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Future Small Business and Personal Applications Of Blockchain Technology

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Think of a future where all of your data is secure. You don’t have to worry about hackers or identity thieves running off with your personal data and ruining your life. You don’t even have to worry about remembering 50 different passwords that you have to keep changing every month.

Not only that, but imagine a world where when needed, your data is easy to share and transparent. Imagine being able to access and look at all of your medical records whenever or even manage your finances without a middle man.

You may be thinking that this seems like a dream world, but it actually might be a lot closer than you think. Blockchain technology has the potential to do all of this and more if implemented throughout the world’s economy in every industry. Already, large companies are jumping on board to take advantage of the many benefits of the technology. More and more small businesses are also starting to look into blockchain for work and personal use.

 

Identity Security

When many people think of blockchain, their first thought is of Bitcoin and the shadowy cryptocurrency marketplace. Although this is certainly where the technology got its start, numerous big companies became interested early because they recognized the potential power of blockchain.

The blockchain works by creating transaction “blocks” of information that get added to a “chain” of previous transactions; information is shared among a network of computers. If someone were to try to hack the information, they would have to chain not only the block they wanted to hack but also the blocks connected to it and so on in order to avoid detection. The records use cryptography and each transaction requires the personal key of participants that act as a digital signature for transactions.

Using blockchain would eliminate the need for all of the passwords and security questions that you’re required to remember to access all of your accounts. And it would still be more secure. Your information is encrypted and private only to you. Any new block that would be added to your account (say to deposit, extract, or transfer money) would have to be approved by you.

 

Managing Finances

One industry where the technology is really making waves is within personal finance. In fact, blockchain is really revolutionizing the entire banking industry as we speak (or read in your case). Some of the big ways blockchain will change the banking industry is though improved security, 24/7 transaction processing, and easier international purchasing without transaction fees.

When it comes to real life, tangible things that most of us use, think of your personal online banking. Over three-quarters of the U.S. population uses online banking in some form or another. Although all banks work hard to protect their reputations as safe and secure places for your money, there are a number of inherent risks of using online banking. First and foremost is the potential for a data breach or personal information hack.

Blockchain has the ability to completely protect all of your banking transactions without a high likelihood of these risks. As blockchain becomes more and more mainstream, some people have even discussed the possibility of a safe and secure cashless society. Countries like Sweden are already working towards these goals with blockchain being one of a couple of means of potentially securing all data and making a cashless society safe and successful.

 

Incorporating into Your Business

For those running small businesses or looking to start one, blockchain can be an important feature to incorporate into your long-term goals and small business financial planning. For one, the technology is safe and secure, which can help protect your hard-earned money and other important business information. Furthermore, incorporating it early can help you reach a broader market and keep up with many of the larger companies that are already starting to innovate.

Setting up things like smart contracts for your small business in a blockchain system can help relieve some of the struggles that come with cash flow by streamlining the process to make sure there is always enough money in the coffers. Blockchain ledgers are hard to argue with and easy to enforce, which can remove the middle man in the process of money transfers and questions about when certain funds will be released for use.

Along with big data, blockchain can also put more information into the hands of small business owners which can ultimately lead to greater profits. Big data provides a lot of potential benefits, especially when it comes to marketing and understanding customer purchasing preferences. But it can be expensive and out of the price range of many smaller companies. Some blockchain services can incorporate big data and allow you to get two services for the price of one as well as cut out the software and data experts that come at a heavy price.

Conclusion

Blockchain technology may seem a little far-fetched and distant for now, but it is quickly becoming mainstream. Within the world of business and finance, we can already see major companies incorporating it to improve transaction speed and security. Small businesses can greatly benefit from incorporating blockchain into their business models sooner rather than later.

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CFC launches groundbreaking carbon delivery insurance policy

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Innovative new approach aimed to protect buyers and galvanise quality growth in the voluntary carbon market

LONDON, March 19, 2024 /PRNewswire/ — CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, has today announced its entry in the carbon insurance market with the launch of a groundbreaking new product.

CFC’s innovative new Carbon Delivery Insurance is the first to cover both the physical and political risks faced by businesses purchasing voluntary carbon credits on a forward basis. Carbon Delivery Insurance covers 100% of the purchaser’s investment for non-delivery of carbon credits.

And in another first, CFC has built a sophisticated underwriting model that rates the carbon project itself rather than the policyholder. This makes the product easy to buy, and negates the need for lengthy, complex application forms and protracted discussions that take weeks to result in a quote. Rather, CFC can deliver same day quoting and binding for a buyer purchasing from one of over 300 carbon projects and counting.

To understand the increasing demand among leading market participants for carbon insurance to help mitigate the risks of the voluntary carbon market (VCM), CFC surveyed over 500 companies actively involved in the market.

