Author: Jacob Parker-Bowles Page 4 of 7

FinTech 101: What is a Green Bank?

On February 8, 2021

What Is a Green Bank?

You may have heard the term “Green Bank” and wondered what it meant. This short article will explain the term and concept behind it.

Green Banks in a Nutshell
A green bank is a bank that exists for the sole purpose of battling earth climate change by funding projects that may be able to decrease the global carbon emissions and increase the use of alternative and renewable fuels and energy. They tend to support infrastructure spending in wind, solar, and other renewable energy space.

Green Banks: Functional Model
Green banks are not climate charities. Their funding is expected to be paid back with a profit for the bank. Currently, they are supported by some states in the U.S. and also by private funding. Green Banks utilize philanthropic and public funds. They generally fund energy projects that beyond the research stage and “good to go”. The Coalition for Green Capital (CGC) is a nonprofit agency that is deeply involved in advocating for green banks’ continued development.

Where Did the Idea for Green Banks Originate?
The idea for green banks started in 2008 when two entrepreneurial-minded, Ken Berlin and Reed Hundt, came up with the concept as part of the Obama transition team’s plans for promoting cleaner energy changes in US society. A proposal to enact federally supported green banks was attached to the American Clean Energy and Security Act. The concept never made it as legislation at the federal level. Green bank supporters were not daunted. Consequently, green bank advocates persuaded some states to take up the cause.

Green Banks: Some Statics
Currently, there are at least ten states that have at least one green bank. In addition, they are in the early stages of catching on globally as well. They also exist in Australia, the United Kingdom, and Malaysia. Within the U.S., green banks have already been involved in the funneling of some $3 billion in funds for clean-energy projects.

Green Banks: Their Future Development
With the advent of the Biden presidency, green banks may again find a firmer footing at the federal level. Indeed, in December 2020, Mr. Biden proposed the idea of a national green bank. They appear sure to gain more traction internationally as the desire to dampen climate change takes hold.

How to Forge a Career in Fintech

By Jacob Parker-Bowles

On December 24, 2020

In FinTech, Jacob Parker-Bowles

Fintech companies offer innovative solutions to financial problems. They help banks to improve their customer service and be more flexible. Due to the growing popularity of the fintech industry, their jobs can be very rewarding. But what does it take to forge a career in fintech?

Start Small, Learn and Grow

Fintech is a booming industry, meaning that there’s more to be discovered. As a result, there’s a lot of opportunities in this industry. It helps to get into the industry with some experience in the financial sector.

However, it’s not necessary. A person with a law degree can learn on the job and become an expert in no time. Therefore, one shouldn’t procrastinate. If they think this is the industry for them, they should go for it. They can start at the bottom and work their way up.

What’s Fintech All About?

Fintech is an interesting industry because an individual works in two vast industries: technology and finance.

An example of an emerging fintech trend is open banking. Here, the bank allows tech startups to facilitate customer service and transactions through an app. The customer has to consent before using the app. Once the customer agrees, the bank discloses that person’s banking details to the startup.

Any person that works for the bank or startup is already involved in the fintech industry. That’s how easily one can find themselves working in the fintech industry.

Skills Required

There are three sets of skills that are important in the fintech industry: software and hardware engineering, finance, and communication.

A person with coding skills can work in the product development department. Their work will be to code programs or applications that can be used to improve the financial sector. The person with finance skills helps the coders comprehend what the app is supposed to do. The person with communication skills will help to monetize the fintech solution.

Finally, the fintech industry can be very demanding. If one wants to succeed, one has to consider work and personal life. They have to be in perfect balance. Too much work can leave a person feeling exhausted and unmotivated. Therefore, it’s always good to think about one’s health and happiness.

