokenize securities and offer decentralized smart contracts on a distributed ledger. If you’re a financial services executive wanting a better understanding of the future of blockchain-enabled securities, doing a deep dive into Desico’s development plans is highly recommended.
DRIVE Pay is a multi-protocol, real-time remittance and gross settlement network for crypto and fiat currencies. Offering lightening speed confirmations, traceability and compatibility with SWIFT, DRIVE Pay intends to converge existing payment, clearing and settlement practises with the ledger benefits of blockchain.
Loanscan is building an analytics platform for Ethereum debt loans. Targeted at blockchain traders and institutional investors, Loanscan will help users to better understand recent debt transactions including loan volume, average loan totals, and the most popular tokens being borrowed. For financial services executives wanting to keep their fingers on the pulse of what is happening in the cryptocurrency debt sector, investigating Loanscan is a must.
Taxes are a necessary component of wealth management. Whether your clients are investing in traditional currencies and securities are diving into cryptocurrency investing, accounting for and paying their taxes is crucial. Thanks to under-the-radar startup TaxBit, determining tax obligations is a breeze for cryptocurrency investors. For financial services executives who want to help their clients understand the future of blockchain technology and cryptocurrency investing, adding TaxBit to your arsenal of helpful client tools is a great idea. TaxBit has plans to integrate tax filing/payment services and real-time cryptocurrency portfolio tracking into their platform offerings.
As these startups clearly show, there is a host of activity happening within the blockchain and cryptocurrency-enabled financial services sector. The sooner we understand how rapidly the industry is changing, the better prepared we’ll be for the disruption coming its way.