Financial Technology innovation or FINNOVATION lies in the center of disruptive changes the world is facing today. The big names in the corporate world, which were earlier ignoring the potential impact cryptocurrencies may have on the existing financial system, have now started pouring in weight and acknowledging the fact that decentralization may be the future, where no single nation or government controls the currency markets. It is getting even more difficult for the Central Banks and governments to accept cryptocurrencies as a medium of trade in lieu of their currently predominant fiat currencies, given the fact that it will reduce their strong hold on the existing centralized domestic financial system. The world is moving towards decentralization, which is not controlled or regulated by a singular regulatory authority but entirely by market demand. Tokenization, though in its infancy stage, is one evolving moment, which can help in moving towards decentralized form of value exchange across industries.
The pace at which blockchain applications are expanding with every passing day and finding their ways into businesses by promising SMART solutions has also taken everyone with a surprise. It has sparked an interest outside the community of digital currency enthusiasts, considering the huge opportunities it presents.. The technology looks promising as it has lot of potential uses beyond banking through creation of blockchain database and smart contracts that maintains all kinds of records without laborious, paper-heavy processes in secure manner. Blockchain always produces Single Version of Truth that is too difficult to tamper as it is being distributed across the network to all parties. Technology giants such as IBM and Microsoft have also taken strong cognizance of this disruption and are working on smart solutions based on Blockchain technology for their customers across the world. Automation in this space will definitely revolutionize the record-keeping and save precious time for businesses especially in FMCG and manufacturing logistics, where sourcing of material from authenticated source has always been questioned from traceability and auditability point of view. When adopted at scale, the solution truly holds the potential to save billions of dollars in logistics and supply chain industry by developing a symbiotic relation with Internet of Things (IoT).
Bitcoins and other cryptocurrencies are changing the Fintech world in the same manner beyond our imagination as Internet and email changed the way we communicate couple of decades ago. Leaving aside the fear, the discussions have started more seriously amongst the regulators on how to embrace and incorporate this change in their existing systems. With this fast evolving disruptive technology, I can only say with my thoughts that Bitcoin and Ethereum, which lies at the core of these cryptocurrencies and blockchain technology, are here to stay. Finnovation and blockchain will govern the world of future, which has appeal of tech-savvy individuals, a point that is sure to soon work in its favor.
