Author

Apurv Gupta

Published

26 June 2026

Estimated Read time

6Mins

Apurv Gupta, Head of Financial Services Industry at independent management and technology consultancy, BearingPoint, explains that while insurers have modernised underwriting and pricing, broker management remains manual – but must react to the impact of AI solutions

The UK insurance industry has made significant strides in modernising almost every function it touches. From actuarial pricing and underwriting analytics to claims handling and customer engagement, through data and, increasingly, AI. Distribution, however, hasn’t had the same focus. This is not through a lack of ambition. But rather a longstanding assumption that because broker management is fundamentally a relationship business, the only way to change it is to continually focus on those relationships.

That assumption deserves revisiting. In a world increasingly shaped by AI, insurers with the most up-to-date intelligence on their brokers, including insights into how and when to engage with them, will be best placed to capture a disproportionate share of broker-led business. By combining information from multiple sources, these insurers can take a more informed and targeted approach to distribution.

The signals from the UK market are worth paying attention to. A landscape where 83.5% of commercial premium is broker-led. The broker channel intermediates £10.8bn in commissionable revenue (growing 9.4% YoY in 2025). Meaning insurers’ addressable distribution pool is potentially expanding faster than their ability to manage it. This suggests that a more proactive, data-informed approach is not just advantageous, it is becoming essential.

Insurers Are Relying on Historic Data, Intuition, and Inconsistent Strategies

Across the UK market, distribution leaders often don’t have a clear view of which of their top 50 brokers are likely to grow their portfolios in the next 12 months. Or where their biggest opportunities lie. Equally, assessments of which brokers are at risk of moving business to competitors tend to rely on anecdote rather than evidence.

The issue isn’t that insurers lack data — it’s that their broker intelligence is fragmented, inconsistent and disconnected from outcomes. As a result, growth and retention decisions are driven by intuition or the history of the relationship.

The consequences are predictable and measurable. CRM systems log activity, not insight. They record that a key account manager visited a broker; they do not tell you whether that visit changed anything. What insurers need is a single, structured, real-time view of broker performance, pipeline and engagement — enabling truly data-led distribution management.

What broker management capabilities exist in the UK Insurance Market today?

The UK insurance market is already looking toward the next generation of broker distribution, and the direction is clear. Insurers are investing in fully integrated Broker Relationship Management platforms. Here, underwriting is natively connected to distribution, enabling real-time policy updates to flow to brokers without manual intervention. Alongside this, momentum is building behind dedicated broker portals offering a single window onto a broker’s entire book. Visibility of every in-force policy, the ability to raise new cases, and self-serve access to commission statements and bespoke deals.

Broker marketing is also emerging as a strategic priority. Broker Distribution Managers are increasingly seeking the ability to run targeted, locally tailored campaigns for their own broker cohorts, rather than relying on generic global activity. And looking further ahead, insurers are exploring white-labelled distribution propositions. These allow brokers to sell policies under their own brand. A model that deepens broker loyalty while extending the insurer’s reach into segments it could not otherwise serve directly.

The competitive benchmark for these capabilities is already being set. In 2025, Aviva was rated the top UK insurer by brokers in 10 of 12 service categories. Including e-trading, extranet capabilities, and underwriting flexibility. The distance between the leader and the median across these categories is substantial. And it represents a measurable, addressable gap for any insurer willing to invest.

The softening market is sharpening the urgency. Insurance Times’ survey of 850 UKGI brokers identified softening market conditions — defined by rising supply, intensifying competition, and downward pressure on premium — as the number one concern for 2025, particularly among larger brokers with GWP above £10m. As pricing power erodes, brokers have greater choice of capacity, and the basis on which they allocate business shifts accordingly.

This trajectory signals a structural shift insurers must plan for now. As cost pressures push pricing toward a practical floor, insurance will increasingly look like a commodity to brokers. The winners won’t be those competing hardest on price, but those competing most effectively on distribution capability and engagement — making proposition differentiators clear and delivering everyday value-add services that materially ease brokers’ working lives.

How is AI changing the Broker Distribution landscape?

The scale of the AI opportunity in insurance is now well-quantified. One recent study estimated that Generative AI could unlock $50–70bn in incremental global insurance revenue, with distribution intelligence ranked among the highest-value application domains. UK carriers are already demonstrating what disciplined deployment looks like in practice. Aviva has put more than 80 AI models into production across its claims function, delivering over £60 million in savings in 2024 alone and reducing liability assessment times by 23 days. Vitality, meanwhile, has announced a strategic partnership with Google to build Vitality AI — an initiative that will extend beyond its core insurance operations to revitalise its broker distribution capability.[N(1] [N(2] [AG3] 

Broker Management Use Cases

Broker management is ready to evolve from an operational function into a strategic growth capability where the use cases are both numerous and immediately actionable.

  • Prioritised opportunity lists for Business Development Managers (BDMs). AI can continuously rank live opportunities by likelihood-to-win and commercial value, so BDMs approach every broker conversation with a clear, evidence-based agenda rather than relying on memory or intuition.
  • Automated broker pack generation. Pre-meeting broker packs — covering portfolio performance, recent activity, share-of-wallet trends, and talking points — can be generated automatically in minutes, replacing hours of manual preparation.
  • Meeting management. AI can handle scheduling, note-taking, and follow-up actions, freeing BDMs to invest the majority of their time in the person-to-person relationship building that ultimately drives placements.
  • Continuous market sensing. AI agents can scan industry news daily and push real-time alerts into the Broker Relationship Management (BRM) platform — flagging broker consolidations, divestments, leadership moves, and emergent opportunities — ensuring insurers stay ahead of structural market changes without manual effort.
  • Smarter broker segmentation. AI can construct dynamic broker segments based on behaviour, portfolio mix, and engagement signals, ensuring the right message reaches the right broker at the right moment.
  • Next Best Action. AI can analyse broker portfolios, pipeline activity, and relationship data, and surface actions such as which broker to engage, which opportunity to prioritise, where cross-sell opportunities exist, and what risks exist in the pipeline.

The shift that AI offers within broker marketing is significant. In an era of pervasive personalisation, broker marketing should be approached with the same hyper-personalised, behaviour-driven discipline that B2C marketing already demands. Winning a broker’s attention — and, more importantly, holding it — requires content that is timely, relevant, and tailored to that individual’s interests and current commercial priorities. AI makes this practical at scale, monitoring broker engagement patterns across digital touchpoints and using those signals to surface the most relevant content through the broker portal, email channels, and BDM conversations.

The Time for Incremental Improvement is Over

Broker management is not lagging because the industry lacks ideas, use cases, or technology. It is lagging because it has not yet been treated as a priority.

Insurers that intend to lead in broker distribution need to make a deliberate shift now:

  • Elevate broker management from a support function to a board-level growth agenda
  • Assign clear ownership for broker intelligence and decisioning
  • Commit to building (or buying) a system (like BrokerVue8) that actively tells teams what to do next — not just what has already happened

Because that is ultimately the dividing line.

Not between insurers who “use AI” and those who don’t — but between those whose distribution teams operate with direction, and those who continue to operate on best guess.

And in a market where brokers decide where business flows, that difference will not remain invisible for long.

