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One of the biggest issues facing the international business community is finance. As massive financial transactions are conducted across borders and payments are sent to secure new products and services, issues invariably arise as a result of conventional banking practices. Payments can be delayed for weeks, transaction fees are outrageously expensive and changes in currency conversion rates can make the amount sent greater than the amount actually received. Digital currency has the ability to resolve all of these issues instantly, and the recently-held CoinGeek London conference showed how conventional financial institutions are warming up to the idea.
During the conference, which took place this past February, an expert panel was held that included Eli Efram of Layer 2 Technologies and Andrew Baxter of Tokenized. It also brought on stage Masumi Hamahira, of Islamic banking institution MUFG Bank and Holger Vogel of Switzerland-based Basler Kantonalbank, a financial institution that has been around for over 100 years. Both Hamahira and Vogel are confident that digital currency can change the financial space for the better, and Bitcoin SV’s (BSV) unlimited transaction capabilities make it the best option. The removal of the cap on block sizes through the Genesis upgrade made it possible for massive scaling on the BSV blockchain and, despite some previous arguments, hasn’t led to the disintegration of the network. It is also the only solution that is working to exist within financial compliance frameworks.
Following their on-stage appearances, CoinGeek’s Hannah Jackson was able to spend a few minutes talking to each of the four panelists. As Efram pointed out, this is an exciting time to be involved in blockchain and digital currency, as Satoshi’s vision of offering a truly transparent ledger is going to revolutionize the banking industry. It will give financial regulators all of the capabilities they have sought with traditional rules and regulations, but which fell short. Now that the Genesis upgrade is in place, the BSV protocol is “locked in stone” and can finally grow as a stable platform, something most other blockchain solutions have ignored.
Baxter discussed the upcoming Tokenized Financial System, which will offer everything that existing financial systems expect. All onboarding is conducted only with strict know-your-customer and anti-money-laundering controls, just like conventional banking, and, because the ledger is transparent, all transactions are safe and traceable.
Hamahira is really excited about the opportunities the BSV blockchain can bring to the world. Historically, every industry has evolved in a systematic fashion, but banking has remained behind the times in a lot of ways. Hamahira is convinced that it is now time for banks to update the industry, and that BSV is going to help with that process. In his experience, cash is king – king for tax avoidance, money laundering and other illicit activity. However, BSV is going to help turn the financial system around for the better.
Vogel and Basler Kantonalbank are rolling out a new service that isn’t a response to the rise in attention to digital currencies. Instead, as one of the most mature banks in the world, the upcoming blockchain custody solution is being introduced because the financial institution’s customers have asked for it. The bank has large, major clients that want the solution to be made available as digital currency adoption continues to expand, and the bank is answering that call. The platform will be introduced next year, and is going to be compliant with all existing financial regulations.
Finance as we know it is changing, and it’s changing at a rapid pace because of blockchain technology. A great number of advances have been made in just the past few years, and what still lies ahead is going to further drive blockchain adoption on unprecedented levels.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