The Ins and Outs of Cryptocurrency Mining

By Jacob Parker-Bowles

On October 30, 2020

In FinTech, Jacob Parker-Bowles

Most people have heard of cryptocurrencies by now. Bitcoin and Ethereum are two prominent examples of this type of currency. Crypto is designed to be secure. It utilizes blockchain technology to create a secure record of transactions. Many people invest in crypto by trading through marketplaces, much like traditional ForEx markets. Of course, it’s also used for transactions. Cryptocurrency has the advantage of being anonymous. It’s very difficult to trace. Famously, this intense focus on security has made it very popular on the dark web.

Cryptocurrency is created through a process called mining. Miners also add new transactions to the ends of blockchains. Working as a cryptocurrency miner requires some seriously powerful computer technology. Traditionally, powerful graphics cards have been needed to conduct an effective cryptocurrency mining operation. Miners also need to be very proficient at math. It’s a competitive field, and being able to solve problems more quickly than other miners is essential to success.

These days, miners tend to work in large teams. It wasn’t always this way. It used to be fairly easy for an individual miner to get set up. In fact, in the beginning, there was really no financial reward for creating new blocks in a chain. The people who did this work simply believed in cryptocurrencies. Over the years, some big investors have been getting involved in the mining space. This includes big high street banks. Individuals have had to form larger groups in the hope of competing with these large groups.

The financial rewards of cryptocurrency mining are sizable. A newly-mined block can be worth up to 12.5 bitcoin. That’s quite a bit of money. Each new block needs to contain data proving that the miner who’s claiming it actually did create it. Essentially, they must show their work in solving the mathematical problems in order to get the reward. This is still a fairly wild marketplace. Japan has started regulating crypto, but only lightly, In other countries, there are still no rules.

It’s expected that this will change in the near future. For one thing, investors risk being burned and losing large sums of money. For another, it’s highly likely that governments will want to start collecting taxes on the capital gains associated with cryptocurrency transactions.

2020 Trends In Cryptocurrency You Should Know About

By Jacob Parker-Bowles

On May 12, 2020

In Uncategorized

Has the current COVID-19 pandemic reduced enthusiasm and confidence in the once touted ‘currency of the future’, cryptocurrency?

If recent prices are a reflection of confidence, then the answer would be a resounding, “No!”

Despite the 50 percent crash that cryptocurrency markets faced during panic-selling caused by the coronavirus pandemic and its future effects on the world-economy, Bitcoin immediately bounced back within 24 hours and saw a 20-percent increase in its share prices.

When traditional markets are currently nothing but doom and gloom because of the upcoming economic fallout that many are expecting, why is cryptocurrency still seen as a potentially good place to allocate capital?

The answer to that question is increasing blockchain technologies and the widening of regulatory measures in many countries towards its usage and trading.

Blockchain Technologies

First off, what is blockchain technology?

A blockchain is a decentralized ledger that tracks and processes transactions without the need for central clearing authority.

In other words, blockchain technology allows transactions to happen between two parties safely, quickly, cheaply, and easily because there is no third-party involvement.

Due to blockchain technology, the usage of cryptocurrency has been made possible in everyday life.

In fact, it has made everyday transactions safer and easier.

These benefits do not just apply to consumers either, for many businesses have seen their revenues go up due to blockchain technology and its ability to process cryptocurrency transactions safely and easily across the globe.

Specifically, blockchain technology allows businesses the ability to offer more payment options at lower transaction fees with fewer chargebacks.

Further explanation in regards to these benefits and others are given below:

Purchase Versatility

Businesses who offer more payment options make it easier and more comfortable for their customers to purchase their goods and services.

Simply stated, offering multiple payment options, specifically multiple cryptocurrency options, encourages more transactions.

The number of daily transactions for Ethereum in the 4th quarter of last year (2019) was around 648.25. During the same period, Bitcoin averaged 309.87 transactions per day.

Cryptocurrency transactions are especially beneficial for businesses that run eCommerce stores and attract an international audience who prefer to pay in digital currencies.

Minimal Chargebacks

Blockchain technology makes it very difficult, near impossible, for anyone to create a fraudulent chargeback while using cryptocurrency to pay for an item.