Learn more at bearingpoint.com

  • Blockchain & Crypto
  • InsurTech

Author

Adnan Patka

Published

21 May 2026

Estimated Read time

5Mins

Adnan Patka, Enterprise Manager – Blockchain, AI and Web3 at OVHcloud, on why the convergence of blockchain and AI heralds a brighter future for both

Anthropic’s Mythos team recently assessed various LLM technologies, scoring ChatGPT against Gemini, Grok, Claude and others. The metrics included trustworthiness, but also user deception, sycophancy, encouragement of user delusion and co-operation with human misuse.

Clearly, there’s no doubt that AI can be an enormously positive transformational force: the development of AlphaFold, whose founders won the Nobel Prize, showed us that very clearly. But when AI is being assessed for encouraging ‘user delusion’, it’s clear that it still has a PR problem.

In fact, AI has more than just a PR problem: research from McKinsey highlighted that although almost two thirds (64%) of decision-makers reported that AI was accelerating innovation within their organisation, less than half (39%) could actually report positive financial impact on the business as a result.

The AI Trust Gap

AI doesn’t exist in a vacuum, and the interplay of AI with other technologies is beginning to come into focus. We see that blockchain has great potential to complement AI, providing the transparency and trustworthiness that it needs. In a recent study of Web3 professionals, almost three-quarters (70%) said that blockchain had the potential to fill AI’s trust gaps.

But where else are these issues coming from?

It’s overly glib to say that people and businesses don’t always trust AI. What our research told us was that 32% of Web3 experts believe that privacy is AI’s main challenge. Historically, AI systems have been shown to be biased, and data has often been collected by AI systems for training or other uses – sometimes without user permission. One in seven (14%) of the study also reported that they believed AI needed more transparency to be trustworthy.

Blockchain’s Potential for Supporting AI

Blockchain is well-placed to help tackle these issues. Blockchain was originally created as a database with clear traceable links between items, without the need for a single governing authority.

For example, consider an AI system which optimises food supply chains, allowing a supermarket to maintain lower prices. In an environment where people may distrust AI, they may suspect that the system is simply buying lower-quality stock and shipping it more affordably, potentially meaning shorter shelf-lives and less tasty tomatoes! However, blockchain systems can help to track the provenance of these items, proving where the tomatoes were grown, when, by who, and the subsequent shipping and treatment of them, all in a publicly accessible ledger.

Blockchain systems also automatically check the validity of transactions and link them together in a way that makes fraud very difficult. Changing one transaction generally requires changing the entire ‘course of history’ or having significant control (specifically, controlling over half of the nodes) of an entire blockchain, which is usually unfeasible in most large, public blockchains today. 

Delivering Benefits with Blockchain

There are also a number of cases where blockchain can bring functionality benefits to AI systems. For example, as we saw, privacy is a significant concern for AI users, but blockchain systems are able to authenticate securely without exposing user credentials, through self-sovereign identity. This is especially useful where AI systems need to interface with other tools that might not be as trustworthy as the core system.

Blockchain principles can also support data exchange in federated learning systems, where data is shared between different machine learning platforms. Blockchain can establish the validity of this data while still preserving its integrity and user privacy. This means that AI can be trained on data that is consistent and robust – without breaking trust.

There are a huge number of applications for this kind of technology, but unfortunately, it’s not all plain sailing.

Blockchain’s Challenges

The industry is undergoing a huge change today. Interest in stablecoins – a crypto asset which is attached to the value of a more stable asset like a traditional (fiat) currency or other physical commodity – has quadrupled since October 2025. Large, well-established organisations are considering what private and public blockchains can do for them, which could ultimately have a positive and stabilising impact on the regular bear and bull cycle that the crypto market experiences.

However, some more negative parts of blockchain’s legacy persist. Almost two thirds (61%) of our research sample said that concerns about blockchain’s credibility were having an impact on its integration into the enterprise ecosystem. This includes blockchain’s links with the more unsavoury side of cryptocurrency, including cybercriminal activity. Over half (54%) simply said that there wasn’t enough understanding about blockchain’s capabilities and what it could really do, holding IT decision-makers back from making the most of it.

At the same time, this isn’t a one-way street. AI’s capabilities – in particular, automated, agentic AI – can carry out blockchain activities without needing user input. For example, AI can issue transactions or analyse data and summarise it for monitoring systems. There is tremendous potential for AI to support many different parts of the blockchain ecosystem, summarising trends, automatically carrying out tasks, or executing smart contracts without human intervention.

A Mutually Beneficial Relationship

Blockchain and AI have enormous potential to support each other. There are some organisations already starting to integrate blockchain into AI and vice versa, but it will still be a number of years before the relationship is mature. That said, two-thirds of the Web3 experts we surveyed (67%) believed that it’d take roughly one to four years, with only eight percent saying that it might take five to six years.

Indeed, given the enormous benefits that blockchain can bring to AI, not to mention the rapidly increasing acceptance of blockchain technologies across the financial sector in particular, the convergence of these two technologies is almost inevitable. If we can push past the challenges, the future is bright for both blockchain and AI.

Learn more at ovhcloud.com

  • Artificial Intelligence in FinTech
  • Blockchain & Crypto
  • Data & AI
  • Digital Strategy

Author

Brian Gaynor

Published

20 May 2026

Estimated Read time

5Mins

Brian Gaynor, European Chief Executive at BlueSnap, on why the future of European payments sovereignty may ultimately lie in fundamentally reshaping the terms under which existing networks operate

The recent move by UK bank bosses to explore alternatives to Visa and Mastercard has reignited a long-running debate about payments sovereignty in Europe. At its core, the initiative represents a recognition that the continent’s financial infrastructure is overly dependent on two US-controlled networks, a vulnerability that carries both economic and geopolitical risk.

The strategic logic is sound. Across Europe, governments are increasingly scrutinising their dependence on American technology and infrastructure. From enterprise software to cloud services, the push to develop sovereign capabilities is gaining real momentum, exemplified by moves such as the German state of Schleswig-Holstein’s decision to phase out Microsoft 365 in favour of open-source alternatives. It was only a matter of time before payments, arguably one of the most critical layers of economic infrastructure, came under the same lens.

As the world’s two dominant payment processing networks, Visa and Mastercard exert enormous influence over global commerce. For the UK and Europe, that level of concentration raises legitimate concerns about market control, pricing power, and the strategic vulnerability of relying on infrastructure governed from abroad. Financial institutions and regulators are right to take these concerns seriously and to explore what alternatives might look like.

But recognising the problem is one thing. Solving it is quite another. The difference between payments and other areas of technology is fundamental, and in its current form, Europe’s bid for greater payments autonomy faces formidable obstacles. Obstacles that no amount of political will alone can overcome.

Beyond a technology problem

Payments are fundamentally different from other areas of technology. Unlike enterprise software, there is no straightforward ‘open source’ equivalent waiting in the wings. Building a viable alternative to global card schemes is not just a technical undertaking; it requires merchants, consumers, and banks to adopt it simultaneously.

To date, the most credible European initiative aimed at reducing US dependency has been Wero, a unified European account-to-account digital wallet and instant payment system which is being rolled out across the region. However, it remains limited in scope. It is not yet available across the entire EU, has only recently begun supporting eCommerce payments, and does not yet offer key capabilities, such as Near Field Communication (NFC). 

Interoperability with other local schemes is planned, but meaningful traction will take time and will likely require sustained government backing. Even then, success is far from guaranteed.

