Fintechs have leveraged the power of blockchain technology not just to create cryptocurrencies but also developed applications to use the other elements of immutability for smart contracts, proof of ownership, authentication and intellectual property management
Blockchain technology has captured the imagination of the financial world due to its association with cryptocurrencies (especially Bitcoin) and the promise of instant, secure transactions at very low cost. However, there is increasing interest in the blockchain technology itself rather than the cryptocurrencies it enables. The elements of blockchain technology, particularly its immutability, has lent itself to other applications where this property is crucial, viz. contracts and proof of ownership
Financial services companies are beginning to recognise that non-payment transactions are also expensive due to either the volume of transactions, the use of human intervention or the introduction of errors and its subsequent rework. Fintechs have exploited these blockchain properties and developed applications that range from authentication to intellectual property management
- Blockchain technology for settlement using a generic register for ownership
- Uses smart contract blockchain technology to automate various property management tasks
- Authenticating, tracking and securing physical items using the block chain
- A blockchain solution to ensure process of product or service, authenticity.
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- A blockchain solution which is specifically designed for intellectual property management and which can be adapted for other use-cases
- Blockchain-based identity management.
- Contact Terence Singh for specifics about any of the solutions mentioned above
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More on Matchi: Matchi is a global fintech innovation match-making firm, since 2013. Matchi has worked with over 100 leading banks and insurance companies (FIs) around the world, and has a database of over 2,500 fintech firms. Matchi provides both a highly curated portal of fintech solutions, as well as bespoke projects for FI clients to source targeted fintech solutions aimed at the FIs focus areas / pain points. The global Matchi team has run Innovation Challenges and Market Scans for multiple FIs around the world, in markets as diverse as Canada, Japan and India, as well as searches in other geographies.