This ‘Decentralised Applications in FinTech’ blog is all about how blockchain technology underpinning digital currencies such as Bitcoin can be used to innovate, improve, disrupt and re-invent processes in financial services.
The key concept is ‘decentralised applications’ – applications or systems which do not rely on a single entity to manage the substance of agreements between two or more transacting but otherwise independent counter parties, but rather which delegate such responsibility to the technology and the mathematically robust algorithms underpinning established and emerging digital currencies.
Decentralised applications have the potential to dramatically increase innovation, reduce costs, improve services, reduce risk, improve compliance and generally create a whole class of new economic opportunities for people who may not even be aware that these technologies are involved.
As it stands today, this vision is still only potential: it may not be realised.
This blog will attempt to communicate a shared understanding within the FinTech community of the benefits and opportunities (or not) that Decentralised Applications could bring to Financial Services specifically, and to dependent industries, through innovative payment models.