  • 75% of existing buyers are ‘very concerned’ about delivery shortfalls
  • 65% have experienced losses from non-delivery
  • 80% said they are very like to consider purchasing under-delivery insurance
  • 50% of non-buyers said they would be more inclined to purchase voluntary carbon credits if they could insure them against non-delivery risk

“Insurance is the mechanism by which all parties involved in the voluntary carbon market can collaborate in their decarbonisation projects with full accountability. By facilitating risk transfer, we believe that insurers can drive positive change while getting ahead in a market whose value could exceed $1 trillion by 2050,” said George Beattie, Head of Innovation at CFC. “The introduction of our Carbon Delivery Insurance product represents a further step forward by the industry to protect buyers and galvanise quality growth in this market, empowering market participants to overcome its inherent risks.”

In addition to launching Carbon Delivery Insurance through its traditional broker distribution channel, CFC has also partnered with IncubEx – a fast-growing carbon innovation platform at the cutting edge of the voluntary carbon market. The partnership aims to develop the insurance sector’s role in the market, deliver API-based distribution of CFC’s carbon insurance products within trading venues such as Incubex’ TVCM carbon trading platform, and facilitate introduction to specialist insurance brokers who will ultimately execute every deal.

Neil Eckert, Chairman at IncubEx, added: “IncubEx recognises the role that the insurance markets have to play to take the carbon markets to scale. We have been delighted to support insurers in the market, such as CFC, who demonstrate the willingness and leadership to develop new products which will either protect and scale investments in nature and biodiversity, or will support the removal of carbon to tackle climate risk. CFC has a strong track record of innovation, underwriting expertise and distribution partnerships and will be a very welcome addition to the industry’s offerings to take the carbon market to scale.”

“Following 12 months’ intensive research and consultation to ensure we’re delivering a product that provides the peace of mind that the voluntary carbon market is looking for, our Carbon Delivery Insurance proposition marks our first step into the multi-faceted carbon market,” added Beattie. “To facilitate investment and encourage liquidity across the voluntary carbon market, we already have a number of other products in development to meet the needs of different parts of the carbon value chain.”

CFC has produced an in-depth reportAn unmissable opportunity in the carbon market” providing further details on how the VCM works, the challenges it faces and why the insurance industry’s involvement is key to driving its growth and sustainability.

The report also includes full details of the results of CFC’s survey of 549 wholesalers, investors, corporate buyers and project developers spanning every industry in the UK, the US and Canada whose organisations already operate in the VCM.

Read more about CFC’s ground-breaking Carbon Delivery Insurance product here.

Watch this video to hear George Beattie talk more about the role of insurance in the voluntary carbon market alongside Incubex Managing Director, Ian Meadows.

About CFC

CFC is a specialist insurance provider, pioneer in emerging risk and market leader in cyber. Our global insurance platform uses cutting-edge technology and data science to deliver smarter, faster underwriting and protect customers from today’s most critical business risks.

Headquartered in London with offices in New York, San Francisco, Austin, Brussels and Brisbane, CFC has over 875 employees and is trusted by more than 150,000 businesses in 90 countries. Learn more at cfc.com and LinkedIn.

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oneZero and Finalto Asia boost Asia-Pacific liquidity for trading customers

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BOSTON, March 19, 2024 /PRNewswire/ — oneZero and Finalto Asia are extending their partnership to boost liquidity for trading customers in the Asia-Pacific region. The addition of the Equinix Tokyo data center to existing New York and London data centers marks a significant upgrade to the reach of Finalto’s oneZero curated liquidity offering that is available to Asia-Pacific customers.

Alex Mackinnon, CEO of Finalto Asia, highlighted the benefits for customers of the existing relationship with oneZero, which includes Finalto using oneZero’s Institutional Hub as a core component of its aggregation and pricing technology globally. Finalto already has access to the 250+ brokers and banks in the oneZero EcoSystem, and with the addition of the Equinix Tokyo data center, even more liquidity is accessible to the Asia-Pacific region. 

The oneZero Institutional Hub is a state-of-the-art modular trading solution designed to empower financial institutions and brokers with unparalleled access to multi-asset class liquidity, aggregation, price formation, distribution, risk management and credit management. Trading analytics that ensure intelligent performance are available via comprehensive trading GUIs on a robust SaaS platform that aggregates both custom-tailored streams from OTC liquidity providers and market data from listed venues. Low latency and a superior trading experience are also enjoyed by clients and their customers.

Alex Mackinnon praised the relationship with oneZero, emphasizing Finalto Asia’s commitment to enhancing the capabilities of financial professionals in the region.

We are excited to announce the expanded relationship with oneZero not only by using their Institutional Hub as a key component in our technology stack, but now by adding the Equinix TY3 data center to the LD4 and NY3 data centers,” said Alex. “This exemplifies our dedication to providing our customers with cutting-edge technology options in accessing our wide liquidity and product offerings via a seamless trading experience.”