By using blockchain technology for cryptocurrency transactions, businesses can avoid chargeback fraud and thus save money, time, and resources.

Low Transaction Fees

Blockchain technology streamlines cryptocurrency transactions by making the ‘middleman’ – financial institution or bank – irrelevant.

Peer-to-peer exchange of digital currency for goods or services reduces transaction costs as there is no need to pay any additional fee for institutions to oversee and guarantee the transaction goes through.

Quick and Safe Transactions

When businesses use banks and other financial institutions to track, monitor, and process their transactions, they usually have to wait a couple of hours or days to get their money.

However, cryptocurrency transactions occur instantly, so the business receives their payments immediately.

The quicker a business gets paid, the quicker they can deploy capital to purchase more inventory and make more money.

What is more, blockchain technology has made cryptocurrency transactions safer than traditional fiat currency transactions because each coin and coin wallet is tracked, monitored, and processed all at one go.

Worldwide Regulation

One of the main attractions of cryptocurrency has always centered around the fact that governments can not lay claim to it. However, the decentralized nature of digital currency has also made it an extremely volatile investment.

At least, that is how it has been in the past.

Trading cryptocurrency has, for the most part, been a rather safe endeavor because each transaction utilizes blockchain technology, which, like digital currency transactions, supplies various safety measures to reduce the risk of fraudulent activity.

However, as it is the newest ‘market on the block’, many issues have been raised as to its safety because, after all, there are no governments and regulatory agencies to monitor it and take necessary and appropriate action should something go wrong.

In this respect, many governments around the globe have already considered taking action, albeit not always the same action, towards closer cryptocurrency and crypto-market regulation.

One of the hopes of such regulatory efforts is to entice bigger players and large institutions to use a good portion of their capital in crypto-asset allocation.

The main safety precaution that cryptocurrency regulation can bring to the market is the detection and eradication of outside manipulation.

In 2020, the efforts to regulate cryptocurrency markets have not dwindled. Some of the main areas being focused on by Western countries (i.e., those residing in the EU, along with the U.S.) are as follows:

Crypto-Asset Classification

The EU is looking to define more clearly what exactly constitutes a crypto-asset.

Unlegislated Crypto-Assets

The EU is considering legislating certain services and actions pertaining to the buying and selling of crypto-assets.

The EU feels that regulating any service or action pertaining to cryptocurrency transactions and trading will unify other crypto-asset regulations and regulatory agencies that may be formed in the future to monitor and enforce them.

The following service providers and crypto-actions are being considered for legislation:

Trading Platforms
Exchanges
Crypto-Asset Issues
Custodial Wallet Providers/Services

Currently, these providers and actions remain unlegislated and outside the control of the EU.

US Crypto-Currency Act 2020-2022

The goal of the new cryptocurrency legislation in the U.S. is to create a clear framework of operations for the cryptocurrency market and limit crypto-investing fraud and other negative drawbacks associated with crypto-trading.

The act has also split digital assets into three main categories for better classification: cryptocurrencies, crypto-securities, and crypto-commodities.

Cryptocurrencies: derivatives backed by smart contracts or collateralized digital assets.

Crypto-securities: consists of all equity, debts, and derivatives resting on a blockchain.

Crypto-commodities: all digital assets residing on a blockchain.

The above countries’ initiatives to regulating cryptocurrencies may spark a global movement towards defining and regulating the crypto market.

One thing is for sure, crypto-enthusiasts, traders, and governing bodies are expecting to see major trends take place during 2020 due to the advancement of blockchain technology and the widening of cryptocurrency regulations.

5 Cryptocurrency Trends for 2020

It is probably safe to say that some of this year’s trends will be expected while others will seem to come right out of the blue.

In either case, the probability that the following five trends will arise and continue throughout the year and perhaps for the better part of next year are very high.

Trend 1: Halvening Will Increase Value

Halvening refers to an event where Bitcoin’s block subsidy gets cut in half.