The adoption paradox

The fundamental issue is adoption. For any new payment system to succeed, it must achieve simultaneous scale among consumers and merchants. Without a sufficiently large number of users on both sides, any new payment scheme will struggle to compete. Consumers and merchants in the UK and Europe are deeply accustomed to card payments, and there is little incentive to switch unless the alternative offers a significantly better experience. At present, it is not evident that this is forthcoming – card acceptance is deeply embedded, secure and cost-effective, making it a difficult incumbent to displace. Indeed, previous regulatory interventions limiting interchange fees in Europe have made card processing extremely cost-effective and removed a typical entry point for a challenger to win on price. 

Comparisons to systems like Unified Payments Interface (UPI) in India or Pix in Brazil are often cited, but they are misleading. In both cases, adoption was driven by the shift away from cash rather than by the displacement of well-established card networks. In both countries, card penetration was much lower than it is in the UK and Europe. By contrast, the UK and Europe already have highly mature card ecosystems, making behavioural change far more difficult.

Pragmatism over ambition

Instead of pursuing outright replacement, businesses should prioritise building resilience. Governments are already advising citizens to keep cash on hand for emergencies, highlighting concerns about systemic vulnerabilities, ranging from connectivity failures to wider infrastructure risks. For merchants, this means diversifying payment options and working with providers that can offer alternative routing in the event of scheme outages.

In the longer term, the most realistic outcome is not the displacement of Visa and Mastercard, but their transformation under regulatory pressure. Government intervention could drive greater localisation of processing within the UK and Europe, enabling the use of local technology and intellectual property rights to operate schemes more locally while remaining aligned with global networks. Such a shift would resemble arrangements that existed before Visa Inc. acquired Visa Europe, restoring a measure of regional control without severing ties to the wider global payments ecosystem. It would also address the core concern driving this debate: that critical financial infrastructure should not be entirely subject to decisions made outside of Europe.

This kind of structured adaptation would allow governments to address concerns about sovereignty and resilience while preserving the considerable benefits of globally integrated payment networks, a pragmatic compromise that serves the interests of all stakeholders.

The future

The ambition to develop credible alternatives to the Visa-Mastercard duopoly is justified, and the UK banking sector is right to be raising the issue. But the expectation that new schemes will meaningfully supplant entrenched global networks underestimates just how deeply embedded card payments are in European economic life. Unlike in markets such as India or Brazil, where digital payment adoption was built on replacing cash, the UK and Europe face the far harder challenge of displacing systems that already work well for most users. For Visa and Mastercard, adaptation under sustained regulatory and political pressure is the far more likely outcome than displacement. The future of European payments sovereignty may ultimately lie not in building something entirely new, but in fundamentally reshaping the terms under which existing networks operate.

Learn more at bluesnap.com

  • Digital Payments
  • Neobanking

Author

Nell Walker

Published

25 November 2025

Estimated Read time

2Mins

BeNeering’s MD and CRO dig into the company’s history with AI, and the necessity of seeing beyond the hype of new technologies

A privately-owned company with over 20 years of procurement digitalisation experience fueling it, BeNeering is at the forefront of the AI-powered revolution in its sector. BeNeering was founded in 2007. At the time, Christoph Moll, BeNeering founder and Managing Director, was busy implementing SAP SRM systems for large European multinationals. While this provided great experience, Moll could see the limitations – and he wanted to move beyond them. He wanted to do something more.

“That’s how BeNeering was founded,” he says. “We focused on consulting until 2013, at which point we transitioned to being a solutions provider. I cherry-picked a great development team, and I’m happy to say that the same strong team is with us still today. Stability is our value.”

Natalia Parmenova, Chief Revenue Officer, is an example of one such strong team member, who has enormous faith in the business. “From my perspective, BeNeering is a super special solution provider for a few reasons,” she states. “First of all, we believe in co-innovation. Everything we develop is built together with very large and advanced customers. We try to stay close to those customers, to people who are forward-thinking and developing their procurement functions, so we can develop solutions for them with them. We are not just inventing things we think are useful – we are basing our development on customer needs. That’s really important.”

Simplify and optimise

Many people fall into procurement accidentally. It’s a common story among procurement professionals, and a source of amusement considering how passionate many of them become about it. For Parmenova and Moll, however, it was a case of seeing the way the wind was blowing and following the scent of change.

“In 2001, when I was employed by SAP, I wanted to do things better to help users in procurement,” says Moll. “That was how it started for me. My vision was really to simplify and optimise steps and processes for both requestors and buyers.” 

Read the full story here.

Author

Dan Brightmore

Published

26 September 2025

Estimated Read time

2Mins

Join over 25,000 entrepreneurs, SME owners, and senior professionals at Excel London for The Business Show London 2025

The world’s largest award-winning business event, The Business Show London 2025, is returning to Excel London on the 12th and 13th of November 2025. Join over 25,000 SMEs and startups at this premier London business expo, designed to provide the support and resources you need to start, grow, or scale your business.

As always, the event offers free expert advice and insights from some of the biggest names in the industry. Building on last year’s impactful keynotes, this year’s business conference features fresh faces—business leaders who have thrived in recent years. In today’s digital landscape, this is a rare opportunity to gain face-to-face experience, advice, and inspiration from those who have been in your position and succeeded.

Whether you’re looking to network at one of the best business networking events in London or seeking new business partnerships, this event is your gateway to unlocking growth. For enquiries, registration, or to book a stand, contact the team today and secure your place at the UK’s leading SME business event.

Why Attend The Business Show London?

This flagship London business expo offers unparalleled opportunities to connect with industry leaders, discover cutting-edge solutions, and gain practical insights to accelerate your business.

“Vibrant, electric and inclusive ….the atmosphere I felt today at The Business Show, London excel as a keynote speaker representing Google. Such an incredible turn out, engaged listeners and wonderful to also have 121’s with many entrepreneurs on business growth utilising AI!”

Harmony Murphy, Google

With thousands of exhibitors, inspiring keynote speakers, and interactive show features, the show caters to startups, established businesses, and everyone in between. Whether you’re looking to connect with startups, explore small business exhibitions, or attend the UK’s leading business growth conference, this event will equip you with fresh ideas and practical strategies to help your business succeed.

  • 500+ exhibitors
  • 86% attendee satisfaction rate
  • 75% attendees plan to return
  • 6 show features

Don’t miss your chance to participate in one of the top business networking events in London.

Register now for free tickets and join the UK’s most ambitious business minds to gain new partnerships, expert advice, and business development opportunities.

Author

Dan Brightmore

Published

24 September 2025

Estimated Read time

3Mins

Integration connects Franklin Templeton’s proprietary tokenisation platform to BNB Chain’s growing ecosystem of institutional and retail investors, supporting secure, compliant on-chain financial products

BNB Chain, leading L1 ecosystem, and Franklin Templeton, a global investment leader with $1.6 trillion in assets under management, today announced the expansion of Franklin Templeton’s Benji Technology Platform onto the BNB Chain. This integration allows Franklin Templeton to leverage BNB Chain’s scalable, low-cost, compliance-ready, and enterprise-grade infrastructure to provide global clients with seamless access to tokenized investment products.

Benji Blockchain Technology Platform

The Benji Technology Platform is Franklin Templeton’s proprietary blockchain-integrated stack, designed to facilitate trading, management, and administration of token-based investments. Using this platform, Franklin Templeton launched the world’s first U.S.-registered mutual fund in 2021 using blockchain-integrated technology to process transactions and record share ownership. The firm has since launched several tokenized investment products, fully on-chain, that support a wide range of global client needs across retail, wealth, institutional, bank and collateral use cases.

