Positive Impact of Cryptocurrencies on the Banking Industry

The financial system is one of the most dynamic industries today. Banking institutions stand as the legitimate bodies responsible for distributing money and controlling its circulation in the economy in conjunction with central banks. Individuals globally rely on banks for a long time to provide financial services that suit everyone's needs.  However, despite being the market's authorized financial bodies, banks and other financial institutions still encounter major challenges that make them lag. Introducing cryptocurrencies to the banking sector guarantees massive…

Can AI Out-space Cryptocurrencies in Banking Service Provision?

The banking sector is one of the biggest industries in the world. For instance, in the second quarter of 2020, the global banking industry's market cap was 5.3 trillion Euros. However, due to the regulation, scalability, and security issues, the sector can still not bank over 1.7 billion adults globally. A big reason for this lag was the reluctance of the traditional banking landscape to update their systems.  Fortunately, the upsurge of fintech companies provided the competition that spurned technological advancement…

Top 5 Industries to Be Disrupted by Blockchain and Cryptocurrencies

The Advent of Distributed Technology In this day and age, the advent of distributed technologies like Blockchain has thoroughly shaken the world. Not just the Finance sector, but other areas such as Property, Advertising, and Governance, among others, are expected to be affected. By promising to remove intermediaries, Blockchain has set off to change the Global Infrastructure as we know it. For now, we use blockchain technology to store and share information across a network of users in an open…

BaFin Officially Classifies Crypto as a Financial Instrument

The Federal Financial Supervisory Authority (BaFin) recently published guidelines under which crypto is a financial instrument. Regarding a press release on March 2, BaFin described crypto as a digital representation of value that is not issued or guaranteed by any central bank or authority. He added that the currency established by law does not tie cryptocurrencies. Hence, they do not have the legal status of currency or money. However, BaFin treats crypto as a medium of exchange accepted by individuals…

DIFC Joins Mashreq to Launch Instant Bank Account Opening Through KYC Blockchain

Two major UAE banks, Dubai International Financial Centre (DIFC), and Mashreq Bank announced the launch of a new blockchain data-sharing platform. This announcement was made on the 1st of March 2020, offering a new platform that allows for the instant opening of digital bank accounts. Licensed businesses and corporations will have to verify their identities through an internal blockchain platform. This platform has gone live, open to all corporates and banks based in the UAE. Increased Change and Simplification Signifying…