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Ah, latency. That seven-letter word takes almost seven seconds to say and what it feels forever to settle. In simple terms, latency is the delay before data is moved. In the banking world, latency is the time it takes money to move through a ledger, which is a book of accounts in which transactions are balanced.
According to Merriam-Webster, the word "ledger" comes from the English dialect form & nbsp;leggen, meaning "lie down". I do not think that it can be denied that money sometimes sits down, or is apparently taking a nap when we need it most. Think of all the times you have deposited a check on your bank account and you have to wait days to access your money. Issues like these are painful. In fact, like MarketWatch reportedIt is likely that you will be able to access a fraction of deposited checks until the respective banks release their hold.
Another area in which I believe the banking sector is lagging behind is money management services. It is still common for banks at risk of having someone in a suit and tie selling financial services and advice. I believe people should be just as easily able to access their mobile device and download a financial app to eliminate the need for that kind of personal service.
Likewise, some insurance companies still use expensive commission-based sellers, while artificial intelligence (AI) and smart contracts could potentially determine a consumer's needs and turn a contract, payments and delivery. benefits faster, cheaper and better.
With this, you as an innovator can ask yourself: how can I work to accelerate and improve the movement of money, information and services to eliminate waiting? Let's have a look.
Digital and Mobile Banking Revolution & nbsp;
Around The great recession In 2008, many millennials were becoming adults and expressed their dissatisfaction with the status quo through movements such as Occupy Wall Street. At that time, an increase in distrust of banks could also be observed. Why? In my experience, it is partly because there is a perception that banks profit from the status quo.
The opportunity for companies lies in innovations that eliminate unnecessary latency, inefficiencies, costs, processes and procedures, error resolution, data corruption and security attacks. The results of these innovations could include restored confidence, which would be an advantage for both financial institutions and their clients.
Over the last ten years, I have noticed that the financial sector has witnessed a giant pivot from traditional banking methods to applications driven by financial technology. Millennials, with Gen Z at their heels, could become the dominant economic power in the medium term – Pew & nbsp;reported their adult numbers will probably be more numerous than the baby boomers in 2019. They are thinking differently about how they make the bank. In a world where financial institutions are competing with innovations where you can order a ride or takeout at the touch of a button, they have to think about how to make financial solutions available just as quickly.
While the $ 200 billion more cryptocurrency market we catapult technologically light years into the future, there is still work to do. For example, large banks, brokers, securities companies, clearing companies, money transmitters and so on, seem to be in the early stages of exploiting the power of blockchain technology, distributed ledger technology (DLT), smart contracts, artificial intelligence, machine learning and other technologies to change the future and security of money.
Blockchain In Insurance
One of the areas where innovators can start thinking about the use of technologies like blockchain would be in the insurance industry, as noted above, to create reliable records, expand payment infrastructure, offer microinsurance, automate contracts and payments and evaluate requests. The advantage would be increased customer confidence, speed and ability to drive and save costs at the operational level. At the end of the day, it could also reduce fraud. (Look down.)
I think blockchain in insurance is much later in the idea than in reality. This is where innovators come in: exploit the power of this technology and bridge the gap between ideas and implementation.
Blockchain In Finance
Imagine the implementation of the blockchain in a system like Automated Clearing House (ACH) as a shared shared accounting technology that all banks could access. If that happens, it would basically become an interlaced – a protocol to link blockchains and ledgers – that could introduce immutable data and eliminate all latency.
Blockchain In Identity Protection
We have all heard of Equifax hackand we know that identity verification is one of the biggest challenges we face globally. Now, imagine a world in which blockchain stores all your information. I think blockchain could not only store a person's ID in the future but it could also be an immutable solution that integrates a lot of information (like biometric data and addresses) into one system, which could make it more difficult to steal Identity of a person. This is one of the most powerful blockchain applications I see thinking of innovators.
The dark side of this, however, is that if someone understood how to intervene, it could be catastrophic. This is our great stranger.
Next steps
The most interesting aspect of the blockchain for me is the structure, which is different from the one we have experienced in the last 20 years with the explosion of the Internet. The single HTML standalone protocol was used to create the container that contained all websites on the Internet. It seemed thin as a protocol and heavy in applications. The blockchain is different from me; the blockchain has a thin protocol thickness at the application level, so it may require a re-engineering of the mentality to be implemented. I think we need to think about ways to innovate using blockchain because we are trained to build at the consumer level (application), while blockchain is all about creating protocols.
To adopt a blockchain mentality, imagine this: you move away from your LaFerrari and start running a machine to dig the tunnel. The blockchain does not concern the innovation of beauty; it's about building a balanced base that can change the world.