By deploying on BNB Chain, Franklin Templeton gains access to a growing ecosystem of institutional and retail participants while demonstrating the network’s ability to support real-world, on-chain financial products at scale. 

“Our goal is to meet more investors where they’re active, while continuing to push the boundaries of what tokenization can deliver with security and compliance at the forefront. Together, Franklin Templeton and BNB Chain will work to deliver tokenized assets with greater utility, and enhanced features for retail and institutional clients across the globe.”

Roger Bayston, Head of Digital Assets, Franklin Templeton

BNB Chain has become a premier destination for tokenized financial products, including money market funds, public equities, credit instruments, and other real-world assets. It enables tokenisation at scale through its powerful tech stack designed for secure, low-cost execution with real-time finality.

“BNB Chain has a purpose-built environment that issuers can’t find elsewhere: fast settlement, low fees, and compliant data tooling in one ecosystem. Franklin Templeton’s decision to expand the Benji Technology Platform to our network demonstrates that BNB Chain can support regulated, real-world assets at scale and continues to strengthen our ecosystem of tokenised financial products.”

Sarah Song, Head of Business Development at BNB Chain

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:

  • BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.  
  • opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
  • BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program. For more, follow BNB Chain on X or start exploring via our Dapp library.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organisation with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and [$1.64 trillion] in assets under management as of August 31, 2025. For more information, please visit franklintempleton.com 

  • Blockchain & Crypto

Author

Jess Shanahan

Published

12 September 2025

Estimated Read time

8Mins

AI is already transforming procurement, but meaningful value depends on more than just tools. At Beroe, that starts with aligning AI to real business problems

As AI continues to dominate conference stages and boardroom discussions, the pressure to use it is everywhere. As this technology becomes further embedded in enterprise strategy, many organisations are still grappling with how to apply it in a way that delivers real, measurable value.

Rather than focusing on AI for the sake of innovation, the question now is how to align new tools with real business problems. That means looking beyond dashboards and pilots to deploy AI where it can simplify decision-making and improve processes.

At Beroe, this principle is central to how AI solutions are developed, deployed, and scaled. As the company behind the world’s leading procurement intelligence platform, Beroe provides real-time market data, cost analysis, and supplier risk assessments, empowering thousands of organisations globally to streamline operations and mitigate risks. Its latest advances in autonomous negotiation, supplier discovery, and predictive analytics show what it means to align AI with business objectives.

Speaking with Prerna Dhawan, Chief Product Officer at Beroe, during this year’s DPW New York conference, the discussion explored how procurement leaders can move beyond hype and start unlocking the full potential of AI.

Misalignment with business needs

There are plenty of real-world examples of how AI can improve efficiency within a business, from automating manual tasks like invoice processing to identifying new suppliers based on complex sourcing criteria. Accessing this technology is easier than ever with a wide range of tools available to procurement professionals. It can be tempting to jump on the bandwagon and integrate AI across every area of an organisation, but success requires a more nuanced approach.

The key is to ask the right questions, Dhawan explains: “We talk about all the latest and greatest technology out there, but what does it mean in practical terms? We need to ask, ‘How can I apply it today in the work I am doing as a head of product or as a procurement professional?’”

The allure of generative AI is especially strong, but business leaders should ask whether that’s the right solution for their needs. As with any decision, it’s important to consider the business problem. “It starts with a little bit of knowledge about what you’re looking for,” says Dhawan. “What are some of your biggest challenges, and which of those challenges could AI technology solve?”

Matching the right tool to the job

Once an organisation has identified a specific problem, it’s possible to find the AI solution that fits. While generative AI gets a lot of attention, other AI technologies and machine learning based systems might be more appropriate. 

In some cases, prescriptive, rule-based, or predictive AI could be a better choice to solve a problem without the need for a large language model. For example, forecasting commodity prices doesn’t require generative AI, just strong, contextual machine learning. 

“We are looking at AI across two dimensions,” says Dhawan. “Firstly, what is our offering to customers, in terms of procurement intelligence and autonomous negotiation technology. Second, we are looking at AI internally. Let’s say in product development, how do we use the latest AI solutions to accelerate our product development cycles so we can release new modules and capabilities more quickly.”

Regardless of the type of tool chosen, it should cover a high-impact use case. Integrating AI to solve a problem that only surfaces for a small group of people a couple of times a year won’t have a great return on investment. Instead, look for regularly occurring problems that, if fixed, could have a huge impact on productivity or quality. 

Reducing the cognitive load

We’re already bombarded by information, and the use of AI to add to this doesn’t make sense. “I don’t need another dashboard in my life,” says Dhawan. 

When implemented correctly, AI can make data more accessible while reducing cognitive load for users. The result is increased productivity and faster decision-making. 

“I think the power of AI is to simplify access to data. This is why ChatGPT has been a success: it democratises access to information. That’s what our B2B technology world is waiting for. It gives me something simple that allows me to talk to my data. Then I can focus on what insights I need to make a decision or take action.”

For most B2B users, the key is intelligent simplification. Look for ways to simplify access to data through agent AI tools and conversational interfaces. This brings the focus back to action rather than dashboards.

Inside Beroe

While many procurement teams are still exploring AI’s potential, Beroe has already embedded it across both its platform and internal operations. The company, founded in 2006, provides procurement intelligence to thousands of organisations worldwide. Its platform delivers the critical data that professionals need to make informed sourcing decisions, from commodity prices and risk indicators to ESG scores and supplier intelligence.

“We provide all data that procurement needs for decision making, whether it’s cost data, risk data, ESG data or price data,” says Dhawan. “Our reimagination of the future is not just giving access to more data but creating that layer of recommendations that help you make decisions at speed and scale.”

One of the clearest examples of this in action is Beroe’s new ‘autonomous negotiations’ platform resulting from its recent acquisition of negotiation technology business, nnamu.  Delivering a significant evolution in the procurement technology landscape the platform enhances the foundational elements of AI and game theory with Beroe’s industry-leading market intelligence and, according to Dhawan, it’s being deployed successfully in live sourcing scenarios.

“This is a technology that is being used for multilateral negotiations,” Dhawan explained. “It’s no longer just a POC or prototype, it’s live and being used at scale.” These new tools reflect Beroe’s core mission: to help procurement professionals minimise surprises and maximise margins. 

Crucially, Beroe isn’t waiting for perfect data to apply these technologies. Instead, the company is using AI to work with what’s available — cleansing, interpreting, and extracting value from both structured and unstructured sources.

“You can use AI for cleansing data – even paper contracts,” Dhawan says. “Historically, we thought data had to be structured. But now, with vision models and image analytics, that’s no longer the case.”

Rather than striving for 100% accuracy before taking action, Beroe embraces a more agile mindset that balances speed and precision. 

Is mindset holding procurement back?

The technology is ready. The use cases are proven. So why do so many procurement teams still hesitate to embrace AI? “There’s this subconscious fear that I think is a barrier to adoption,” she said. “And to some extent, it’s to do with our friends in Hollywood.”

There’s the myth that AI is a job-threatening black box, especially in industries where trust and experience are the backbone of good decision-making. For procurement, where professional judgement and business context are critical, the idea of handing over tasks to AI can feel risky.

