Fintech, like other tech-driven industries, is always on the brink of something new. There is a new finance app every other day, a bold new way to manage and process payments. This industry, which was already accelerating, is about to shatter all previous expectations. All this super-powered finance engine needs is an injection of blockchain technology to break the sound barrier. We will examine how blockchain technology will forever change the way money is transacted, managed, and stored.
First, let’s define our terms. It’s essential to understand what fintech was to fully grasp how blockchain technology will utterly transform fintech into the financial system of the future. It would probably help also to elucidate the mysterious and often misunderstood blockchain while we are at it.
What is Fintech?
Fintech is a hybrid concept whose meaning you can probably deduce from the compound name. Fin + Tech. Essentially, when we say fintech, we mean that special intersectional region between the world of finance and technology. This intersection is far from static, however. A large part of looking at fintech is looking at change and how these two interwoven industries complement and enhance one another.
When looking for specifics, think of finance apps, investing apps, peer-to-peer transactional apps, and other payment apps. Your bank uses fintech to track transactions. You use fintech to order that RuPaul ice cube tray off of Amazon or to pay your friend for that pizza they ordered through Venmo. Fintech is scattered throughout your pay-to-play smartphone game or when you need a ride to work in an Uber.
You get the picture — fintech is pretty much a vital artery supplying our modern lives with the ease and convenience of seamless, effortless transactional power. It is the broad and ever-evolving region where finance and technology meet. It started with the abacus, transitioned to clay tablets, and eventually to telecommunications and the internet. It has recently been living in the world of the smartphone, but a larger, more fundamental shift is coming. Enter blockchain, stage left. we will stop here today, Happy reading…