As there can be only 21 million bitcoins available at any given time, the halvening event, which usually occurs every four years, is necessary to help keep cryptocurrency demand and supply in balance.

It is expected that such an event will happen sometime during this year, increasing supply growth and making Bitcoin more expensive to trade.

Trend 2: Industry-Stalwart Backed Crypto-Launches

While regulation attempts in the past few years scared off many big brands from launching digital currency, this year, new players are expected to enter the crypto market with their version of crypto-coin.

Facebook is expected to launch its Libra coin sometime this year, while JPMorgan will most likely launch its JPM by the end of 2020.

These new launches should entice big-name players like Goldman and Sachs to start trading cryptocurrencies and make it a regular part of their overall investment strategy.

Trend 3: More Regulations

As was discussed earlier, 2020 will not be absent from cryptocurrency regulation.

While some might see this as a negative, serious investors are expected to enter into crypto markets due to the potential legalization of cryptocurrency as legal tender and the increased monitoring of its trading.

Countries like the U.S., China, Canada, Singapore, and Australia are expected to come up with more legislation and regulation regarding cryptocurrency consumer transactions and trading.

Trend 4: Blockchain and AI

The combination of AI and blockchain technology in 2020 will undoubtedly make cryptocurrency transactions even more secure.

Experts are predicting that industry leaders are going to make great efforts to insert machine learning and AI into blockchain technology to make it smarter, faster, and safer.

Not only will day-to-day cryptocurrency transactions be benefited by this symbiotic integration, but cryptocurrency trades as well.

Trend 5: Network Upgrades

Bitcoin and other cryptocurrencies run on nodes – computers that run cryptocurrency programs.

These nodes are usually connected to other nodes to form a collective network of cryptocurrencies that can be mined, traded, or exchanged for goods and services.

Now and then, these nodes get upgraded to ensure the privacy and scalability of cryptocurrencies.

This year (2020) should see an upgrade to the Bitcoin node network, which will most likely provide a host of benefits to Bitcoin and other cryptocurrency stakeholders.

5 Possible Profitable Cryptocurrencies for 2020

While 2019 saw a steep devaluation of many cryptocurrencies, the five trends listed in the previous section will likely supply a boost to the overall crypto market.

In particular, the following five cryptocurrencies should see an increase in their value during 2020 due to the above trends and other positive factors relating to their usage and trading:

Bitcoin

Bitcoin will most likely become the cryptocurrency with the largest market cap in 2020, giving it a boost in share price throughout most of the year.

What is more, Bitcoin’s ecosystem is expected to accommodate eCommerce platforms, micropayment processing, and decentralized applications, which should give it more practical value in everyday life.

Ethereum

This cryptocurrency should increase in price this year because of its functionality and blockchain technology.

Unlike Bitcoin, Ethereum is backed by practical smart contracts and therefore holds tangible value.

While other cryptocurrency values rise and fall based on surplus or deficits, Ethereum has real-world value as it is used for a host of projects centered around digital transactions.

NEO

NEO is not a typical cryptocurrency.

This cryptocurrency combines digital and real assets making it more trustworthy than other digital coins.

It will most likely gain in popularity and thus in share price during 2020 because investors seem to like the fact that its tangible asset backings make it easier for them to assign a value to it.

EOS

EOS is like Ethereum but only better.

EOS is free of all the problems associated with Etherum and other blockchains and is scalable to boot.

The EOS system has a host of dynamic features that make it superior to other blockchains, such as an infinite amount of blockchains and a unique algorithm securing proof of ownership.

What entices investors the most about EOS is that it would be the preferred blockchain for companies like Uber, Twitter, and Amazon should they ever decide to use a blockchain for cryptocurrency transactions.

Ripple

Ripple, XRP for short, was the first crypto ecosystem to partner with large financial market players.

Currently, XRP has partnered with Western Union to reduce money transfer costs between parties.

While Ripple is not expected to make huge gains in 2020, it will likely rise. Even if its share price does not go up, it is still a good long-term investment because of its partnerships and real-world applications.

