Bitcoin and cryptocurrency has forever changed how the financial industry will operate. The finance industry currently requires a middle man in every transaction. The cryptocurrency innovation has helped revolutionize this practice by removing the bank from the process. Recently, Bitcoin reached another pivotal moment in its history; the fork. The recent interest in Bitcoin after the fork event has created more interest.
The need to transfer funds across borders has risen considerably over the last few decades. Scores of businesses pay suppliers and employees from other countries and several receive payments from international customers. Migrants require the services of the remittance industry on an ongoing basis, and their numbers continue to swell. Fortunately, advancements in technology have ensured that making international fund transfers is no longer expensive, time consuming, or bothersome.
The World Economic Forum and the International Finance Corporation (IFC), the private sector arm of the World Bank Group, have partnered to bring together 100 Arab start-ups that are shaping the Fourth Industrial Revolution. The start-ups were selected in collaboration with leading experts and successful entrepreneurs operating in the region.
PayStand, the next generation B2B payment and billing company, is leveraging the blockchain in a completely new way for enterprise payments. PayStand customers can now certify and notarize payments (from request to receipt) on the blockchain, ensuring the history of payments is secure, independently verifiable, and free of tampering.
Blockchain is a distributed ledger that is broadly discussed as a technology with huge innovation potential in all areas of financial services. To date, it is largely in the banking arena where blockchain use cases have been identified.
Using a venture capital approach – investing in companies with short track records but long-term growth possibilities – the United Nations Children’s Fund announced today the first five emerging market start-ups to which it will provide seed money to source solutions for issues like transportation, wearable technology, finance, and personal data.