Home Blockchain Blockchain seems to be supporting the fintech sector

Blockchain seems to be supporting the fintech sector

Blockchain seems to be supporting the fintech sector

According to a digital ledger platform, more financial institutions should leverage blockchain technology to improve service offerings for customers who have become more digitally savvy as part of the shift to online platforms.

Tetrix Network CEO and co-founder Emman Navalan in an interview with the Inquirer said the local financial services industry has been following trends that could make the customer experience more seamless.

“Many major overseas financial institutions have embraced international payments with blockchain technology, which saves time and money,” he said.

“Consumers can also use blockchain money transfers to make electronic transfers with mobile devices, bypassing the cumbersome process of visiting a money transfer center, waiting in line, and paying a fee for a transaction” , he added, which is seen boosting financial technology (fintech).

Navalan likened blockchain to “distributed copies of physical accounting books or notebooks containing records of data or transactions that cannot be erased, tracking all changes on all copies at the same time.” He explained that this technology highlights trust between users, as any suspicious changes made to the registry will be flagged, corrected and validated accordingly.

Besides money transfers, Navalan cited cryptocurrency offering as another financial service that could be enabled by blockchain technology.

“The crypto ecosystem has grown significantly over the past few years, and there is now a higher demand for building high-throughput applications on low-cost blockchains, such as games, marketplaces NFT (non-fungible tokens) and media applications,” he said.

Gain traction

Digital assets that are traded like stocks, including cryptocurrency and NFTs, have gained traction in the country following the rise of popular blockchain-based game Axie Infinity.

In fact, Navalan has observed that fintech players are starting to offer cryptocurrency trading on their platform. Another financial institution also earlier announced plans to develop a platform to turn works of art into NFT tiles that can also be traded.

Navalan said the country has stepped up efforts to provide more digital financial services, but more needs to be done.

“Blockchain technology can support and bridge the gap when used alongside existing efforts, but we need to start educating ourselves and consumers because many people are afraid of any technology they don’t fully understand. “, he added. INQ

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