Finalto Asia is confident that the launch of the oneZero Tokyo Hub will mark a significant milestone in the financial technology landscape, enabling customers to stay ahead of the curve and excel in their trading.

oneZero’s CEO and Co-Founder Andrew Ralich commented: “I am pleased to be cementing the fruitful partnership that Finalto and oneZero has shared globally. By leveraging our Institutional Hub, the addition of the Equinix Tokyo data center marks another distribution channel by which Finalto customers in the region will be able to access liquidity. Our strategic partnership caters not only to the liquidity needs of brokers and institutional clients in the region, but also to their desire for advanced and customizable functionality through an efficient and comprehensive solution.”

For more information about Finalto Asia please visit www.finalto.com/sg or email [email protected].

To learn more about oneZero, please visit www.onezero.com or email [email protected].

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USA Wealth Report 2024: America Remains the World’s Top Wealth Hub but Faces Uncertain Future

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LONDON, March 19, 2024 /PRNewswire/ — Despite serious concerns over the state of the union with a Biden–Trump presidential election rematch now underway, the USA remains the world’s undisputed leader in private wealth creation and accumulation. America accounts for 32% of global liquid investable wealth — a colossal USD 67 trillion, according to the 2024 USA Wealth Report published by global wealth advisory firm Henley & Partners. The USA is currently home to 37% of the world’s millionaires: some 5.5 million high-net-worth individuals (HNWIs) who hold over USD 1 million in liquid investable assets. This number has risen by an impressive 62% over the past decade, well ahead of the worldwide growth rate of 38%.

Although the USA’s GDP is similar to that of rival superpower China, America ranks way ahead when it comes to liquid wealth (which for the purposes of this report only includes listed company holdings, cash and debt-free residential property holdings). Likewise, wealth per capita and the number of super rich is also substantially higher stateside. The USA boasts 9,850 centi-millionaires versus China’s 2,352, and 788 billionaires versus China’s 305. While just over 862,000 millionaires live in China, its wealth per capita is only USD 18,800 compared to USD 201,500 in America, which ranks 6th globally after Monaco, Luxembourg, Switzerland, Australia, and Singapore.

Yet despite the USA’s affluence, Mehdi Kadiri, Head of North America at Henley & Partners, says record numbers of wealthy US-Americans are currently securing additional citizenships or alternative residence rights abroad. “US nationals are our single biggest cohort of applicants right now and they also outnumbered every other nationality last year. With political divisions and societal tensions at an all-time high, American investors, entrepreneurs, and wealthy families are increasingly hedging their bets and pursuing backup citizenship or residence abroad, signaling declining faith in the domestic outlook.”

Commenting in the 2024 USA Wealth Report, award-winning journalist and author Misha Glenny says although just under 2% of the world’s population have the right to decide who will be the next US president, their choice will have far-reaching consequences for the remaining 8 billion around the globe. “The USA remains the decisive economic power in the world but politically it has rarely appeared so unsure of itself. Despite its economic performance, the perception of ordinary voters ahead of November’s high-stakes election is one of stagnating living standards, rising debt levels, and a dangerously polarized society.”

America’s wealthiest and priciest cities

New York City continues to wear the crown as the wealthiest city in the USA (and the world) with 349,500 millionaires calling the Big Apple home (of which 744 are centi-millionaires and 60 are billionaires), followed by the Bay Area (305,700), Los Angeles (212,100), Chicago (120,500), and Houston (90,900). Dallas (68,600), Seattle (54,200), Boston (42,900), Miami (35,300), and Austin (32,700) all make it into this year’s Top 10, with Washington, D.C. in 11th place with 28,300 resident millionaires.

Looking at wealth growth over the past decade, Texas’s capital Austin has enjoyed the biggest leap, with a 110% increase in its millionaire population between 2013 and 2023. The Arizona desert city of Scottsdale and Florida’s Palm Beach and West Palm Beach have also proved to be millionaire magnets with increases of 102% and 93%, respectively. Greenwich and Darien on Connecticut’s affluent Gold Coast, and Northern California’s Bay Area, have sported wealth growth of over 80%, and Miami, Dallas, D.C., Seattle, and Houston have all seen their resident millionaires surge by over 70%. Andrew Amoils, Head of Research at New World Wealth says “future wealth hotspots to watch are Salt Lake City, Tampa, and Naples. Over the next decade, we can expect these cities to attract rising numbers of high-net-worth residents”.

When it comes to the most expensive real estate in America, New York again takes the lead with the average price per m2 of a ‘prime’ (200 to 400 m2) apartment in the city standing at an eye-watering USD 28,400. Next up is LA, where the plushiest pads fetch an average of USD 17,800 per m2, followed closely by Palm Beach (USD 17,500), Miami Beach (USD 17,200), and the Bay Area, where you can spend up to USD 15,500 per m2 for premium residential units in the most affluent locations.

In terms of private wealth outflows, Henley & Partners received the most enquiries from US citizens on record in 2023 (with an increase of 500% over the past five years), making them the highest ranked nationality worldwide when it comes to applying for residence and citizenship by investment programs. To meet demand, the firm has opened offices in Chicago, Dallas, Los Angeles, Miami, New York City, and San Francisco.

Read the Full Press Release

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