Conclusion

While some people view cryptocurrency as a vehicle for wealth, others see it as the currency of the future due to its convenience and potential practicality.

Whichever the case may be, cryptocurrencies do not look like they are going to fall out of favor anytime soon.

With governments around the globe trying to regulate its usage and trading of cryptocurrencies, along with blockchain technology becoming more advanced and secure, digital currency looks like it is here to stay – 2020 might even be the year where it is recognized as a viable form of legal tender around the world.

Future of Contactless Payment

By Jacob Parker-Bowles

On March 11, 2020

In Uncategorized

You board a bus with both arms full of packages. Instead of fumbling for your fare, you simply tap your badge, which is hanging from your wrist against the farebox. With a beep and a smile, you’ve paid your fare without holding up the line.

What you’ve just done is called contactless payment, and it is becoming more and more popular as we move into an increasingly cashless society. By definition, contactless payment is a secure method of payment that uses RFID or near-field communication (NFC). This can be done using a chip card, a badge, or even a mobile device. Instead of swiping or inserting your method of payment into the point of sale device, you tap it and go. The funds are debited as normal from your financial institution.

Some proponents of the technology say that it’s even more secure than traditional cards due to an extra layer of encryption. Unlike traditional card payments, contactless payments are tagged with a single-use authentication code. In the event that your payment information is intercepted, a thief would not have your name, address, three-digit code from the back of the card, or any other information that would be necessary to make purchases on your account. In short, contactless payments are at least as secure as traditional payment methods.

Another driver of contactless payments is the rise of digital wallets and the use of mobile payment systems. Digital wallets or e-wallets protect the user’s banking information and passwords while allowing you to make cashless transactions safely. A mobile wallet functions the same way but is designed to work on your mobile device specifically. Mobile wallets can be used for contactless payments and are one of the drivers of contactless payments in the united states.

While contactless payments are very common in Asia and Europe, the United States is still catching up. While access to cashless payment options often determines the growth of contactless payments in other places, in the United States, discomfort with e-commerce is one of the major hurdles for the future of the technology. As digital wallets and the ease of using one’s cell phone to make purchases slowly catches on, we can expect to see growth in the use of contactless payment options.

Trends in Fintech

By Jacob Parker-Bowles

On December 12, 2019

In Uncategorized

Over the past decade, fintech has started to re-make the world of banking and finance. Financial technology is designed to update and improve the way financial companies deliver services to their customers. In 2019, fintech has continued to make big strides in a number of parts of the industry. This is expected to continue into 2020.

One big trend in fintech is the focus on millennial customers. Many millennials are still paying off their student loans. That cohort also got hit by the so-called Great Recession of 2008. As a result, they’re buying fewer houses than their parents’ generation did at the same age. There are plenty of startups emerging to help millennials start accumulating assets. Divvy makes rent-to-own possible. Goodly makes it easy for employers to help their staff pay down their student loans. And Flyhome makes it possible for would-be homeowners to make one cash payment, rather than 30 years of mortgage payments.

Fintech companies have also changed the way people approach their paychecks. Startups like Earnin offer cash-strapped people advances at much lower interest rates than traditional payday lenders. Most people receive their pay by direct deposit or deposit their check with an app through their phones. It’s unusual for people to go to a brick and mortar bank and deposit a paper check there. Banks are trying to make changes to appeal to the customers using these new startups. Traditionally, banks were able to count on consumers to deposit their whole paychecks. Today, that’s just not the case. It will be interesting to see what solutions banks develop to combat this issue and become a one-stop-shop for account holders.

There’s still a lot of investment in the fintech sector. Some of it comes from existing technology giants like Apple and Amazon. Venture capital has helped businesses like Robinhood start to change the way finance works as a whole. Robinhood emerged as a platform for fee-free stock trading. By eliminating fees and commissions, Robinhood made investing much more accessible for the average person. Now, the company is applying for a license to provide banking services like accepting deposits. It will be interesting to see how such an innovative, disruptive company changes the traditional world of banking services.