But Dhawan believes this fear is misplaced. At Beroe, AI isn’t replacing procurement professionals, it’s augmenting them. Whether it’s surfacing new suppliers, automating elements of negotiation, or flagging risks earlier in the sourcing cycle, the aim is to enhance human decision-making. She says: “I think with the new kinds of AI technology that’s available to us, it is an opportunity for us in B2B tech to embrace more human-centred design with higher focus on UX.”

Looking ahead

Looking ahead to 2026 and beyond, Dhawan sees procurement evolving into a more personalised and responsive function – one where AI plays a critical role in both strategy and execution.

“We see hyper-personalisation coming, both in supplier relationships and internal stakeholder engagement,” she explains. “AI will be at the centre of that.”

Rather than one-size-fits-all sourcing strategies, AI will enable procurement teams to tailor their approaches to specific business units, categories, or even individual suppliers. This means smarter segmentation, more relevant insights, and stronger commercial outcomes.

Another key shift is the growing ability to connect macro events, such as geopolitical shocks or regulatory changes, with micro actions inside the business. AI can help procurement teams identify these signals earlier, respond faster, and still align with long-term goals such as cost efficiency or sustainability.

“It’s about balancing your fire-fighting reactions to market events with your long term goals and strategy,” says Dhawan. “Procurement needs visibility and flexibility at the same time.”

Beroe is already moving in this direction. Alongside its growing AI capabilities, the company is refining how it delivers intelligence, building agents and recommendation layers that not only inform decisions, but also help teams take action on them. Whether that means automating routine negotiations or proactively flagging supply risks, Beroe is evolving to meet the needs of a procurement function that’s more dynamic than ever.

As Dhawan points out, the goal isn’t to overwhelm teams with more tools, it’s to make their lives easier. “It’s about reducing complexity and giving procurement professionals confidence in what to do next,” she concludes.

For many procurement leaders, AI still feels like a long-term ambition. But the solutions are already here, and through companies like Beroe, they’re already in use. The challenge now is not whether AI can deliver value. It’s whether teams are ready to adopt the mindset and cultural shift that will allow them to unlock that value.

Author

Dan Brightmore

Published

11 September 2025

Estimated Read time

3Mins

Franklin Templeton and Binance are harnessing blockchain tech to create solutions that merge the scale of traditional finance with the speed and accessibility of decentralised markets

Binance, the world’s leading cryptocurrency exchange by trading volume and users, and Franklin Templeton, a global investment leader with $1.6 trillion in assets under management, have announced a collaboration to build digital asset initiatives and solutions tailored for a broad range of investors.

Binance and Franklin Templeton Innovating with Tokenisation

The firms will explore ways to combine Franklin Templeton’s expertise in the compliant tokenisation of securities with Binance’s global trading infrastructure and investor reach. The goal is to deliver innovative solutions to meet the evolving needs of investors. By bringing greater efficiency, transparency and accessibility to capital markets with competitive yield generation and settlement efficiency.

“As these tools and technologies evolve from the fringes to the financial mainstream, partnerships like this one will be essential to accelerating adoption,” said Sandy Kaul, EVP, Head of Innovation at Franklin Templeton. “We see blockchain not as a threat to legacy systems, but as an opportunity to reimagine them. By working with Binance, we can harness tokenisation to bring institutional-grade solutions like our Benji Technology Platform to a wider set of investors and help bridge the worlds of traditional and decentralized finance.”

“Investors are asking about digital assets to remain ahead of the curve, but they need to be accessible and dependable. By working with Binance, we can deliver breakthrough products that meet the requirements of global capital markets and co-create the portfolios of the future,” said Roger Bayston, EVP and Head of Digital Assets at Franklin Templeton. “Our goal is to take tokenisation from concept to practice for clients to achieve efficiencies in settlement, collateral management, and portfolio construction at scale.”

“Binance has a record of innovating first-in-crypto solutions that unlock access and opportunities for investors. Our strategic collaboration with Franklin Templeton to develop new products and initiatives furthers our commitment to bridge crypto with traditional capital markets and open up greater possibilities,” said Catherine Chen, Head of VIP & Institutional at Binance.

More details of the collaboration and new product launches will be shared later this year.

About Binance

Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. It is trusted by more than 280 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives, and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.64 trillion in assets under management as of August 31, 2025. For more information, visit: franklintempleton.com 

  • Blockchain & Crypto
  • Digital Payments

Author

Dan Brightmore

Published

26 August 2025

Estimated Read time

3Mins

In 2025, Blockchain has stopped auditioning and started plumbing real money flows. Tokenised funds are attracting institutional assets. Stablecoins are…

In 2025, Blockchain has stopped auditioning and started plumbing real money flows. Tokenised funds are attracting institutional assets. Stablecoins are wiring into mainstream settlement. Banks and central banks are experimenting with programmable money. Treasury teams are moving value 24/7 on tokenised rails. And compliance rules are finally catching up. Below are the five breakthroughs that matter now—and why they’re reshaping how finance moves.

Tokenised funds & collateral move into production


BlackRock’s tokenised BUIDL fund surged past $1B AUM in March—proof that on-chain money-market exposure is crossing the credibility gap. Franklin Templeton, meanwhile, has pushed BENJI into new markets and chains. These include a European launch under local rules and integrations on public networks geared for enterprise use. On the collateral side, Euroclear and Digital Asset began the first phase of tokenised collateral mobility on the Canton Network. This is laying the pipes for faster margining and securities financing.

Stablecoin settlement becomes a mainstream payment rail


Visa announced it is expanding stablecoin settlement. More USD and EUR-backed coins, more blockchains, and broader use cases for issuers and acquirers. Stripe re-enabled stablecoin acceptance (USDC) after a six-year hiatus. It has been vocal that a meaningful share of its future payment volume will ride stablecoins. On the bank stack, FIS is integrating USDC into its Money Movement Hub. Making stablecoin payments available to U.S. financial institutions through existing treasury pipes.

Bank-led “programmable money” via tokenised deposits


The BIS Project Agorá—with seven central banks—entered design to prototype tokenised commercial bank deposits. These settle against wholesale central bank money on a unified, programmable ledger. In the UK, the Regulated Liability Network (RLN) brought together all major banks to prove shared-ledger capabilities for always-on, programmable, multi-asset settlement. Together, these efforts point to bank-grade programmability—smart-contract settlement with the finality and legal clarity of today’s two-tier system.

Institutional on-chain payments & programmable treasury


JPM Coin is quietly doing real work. JPMorgan confirmed the platform processes ~$1B in daily transactions, and says programmability has made volumes “explode.” Corporate treasurers are following… Payoneer now uses Citi Token Services for 24/7 blockchain-enabled intracompany transfers. Demonstrating how programmable liquidity is leaving the lab for day-to-day treasury ops.

Compliance rails mature: MiCA + travel-rule guidance


The EU’s MiCA regime has applied to stablecoins since 30 June 2024 and to broader crypto-asset service providers since 30 December 2024. These timelines have shaped 2025 product launches and licensing. The EBA’s “travel-rule” guidelines now spell out what information must accompany crypto-asset transfers, giving banks and CASPs a clearer path to compliance and interoperability.

In 2025, Blockchain in FinTech is realising its potential. Tokenised funds and collateral are moving real money at scale; stablecoins are quietly becoming a dependable settlement rail; and “programmable money” is shifting from whitepapers to pilots with central banks and tier-one banks. Corporate treasuries are embracing rules-based, 24/7 transfers, while clearer rules (MiCA, travel-rule guidance) are reducing compliance friction.
The arc is clear: finance is converging on interoperable, programmable assets and payments that settle faster, with better transparency and control. Winners will be the firms that pair regulatory credibility with real utility—bridging today’s balance sheets to tomorrow’s on-chain operating model.

