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January 29, 2019, 09:24:00 PM |
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Many of these consortiums serve as a kind of financial international space station. All participants know that there are advantages to joint exploration and shared costs, but there is also competition at play in a still unexplored environment.Over 40 industry consortiums, mostly in the financial arena, are actively exploring blockchain use cases, developing rules and standards, and creating platforms for a range of financial activities including cross-border payments, asset management, and trading.A number of financial institutions are sharing the exploratory heavy lifting by funding or joining partnerships to chase and deploy opportunities for individual and joint cost savings, such as with lower inter-bank settlement fees.If individuals and institutions can transact directly at a significantly lower cost due to the removal of exchange middlemen, then there is less of a need for traditional banks and other controllers of the money game. Digital currencies and blockchain platforms are by nature in the business of putting financial overlords out of business. PAX Pago is aiming to achieve a Payment Platform that is able to fulfill all recognized monetary challenges that include being base unit of account and medium of exchange for the purpose of empowering Smart Countries.
Further expectations will prove central to the development of a host of core elements of the overall distributed ecosystem, whether prediction markets, lending facilities, and insurance vehicles, in addition to a variety of other dApps, only reinforces this sense of anticipation and possibility.
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