Benefits of FinTech for Small Companies

By Jacob Parker-Bowles

On October 3, 2018

In FinTech, Jacob Parker-Bowles

Financial technology, known as FinTech, is changing the way many small business owners run their companies. Struggling to find financing from lenders and strict regulatory compliance is leading many smaller companies to focus on FinTech. Instead of relying on traditional lenders to help support their companies, many entrepreneurs are now turning to affordable solutions from financial technology companies.

FinTech Product and Service Offerings

FinTech companies offer a range of solutions for small companies. Business owners have access to lending, foreign exchange services, and digital business solutions. Many finance experts agree that the rise of FinTech is not just a passing fancy, but a real shift in the way small business owners generate revenues and profit. A report from the World Economic Forum suggests that FinTech will change the entire business environment.

From invoicing solutions, peer to peer lending, and supply chain financing, FinTech companies are gaining a real market presence in the business world with their low-cost solutions. Additionally, these companies are not hamstrung by the regulations that many traditional banks face.

One of the largest gaps FinTech companies fill is lending solutions. Traditional banks often turn away small business owners seeking smaller loans. By offering so-called “micro-loans,” FinTech companies provide a critical lending solution for smaller companies that need less than $50,000. The Small Business Administration considers any loans of $50,000 or less as “micro-loans.”

Many FinTech companies also offer strategic invoicing and expense solutions. In many cases, small business owners have free access to these solutions using easy to download apps.

Other FinTech Solutions

Lending and tracking invoices are only two of a countless array of solutions offered by FinTech companies. Property management companies can accept payments from tenants using the solutions. Additionally, loans are available to help some of the costs of repairs and security deposits that many residents struggle with while property management companies still receive those funds upfront.

Many experts agree that FinTech for smaller companies is still in its infancy. Adopting FinTech as the primary source of business solutions for entrepreneurs is still a challenge. However, many experts do agree that FinTech companies have found a niche by providing services to smaller companies that largely go unrecognized by bigger banks.

TransferWise — The Revolutionized International Transfer

By Jacob Parker-Bowles

On September 6, 2018

In FinTech, Jacob Parker-Bowles

Anyone who has ever had to deal with international money transfers, whether through ACH, wire transfers or e-Wallets like PayPal, knows well the extreme headaches, frustrations and steep fees that are a seemingly unavoidable part of doing so. Yet, in a globalized world where it is necessary for businesses, entrepreneurs, and freelancers to send and receive payment across the world and in multiple currencies, international payments are often a necessary part of conducting business.

In many cases, however, the costs that businesses and individual entrepreneurs face for maintaining international payment capabilities can be prohibitive. While banks and services like PayPal often advertise low fees for sending money across borders, everyone who has done so knows that the realities are often not as they are promoted.

TransferWise is a UK company that was founded by two entrepreneurs who finally had enough of the deceptive marketing that banks and other services put out about the true cost of international transfers. TransferWise is a system that is designed to eliminate the banks’ and large payment processors’ stranglehold on international money transfers. By holding accounts at hundreds of banks across the globe and striking strategic deals with key financial institutions, TransferWise is able to almost completely eliminate surcharges associated with sending and spending across borders.

TransferWise typically charges a simple, low fee of around .6 percent, plus a flat fee of $1 per transfer. Whereas sending $5,000 from the United States to the United Kingdom through PayPal may cost business account holders upwards of $200 between both the sender and recipient, with TransferWise that same transaction will cost only around $31. It’s easy to see how savings like that can add up to huge boosts to the bottom line of any business that is required to regularly transfer large sums.

TransferWise also has a number of highly unique products, such as real foreign bank account services. TransferWise Clients are able to obtain real account information in dozens of countries, which they can then use as their local business accounts for that area. Having local bank accounts wherever one does business not only provides a patina of international prestige, but it also can eliminate hundreds of dollars in transfer, exchange and service fees on every transaction.