  • Blockchain & Crypto

Author

Jess Shanahan

Published

29 July 2025

Estimated Read time

7Mins

We spoke to Chief Product Officer Prerna Dhawan about what it takes to move from experimentation to execution.

As AI continues to dominate conference stages and boardroom discussions, the pressure to use it is everywhere. As this technology becomes further embedded in enterprise strategy, many organisations are still grappling with how to apply it in a way that delivers real, measurable value.

Rather than focusing on AI for the sake of innovation, the question is how to align new tools with real business problems. That means looking beyond dashboards and pilots to deploy AI where it can simplify decision-making and improve processes.

At Beroe, this principle is central to how AI solutions are developed, deployed, and scaled. As the company behind the world’s leading procurement intelligence platform, Beroe provides real-time market data, cost analysis, and supplier risk assessments, empowering thousands of organisations globally to streamline operations and mitigate risks. Its latest advances in autonomous negotiation, supplier discovery, and predictive analytics show what it means to align AI with business objectives.

We spoke with Prerna Dhawan, Chief Product Officer at Beroe, during this year’s DPW New York conference. The discussion explored how procurement leaders can move beyond hype and start unlocking the full potential of AI.

Misalignment with business needs

There are plenty of real-world examples of how AI can improve efficiency within a business, from automating manual tasks like invoice processing to identifying new suppliers based on complex sourcing criteria. Accessing this technology is easier than ever with a wide range of tools available to procurement professionals. It can be tempting to jump on the bandwagon and integrate AI across every area of an organisation, but success requires a more nuanced approach.

The key is to ask the right questions, Dhawan explains: “We talk about all the latest and greatest technology out there, but what does it mean in practical terms? We need to ask, ‘How can I apply it today in the work I am doing as a head of product or as a procurement professional?’”

The allure of generative AI is especially strong, but business leaders should ask whether that’s the right solution for their needs. As with any decision, it’s important to consider the business problem. “It starts with a little bit of knowledge about what you’re looking for,” says Dhawan. “What are some of your biggest challenges, and which of those challenges could AI technology solve?”

Matching the right tool to the job

Once an organisation has identified a specific problem, it’s possible to find the AI solution that fits. While generative AI gets a lot of attention, other AI technologies and machine learning based systems might be more appropriate. 

In some cases, prescriptive, rule-based, or predictive AI could be a better choice to solve a problem without the need for a large language model. For example, forecasting commodity prices doesn’t require generative AI, just strong, contextual machine learning. 

“We are looking at AI across two dimensions,” says Dhawan. “Firstly, what is our offering to customers, in terms of procurement intelligence and autonomous negotiation technology. Second, we are looking at AI internally. Let’s say in product development, how do we use the latest AI solutions to accelerate our product development cycles so we can release new modules and capabilities more quickly.”

Regardless of the type of tool chosen, it should cover a high-impact use case. Integrating AI to solve a problem that only surfaces for a small group of people a couple of times a year won’t have a great return on investment. Instead, look for regularly occurring problems that, if fixed, could have a huge impact on productivity or quality. 

Reducing the cognitive load

We’re already bombarded by information, and the use of AI to add to this doesn’t make sense. “I don’t need another dashboard in my life,” says Dhawan. 

When implemented correctly, AI can make data more accessible while reducing cognitive load for users. The result is increased productivity and faster decision-making. 

“I think the power of AI is to simplify access to data. This is why ChatGPT has been a success: it democratises access to information. That’s what our B2B technology world is waiting for. It gives me something simple that allows me to talk to my data. Then I can focus on what insights I need to make a decision or take action.”

For most B2B users, the key is intelligent simplification. Look for ways to simplify access to data through agent AI tools and conversational interfaces. This brings the focus back to action rather than dashboards.

Inside Beroe

While many procurement teams are still exploring AI’s potential, Beroe has already embedded it across both its platform and internal operations. The company, founded in 2006, provides procurement intelligence to thousands of organisations worldwide. Its platform delivers the critical data that professionals need to make informed sourcing decisions, from commodity prices and risk indicators to ESG scores and supplier intelligence.

“We provide all data that procurement needs for decision making, whether it’s cost data, risk data, ESG data or price data,” says Dhawan. “Our reimagination of the future is not just giving access to more data but creating that layer of recommendations that help you make decisions at speed and scale.”

One of the clearest examples of this in action is Beroe’s new ‘autonomous negotiations’ platform resulting from its recent acquisition of negotiation technology business, nnamu.  Delivering a significant evolution in the procurement technology landscape the platform enhances the foundational elements of AI and game theory with Beroe’s industry-leading market intelligence and, according to Dhawan, it’s being deployed successfully in live sourcing scenarios.

“This is a technology that is being used for multilateral negotiations,” Dhawan explained. “It’s no longer just a POC or prototype, it’s live and being used at scale.” These new tools reflect Beroe’s core mission: to help procurement professionals minimise surprises and maximise margins. 

Crucially, Beroe isn’t waiting for perfect data to apply these technologies. Instead, the company is using AI to work with what’s available — cleansing, interpreting, and extracting value from both structured and unstructured sources.

“You can use AI for cleansing data – even paper contracts,” Dhawan says. “Historically, we thought data had to be structured. But now, with vision models and image analytics, that’s no longer the case.”

Rather than striving for 100% accuracy before taking action, Beroe embraces a more agile mindset that balances speed and precision. 

Is mindset holding procurement back?

The technology is ready. The use cases are proven. So why do so many procurement teams still hesitate to embrace AI? “There’s this subconscious fear that I think is a barrier to adoption,” she said. “And to some extent, it’s to do with our friends in Hollywood.”

There’s the myth that AI is a job-threatening black box, especially in industries where trust and experience are the backbone of good decision-making. For procurement, where professional judgement and business context are critical, the idea of handing over tasks to AI can feel risky.

But Dhawan believes this fear is misplaced. At Beroe, AI isn’t replacing procurement professionals, it’s augmenting them. Whether it’s surfacing new suppliers, automating elements of negotiation, or flagging risks earlier in the sourcing cycle, the aim is to enhance human decision-making. She says: “I think with the new kinds of AI technology that’s available to us, it is an opportunity for us in B2B tech to embrace more human-centred design with higher focus on UX.”

Looking ahead

Looking ahead to 2026 and beyond, Dhawan sees procurement evolving into a more personalised and responsive function – one where AI plays a critical role in both strategy and execution.

“We see hyper-personalisation coming, both in supplier relationships and internal stakeholder engagement,” she explains. “AI will be at the centre of that.”

Rather than one-size-fits-all sourcing strategies, AI will enable procurement teams to tailor their approaches to specific business units, categories, or even individual suppliers. This means smarter segmentation, more relevant insights, and stronger commercial outcomes.

Another key shift is the growing ability to connect macro events, such as geopolitical shocks or regulatory changes, with micro actions inside the business. AI can help procurement teams identify these signals earlier, respond faster, and still align with long-term goals such as cost efficiency or sustainability.

“It’s about balancing your fire-fighting reactions to market events with your long term goals and strategy,” says Dhawan. “Procurement needs visibility and flexibility at the same time.”

