Cryptocurrencies are changing the way people and companies do business
July 6, 2018 – Blockchain and cryptocurrencies saw unprecedented growth in 2017. Due to more individuals taking interest in blockchain and its rapid rise in mainstream culture, cryptocurrencies became a trending topic that won’t go away. Blockchain is disrupting financial markets in a way that has never been seen before. Many investors, companies, and individuals now want to get in on blockchain.
According to blockchain expert Robin Trehan, a partner at Credit Capital Funding, he believes the growing system of using e-payments and cryptocurrencies will revolutionize the business world.
“Blockchain technology is capable of revolutionizing the business world by eliminating powerful intermediaries in business transactions,” Trehan said. “In other words, blockchain technology offers decentralization of data unlike the traditional banking systems that prefer centralization of transaction data. On a blockchain network all users can see all the legitimate transactions that have been taking place in such a network.”
Yet, blockchain still has a long way to go for full mainstream acceptance. Trehan believes the traditional model has to adopt blockchain and be a part of it. By doing this, banks will not only increase blockchain’s popularity, but it will allow themselves to be relevant within the new technology.
“Banks can adopt blockchain tech and reduce their operational costs, thus pass on the saving to the customers,” Trehan explained. “Banks can also become a safe place for customers to save and deposit their cryptocurrency investments. Kind of like a safe deposit box.”
It is not just finance that blockchain is revolutionizing. Supply chains, manufacturing, pharmaceuticals, property rights, and more industries can benefit from blockchain. Its transparent capabilities can radically affect how businesses work in a positive way.
One way that it is changing the world currently is through ICOs. Companies are designing their own cryptocurrencies and raising millions of dollars in ICO campaigns. The raising of capital is launching new projects within the blockchain sphere. Companies and individuals no longer need a banking institution to back their projects as savvy investors are jumping on board the blockchain train.
“There is no need to knock on a bank’s door to underwrite,” Trehan said. “Companies can go directly to market with an ICO. I have friends who are coming up with fantastic ideas to serve different business sectors. They have great ideas and no need for bankers.”
According to Trehan, the new technology is changing the way business is being done despite the resistance of the banking system. However, banking systems and blockchain can benefit each other, and customers, if the two parties can work together.
“Large banks are worried and it is understandable,” Trehan said. “They have a large amount invested in the current banking system. Some banks will be on the forefront and start offering services in the crypto marketplace. These banks will benefit from adopting the tech.”
Blockchain’s growing capabilities makes it the future of banking. It is already revolutionizing business practices and the mainstream has accepted blockchain as a growing trend.
About Robin Trehan:
Robin Trehan is a Business Consultant and Blockchain at Credit Capital Funding in Chicago, Illinois. A graduate of Grenoble Ecole de Management, Trehan is an expert on a diverse set of banking topics including blockchain, e-payments, crypto and commercial banking
Contact: Robin Trehan
Company: Credit Capital Funding