The blockchain-based technological innovation, which brought and supports cryptocurrencies is reshaping numerous modern industries, but the one which stands to be mostly enhanced looks to be financial services.
It’s all too easy to see why as well – no more do third-party intermediaries elevate transactions costs or hinder payment processing. At the same time the inherent qualities of decentralization and the lack of need for trust in blockchain-based networks makes cryptocurrencies one of, if not the most promising technological advancements, surely in this decade.
The concept decentralized exchange of value is something visionaries pondered on, but it wasn’t until 2009 when the first cryptocurrency emerged – Bitcoin. In essence all cryptos are similar in that they allow for instant, cross-border, both micro and macro payments or exchange of value – the easiest way to think of them is what Internet did in the 90’s with the ability to access and exchang information, but now we’re talking about value.
The way blockchain technology works is to record and store data on mutually agreed transactions and all details, visible for everyone and immune to manipulation. This is because all information is stored in blocks of computer memory (hence the name) – the simplest way to understand is imagining a notebook where payments between person A and B, and so on are registered on each line. In this logic a block will be a page, so when one is filled, the next is started, keeping infinite track of all transactions ever. For a block to be closed the whole participating network will need to approve it – that’s why no one can ever manipulate the blockchain, since all participating parties will be able to recognize fraudulent activity.
An ingenious technological solution as this requires and equally smart method of creating blockchain networks and their supporting currencies, so welcome to Initial Coin Offerings (ICOs). This allows a supporting community of individual investors and interested persons to pool traditional money together, backing a project and a new cryptocurrency altogether, purely online.
One of the latest and more successful ICOs gave birth to a highly-promising project in financial services – the
CrowdWiz platform.
The concept behind
CrowdWizis to liberate investing and financial services, by giving full investment control back to actual backers, who use a blockchain-based voting process to decide on and execute investments. Two heads are better than one is common refrain, but
CrowdWiztakes it to the next level, by fully utilizing the Wisdom of the Crowd. The proprietary Wiz token cryptocurrency allows you to have your say and decide how and where to invest – this solution frees individuals from hefty commissions from investment brokers and the like! Sounds like having your cake and eating it!