Beroe is already moving in this direction. Alongside its growing AI capabilities, the company is refining how it delivers intelligence, building agents and recommendation layers. These not only inform decisions, but also help teams take action on them. Whether that means automating routine negotiations or proactively flagging supply risks, Beroe is evolving to meet the needs of a procurement function that’s more dynamic than ever.

As Dhawan points out, the goal isn’t to overwhelm teams with more tools, it’s to make their lives easier. “It’s about reducing complexity and giving procurement professionals confidence in what to do next,” she concludes.

For many procurement leaders, AI still feels like a long-term ambition. But the solutions are already here, and through companies like Beroe, they’re already in use. The challenge now is not whether AI can deliver value. It’s whether teams are ready to adopt the mindset and cultural shift that will allow them to unlock that value.

Author

Dan Brightmore

Published

27 May 2025

Estimated Read time

5Mins

Leading US banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are in preliminary discussions to launch a…

Leading US banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are in preliminary discussions to launch a joint stablecoin. This initiative aims to provide a regulated alternative to existing cryptocurrencies, facilitating faster cross-border transactions and enhancing liquidity in digital markets.

The project is contingent on the passage of the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), which seeks to establish a regulatory framework for stablecoin issuance by banks and nonbanks.

Stablecoin Growth

The stablecoin industry could reach a $2.5 trillion market cap by 2030, according to one estimate, up from the current $248 billion.

New legislation that aims to regulate stablecoins, a type of cryptocurrency whose value is pegged to another asset, is on its way to a vote in the US Senate, reports MarketWatch.

Should the bill become law, crypto bulls see potential for it to drive wider adoption of dollar-linked stablecoins, and possibly to strengthen the battered U.S. dollar. Cryptocurrencies also may end up playing a much bigger role in the broader financial system, analysts said.

The bill, called the Guiding and Establishing National Innovation for US Stablecoins Act – or Genius Act – aims to provide a regulatory framework for stablecoins and their issuers. If enacted, it would be the first legislation in the US regulating the $248 billion stablecoin market. 

Stablecoins could play a more important role in financial markets down the road because they can serve as a bridge between traditional finance and the $3.3 trillion crypto market. Furthermore, they can facilitate trading, borrowing and lending in the crypto ecosystem. Currently, 83% of stablecoins are denominated in U.S. dollars, according to a recent note from Deutsche Bank.

Here are four ways the proposed bill could change the stablecoin market:

More stablecoin issuance

If the Genius Act becomes law, it could greatly lower the regulatory risks for issuers of stablecoins and provide a much clearer path for legal compliance in terms of product design, the Cato Institute’s Schulp said in a phone interview. 

While there are already hundreds of stablecoin issuers, the market is dominated by two stablecoins: One is known as USDT, which is issued by Tether, and another is USDC, a dollar-backed stablecoin developed by Circle. USDT and USDC account for 61% and 24%, respectively, of the market share in terms of market capitalization, according to data from CoinMarketCap. As of February, Tether was the 21st-largest foreign holder of US Treasurys, after the United Arab Emirates and Germany, according to Deutsche Bank. Meanwhile, Circle filed for an initial public offering last month.

If the Genius Act clears up regulatory uncertainty, more companies that have been on the sidelines are likely to launch their own stablecoins, according to Thomas Cowan, head of tokenisation at Galaxy Digital, a crypto financial services firm. He expects stablecoin issuance from traditional payments institutions to pick up if the bill becomes law, given that companies would “have the rules of the road,” he said in a phone interview. He also thinks the technology could help more companies transform their back-end systems.

On that front, Bank of America Chief Executive Brian Moynihan said in February that the bank was likely to issue a stablecoin once legislation was passed. Fidelity also said its digital-assets arm has been testing a stablecoin. 

More tokenised products 

Cowan said he also expected to see more tokenised financial assets, such as bonds or equities, being launched in the next 18 months if the Genius Act becomes law. Tokenization refers to the digital representation of assets on a blockchain. 

Stablecoins are the “bedrock” of tokenisation, as a dollar-backed stablecoin is essentially a tokenised dollar, Cowan said. “If stablecoins are increasingly looked at as a default, we’ll see the rest of the industry begin to go up on the risk curve and begin to monetise other financial assets” such as stocks and bonds.

Wall Street heavyweights BlackRock and Franklin Templeton launched tokenised money-market funds in 2024 and 2021, respectively.

Wider crypto adoption

If the stablecoin bill gets passed, it could increase the adoption of digital assets in general, noted Gannon at Davis Wright Tremaine. He expects the stablecoin market cap to reach $2 trillion to $2.5 trillion by 2030.

Traders often park their assets in stablecoins instead of fiat currencies when trading crypto to enable faster transactions. Stablecoins also already play a significant role in decentralised finance, supporting crypto lending and borrowing. Decentralised finance refers to financial activities that happen on blockchains and that are executed without middlemen.

As more people adopt stablecoins, there “will be more opportunities to use stablecoins in new or better blockchain-based products — to self custody, make purchases, send money, use DeFi [decentralised finance] and more,” Sam Broner, a partner at venture-capital fund a16z crypto, wrote in a recent note. 

Support for the dollar

The rise of stablecoins may amplify the dominance of the US dollar, noted Jim Reid, head of global macro and thematic research at Deutsche Bank. The greenback’s status as a reliable safe haven was tarnished amid the extreme market volatility earlier this year as Trump aggressively rolled out his tariff agenda.

“Essentially, stablecoin providers are acting like money-market funds supporting US short-term debt markets and driving currently non-USD liquidity holdings into USD,” Reid wrote in a recent client note.

If the Genius Act becomes law, people in other countries might have more trust in dollar-denominated stablecoins issued by U.S. companies as a way to gain exposure to the greenback and US Treasurys, because reserves of the coins will be attested, noted Dea Markova, director of policy at crypto infrastructure firm Fireblocks.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

9 May 2025

Estimated Read time

3Mins

Wirex, a leading provider of Web3 banking solutions, has announced the expansion of its Wirex Business platform to BASE, a new layer-2…

Wirex, a leading provider of Web3 banking solutions, has announced the expansion of its Wirex Business platform to BASE, a new layer-2 blockchain developed by Coinbase. This milestone marks a significant development in Wirex’s vision to provide seamless stablecoin-powered financial services to businesses across the globe.

BASE Blockchain

The recently launched Wirex Business platform is rapidly expanding, and this new integration with BASE will enable corporate clients to easily manage treasury functions, issue corporate cards, and handle expenses using stablecoins like USDC and EURC. This expansion allows businesses to integrate both fiat and stablecoin payments seamlessly within their existing operations, while leveraging the cutting-edge technology of the BASE blockchain.

Key Features of Wirex Business on BASE:

  • Corporate Bank Accounts: Wirex Business provides businesses with corporate bank accounts that can hold both fiat currencies and stablecoins. This feature allows companies to seamlessly manage and convert funds between fiat and digital currencies.
  • Corporate Visa Cards: Wirex Business clients will now be able to issue corporate Visa cards to employees and contractors. These cards can be used globally to make payments in over 80 million merchants, across more than 200 countries. Wirex Business integrates stablecoins like USDC and EURC into the payment infrastructure, allowing for easy spending without the need for conversions or delays.
  • Payroll Cards: In addition to corporate cards, Wirex Business enables the issuance of payroll cards, providing a fast and cost-efficient way for businesses to pay employees and contractors in stablecoins.
  • Stablecoin Payments: Stablecoins based on the BASE blockchain can now be seamlessly spent in 80 million+ merchants globally, offering companies an innovative way to pay for goods and services, all while maintaining transparency and speed.

