While many other sectors have been hungrily integrating blockchain technologies, there is still some that blockchain is yet to disrupt. To put it another way, blockchain has brought meaningful evolution to industries like entertainment, retail, as well as countless others, yet the insurance and banking industries have stubbornly refused to join the exciting blockchain party. These industries remain conservative and very skeptical about embracing blockchain. Nonetheless, this won’t be for long thanks to fintech.
Blockchain about to Capture and Ravish the Insurance and Banking Industries
There are few technologies as rebellious, disruptive, and penetrative as blockchain. This is an uncontested truth! Just as the internet changed the world and modern reality, so will blockchain change the status quo and collapse convention. Underwriters are increasingly becoming aware of modern technologies that will transform the industry.
Blockchain, coupled with the Internet of Things (IoT), presents new opportunities for investors in the banking and insurance industries. This is especially relevant in the management of big data and client procurement. Moreover, blockchain is making payments much easier. Now we see the fluid creation of smart contracts. Blockchain easily converts legal documents, formerly expensive, into easy and quickly commoditized products. Leading the penetration of this tech into these industries is the marriage of blockchain with finance, resulting in ‘fintech’ technology.
Fintech and Its Captivating Beauty
With no grain of exaggeration, fintech marks the frontier of modern banking! Well infused with blockchain, fintech will break down borders and transform global trade. Fintech is strongly averse to the ugly stagnation that desecrates the global banking industry. Therefore, fintech, alongside blockchain, will open the floodgates of invention to the finance industry. In the face of this, people will be able to transact at such amazing speeds, with such enviable simplicity and convenience, not forgetting the fearsome security that comes with it. It will change banking as we know it.
Leading the Charge for the Adoption of Fintech
One company that has dedicated itself to sprucing up the banking industry with fintech is the Global Group. Operating from its base in Hong Kong, Global Group exerts itself towards making fintech the mainstay of the global financial system. In addition to this, the Global Group strives to forge an increased economic communion between China and the West. In view of this, entrepreneurs and investors in mainland China will enjoy linking their platforms with their counterparts in Europe and North America. This would ensure bigger pipelines for the transportation of resources and opportunities between China and the West.
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