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Practical use of the blockchain

01/11/2019
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  • blockchain_finance
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Despite the fall in the price of cryptocurrency, the blockchain technology is becoming more common. Over the past year, investments in German Fintech companies alone grew by 55% and reached $ 1.3 billion. Large companies are not far behind progress. For example, Santander has been using Ripple One Pay FX for financial operations for two years now. And Samsung has registered a trademark of its cryptocurrency wallet.

Blockchain and Finance

Of course, most often new technologies began to be applied in the financial industry. And now here the clear leader is Ripple. It is its team that has relied on the development of a prompt payment system. Several dozen large financial organizations are already actively using this system.

Against this background, quite interesting was the opinion of the representative of the Spanish bank Santander. It was one of the first to use the Ripple One Pay FX application and now can share an objective assessment of the quality of its work. Bank executive director Ana Botin said during this time:

  • there was not a single major technological failure;
  • transaction speed far exceeds traditional methods;
  • every second client switched to new technologies.

Technology has proven itself so successfully that Santander decided to take a new step. Now work is underway to upgrade the system. As a result, even individuals who do not have a bank account will receive the service.

It is noteworthy that other financial companies have become interested in payment technologies. So, Exim Bank from London will also use the Ripple practices. This credit institution specializes in export operations. Therefore, for its customers, it is important to quickly make payments with minimal commissions.

Most recently, the British agency Marketforce LIVE conducted a survey of representatives of the finance industry. It was found out that 59% of them are sure that the new services will force out the traditional representatives of financial services. And 79% of respondents consider Fintech companies more attractive than banks in terms of investment.

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