Do I qualify?
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Ah, latency. That seven-letter word takes almost seven seconds to say and what it feels forever to settle. In simple terms, latency is the delay before data is moved. In the banking world, latency is the time it takes money to move through a ledger, which is a book of accounts in which transactions are balanced.
According to Merriam-Webster, the word "ledger" derives from the English dialect form leggen, which means "to lay". I do not think that it can be denied that money sometimes sits down, or is apparently taking a nap when we need it most. Think of all the times you have deposited a check on your bank account and you have to wait days to access your money. Issues like these are painful. In fact, as reported by MarketWatch, it is likely that you will be able to access a fraction of deposited checks until the respective banks release their hold.
Another area in which I believe the banking sector is lagging behind is money management services. It is still common for banks at risk of having someone in a suit and tie selling financial services and advice. I believe people should be just as easily able to access their mobile device and download a financial app to eliminate the need for that kind of personal service.
Likewise, some insurance companies still use expensive commission-based sellers, while artificial intelligence (AI) and smart contracts could potentially determine a consumer's needs and turn a contract, payments and delivery. benefits faster, cheaper and better.
With this, you as an innovator can ask yourself: how can I work to accelerate and improve the movement of money, information and services to eliminate waiting? Let's have a look.
Digital and mobile banking revolution
Around the Great Recession of 2008, many millennials were becoming adults and expressed their dissatisfaction with the status quo through movements such as Occupy Wall Street. At that time, an increase in distrust of banks could also be observed. Why? In my experience, it is partly because there is a perception that banks profit from the status quo.
The opportunity for companies lies in innovations that eliminate unnecessary latency, inefficiencies, costs, processes and procedures, error resolution, data corruption and security attacks. The results of these innovations could include restored confidence, which would be an advantage for both financial institutions and their clients.
Over the last ten years, I have noticed that the financial sector has witnessed a giant pivot from traditional banking methods to applications driven by financial technology. Millennials, with Gen Z at their heels, could become the dominant economic power in the medium term – Pew reported that the number of adults is likely to be more numerous than baby boomers in 2019. They are thinking differently about how they bank. In a world where financial institutions are competing with innovations where you can order a ride or takeout at the touch of a button, they have to think about how to make financial solutions available just as quickly.
While the $ 200 billion cryptocurrency market catapults us technologically light years into the future, there is still work to be done. For example, large banks, brokers, securities companies, clearing companies, money transmitters and so on, seem to be in the early stages of exploiting the power of blockchain technology, distributed ledger technology (DLT), smart contracts, artificial intelligence, machine learning and other technologies to change the future and security of money.
Blockchain In Insurance
One of the areas where innovators can start thinking about the use of technologies like blockchain would be in the insurance industry, as noted above, to create reliable records, expand payment infrastructure, offer microinsurance, automate contracts and payments and evaluate requests. The advantage would be increased customer confidence, speed and ability to drive and save costs at the operational level. At the end of the day, it could also reduce fraud. (Look down.)
I think blockchain in insurance is much later in the idea than in reality. This is where innovators come in: exploit the power of this technology and bridge the gap between ideas and implementation.
Blockchain In Finance
Imagine the implementation of the blockchain in a system like Automated Clearing House (ACH) as a shared shared accounting technology that all banks could access. If that happens, it would basically become an interlaced – a protocol to link blockchains and ledgers – that could introduce immutable data and eliminate all latency.
Blockchain In Identity Protection
We have all heard of Equifax's equation and we know that identity verification is one of the biggest challenges we face globally. Now, imagine a world in which blockchain stores all your information. I think blockchain could not only store a person's ID in the future but it could also be an immutable solution that integrates a lot of information (like biometric data and addresses) into one system, which could make it more difficult to steal Identity of a person. This is one of the most powerful blockchain applications I see thinking of innovators.
The dark side of this, however, is that if someone understood how to intervene, it could be catastrophic. This is our great stranger.
Next steps
The most interesting aspect of the blockchain for me is the structure, which is different from the one we have experienced in the last 20 years with the explosion of the Internet. The single HTML standalone protocol was used to create the container that contained all websites on the Internet. It seemed thin as a protocol and heavy in applications. The blockchain is different from me; the blockchain has a thin protocol thickness at the application level, so it may require a re-engineering of the mentality to be implemented. I think we need to think about ways to innovate using blockchain because we are trained to build at the consumer level (application), while blockchain is all about creating protocols.
To adopt a blockchain mentality, imagine this: you move away from your LaFerrari and start running a machine to dig the tunnel. The blockchain does not concern the innovation of beauty; it's about building a balanced base that can change the world.