TransferWise is revolutionizing the way that international payments are made.

Are Macs More Secure Than PCs?

By Jacob Parker-Bowles

On August 9, 2018

In FinTech

Apple users sometimes brag about their immunity from viruses. After all, for years, rumors have persisted that Mac computers have better security than Windows PCs. For the most part, those claims are false.

During the first quarter of 2018, a rash of headlines describing Mac OS malware has attracted attention, making some people question Apple’s security. Man-in-the-middle attacks, remote access infections, malware droppers, infected applications, and cryptojacking only begin to tell the story.

So, in response, consumers should now realize that Apple’s operating system has just as many vulnerabilities as Windows. However, everyone should exercise care before drawing incorrect conclusions. After all, both Windows and Mac OS have achieved a high level of security.

Although viruses have become less of a problem for both computing platforms, malware issues continue to persist. Perhaps the parity between PCs and Macs was perfectly illustrated when both platforms required patches to deal with the Meltdown and Spectre flaws.

Despite knowing about the vulnerabilities of their OS, Apple continues to lag behind Microsoft when it comes to dealing with bugs and exploits. Still, Mac users can take some definite steps to mitigate their risks:

Use the official Apple App Store. Users that download from alternate sources risk acquiring apps that have been infected with viruses and malware.

Avoid questionable software. In other words, when Mac users see an app that meets their needs, they should first check to see if a reputable company offers a similar product.

Install updates. Apple periodically releases new MacOS versions that fix bugs and patch vulnerabilities. Simply by installing these updates, users can improve their security.

Avoid public Wi-Fi. Hackers can use the Wi-Fi at libraries and coffee shops to capture data and infect computers. People who must use public Wi-Fi should first connect to a paid VPN service.

Backup your computer. Users should always have multiple computer backups on different types of media. Also, everyone should store at least one copy at an alternate physical location.

Use a security app. Mac users should subscribe to a security application to identify and mitigate threats such as viruses and malware before they become a problem.

In summary, Mac users should realize that they face risks similar to those that Windows users face. In response, they should take the above simple steps to protect themselves and their data.

Unusual Uses For Blockchain Technology

By Jacob Parker-Bowles

On July 3, 2018

In FinTech, Jacob Parker-Bowles

One block at a time, blockchain technology is revolutionizing the way the world sees commerce—as well as a slew of different sectors that one might not even imagine. In a world where many people across various industries are seeing the massive potential of this technology, here are some of the most interesting ways it’s being employed.

Voting

As the global geopolitical situation grows increasingly volatile by the day, many are working on ways to institute blockchain technology into the voting system. Providing a way to keep votes safe, experts believe that blockchain will play a significant role in the future of voting.

Worker Productivity

With many employees now distracted by a plethora of time-sucking devices and applications, blockchain technology designed to monitor their progress is now in the midst of being developed.

Digital Art

For those who are budding O’Keefes and Picassos, it might be time to turn to the blockchain in order to monetize some artwork. With a startup laying out its vision for “crypto collectibles,” it seems more and more likely that the next great artist may be discovered as a result of blockchain technology.

Selling Solar Power

A new startup in Brooklyn is allowing the owners of solar panels to profit from their excess energy by selling it to others who’d like to use it. With no power company in the middle, an app allows neighbors to compensate one another by being green.

Dental Records

As we all know, there is a multitude of very important uses for dental records. Because blockchain provides a secure method of distributing data, one token is taking on the dental industry with a vengeance, promising to allow healthcare professionals to relay important information to one another.

CryptoKitties

If you aren’t in the position to take a pet into your home, think about getting your hands on some CryptoKitties! Powered by the blockchain, this game even offers virtual pet owners the opportunity to breed cats. With prices shooting up to over $100,000 for just one cat, this craze doesn’t seem to be going away anytime soon.

Rewards Programs and Loyalty Points

For those who are sick of having to track their loyalty points with different companies, blockchain technology may offer a convenient and exciting way to keep everything in one place.