Wirex Business continues to innovate and expand its reach within the corporate payments space. It offers a comprehensive suite of banking and payment solutions for Web3 companies and crypto businesses. The integration with BASE blockchain marks a new chapter in Wirex’s journey. Aligning its offerings with industry-leading blockchain technology to provide businesses with seamless, secure, and scalable payment solutions.

A deeper strategic alliance with blockchain

Expanding to BASE is just the first step in what will be a much deeper partnership between Wirex, BASE, and Circle throughout 2025. Behind the scenes, the teams are already working closely on broader strategic initiatives. These are aimed at transforming the way businesses interact with digital dollars onchain.

Ambitious crosschain vision

“Our expansion to BASE signifies a critical milestone in our commitment to making Web3 banking services accessible to businesses globally. By supporting BASE, we’re enabling corporate clients to operate with seamless, stablecoin-based financial services and empowering them to integrate the benefits of decentralized finance into their day-to-day operations

Pavel Matveev, Сo-founder of Wirex

This integration marks the beginning… Wirex Pay has ambitious crosschain plans, with expansion to several other major chains scheduled for later this year. This vision stems from Wirex’s belief in offering native experiences for users on BASE and other ecosystems. Rather than relying solely on swap or bridge mechanisms. Native support ensures better UX, security, and scalability for corporate clients managing stablecoin flows across multiple blockchains.

“Wirex Business offers an innovative self-custody model that is directly connected with card and banking rails. This self-custody approach ensures that businesses maintain full control of their assets and removes any counterparty risk. By using Wirex’s platform, businesses can harness the power of stablecoins, backed by the flexibility and security of Web3, to revolutionize the way they manage and move funds globally.”

Daniel Rowlands, General Manager of Wirex Pay

About Wirex Pay

Wirex Pay is a pioneering stablecoin payment platform that bridges the gap between blockchain innovation and real-world usability. It is built on Zero Knowledge (ZK) technology. Wirex Pay delivers unmatched privacy, scalability, and efficiency, redefining how stablecoins are utilised for global payments. At the core of Wirex Pay is its ability to issue non-custodial Visa cards. Empowering users to spend their stablecoins seamlessly at over 80 million merchants in 200+ countries wherever Visa is accepted. By combining the reliability of Visa’s global payment network with the innovation of blockchain, Wirex Pay ensures users can transact with confidence and convenience.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

25 April 2025

Estimated Read time

5Mins

Ayre Group founder Calvin Ayre stresses the power of Blockchain in helping to overcome security and transparency challenges in financial data

The financial services sector is built on trust. However, ongoing data breaches, security vulnerabilities, and inefficiencies have severely eroded confidence in the industry. In the past five years alone, 69% of financial institutions have experienced at least one data breach, exposing the sector’s ongoing Cybersecurity challenges.

Financial institutions handle vast amounts of sensitive customer data, including personal identification details, transaction histories, and confidential records. All of which are prime targets for sophisticated cyber criminals. Furthermore, in exploiting weaknesses in legacy systems, third-party integrations, and cloud infrastructures, attackers gain unauthorised access, manipulate data, and compromise financial integrity.

Leveraging Blockchain technology

Recently, studies have been testing and trialling data breach detection systems that leverage Blockchain technology. This includes utilising smart contracts, self-executing agreements with predefined rules, to generate alert notifiers. These studies underscore the potential of Blockchain to enhance the speed and accuracy of data breach detection. Improvements from the standard 200+ days can be made up to as little as 10 seconds.

However, external threats are only part of the problem. Internal risks such as human error, data mismanagement, and outdated compliance frameworks further exacerbate data integrity issues. Nearly a third (28%) of financial service organisations cite mistakes from manual processes as their biggest data reconciliation pain point. Another key issue is the continued reliance on legacy systems, which lack the automation, security, and scalability required to maintain accurate and tamper-proof records. This highlights the growing need to restore confidence in financial data.

These ongoing challenges have far-reaching consequences. Alarmingly, 40% of CFOs express doubts about the accuracy of their financial records. This raises serious concerns about governance, regulatory compliance, and financial stability. Insider fraud, unauthorised transactions, and data manipulation remain major risks; calling for institutions to implement immutable systems. One such solution is Blockchain technology. As a decentralised ledger that guarantees data integrity, Blockchain can play a crucial role in enhancing the reliability of data.

Many institutions hesitate to adopt new technologies due to high costs and operational disruption. A report by Duco and the Financial Technologies Forum revealed that 64% of financial institutions perceive the transformation of manual processes as too expensive or time-consuming. But Blockchain technology presents a new era of data resilience that. It can address these challenges head-on, enhancing security, and restoring trust in financial data.

Restoring resilience with the power of Blockchain

One of the most powerful features of Blockchain is its ability to create immutable records. Every transaction is securely logged, forming transparent and tamper-proof audit trails. By enabling real-time auditing and decentralised verification, Blockchain reduces the risks associated with human error, fraud, and outdated systems.

BSV Blockchain, with its focus on scalability and low-cost transactions, enhances these benefits by enabling high-volume data processing on-chain. It makes real-time auditing more efficient and cost-effective. Additionally, its data provenance capabilities allow institutions to track the origin, history, and any modifications of every data entry. Moreover, it offers complete accuracy, ensuring the creation of auditable and reliable records that help to eliminate discrepancies. This can also minimise information asymmetry across the financial ecosystem.

Accurate risk assessment is the cornerstone of financial services. Investors and institutions need reliable data to evaluate risk levels in specific markets and positions. Blockchain enhances this process by providing trustworthy data that can be verified and traced back to its source. It also reduces information asymmetry by ensuring wide accessibility to high-quality data. These features boost efficiency, making markets work more effectively and enabling money to flow to investments that are correctly priced according to their risk. Furthermore, because the data is always available and immutable, it allows for quick risk assessments. This helps individuals respond faster to market changes.

Blockchain also has the ability to revolutionise credit ratings, making assessments more transparent, automated, and fair. Further ensuring businesses and individuals gain more equitable access to financial services. Traditionally, credit assessments have been opaque, slow, and prone to biases. Blockchain enables automated credit scoring using real-time data and self-executing smart contracts. This approach can provide a more accurate and unbiased measure of creditworthiness.

For example, companies like Lendoit leverage blockchain-based platforms that use decentralised credit ratings to offer fairer access to financial services. This especially benefits individuals and businesses traditionally underserved by standard credit systems.

A new era of trust and efficiency in financial services

Financial institutions face an increase in sophisticated cyber threats and the challenge of managing vast data volumes. Adopting Blockchain-based solutions will be essential for long-term sustainability. With immutable records, real-time reconciliation, and automated auditing, the financial sector can reduce risks, lower operational costs, and rebuild trust among investors, regulators, and consumers. The adoption of Blockchain will be crucial in addressing the data integrity challenges highlighted earlier, helping to restore confidence in the industry.

By embracing Blockchain, financial institutions can future proof their operations. This can foster greater financial inclusion, and redefine trust in the financial ecosystem. Those who adopt these advancements will not only strengthen their competitive position but will also help shape a new era of transparency, security, and innovation in global financial markets.

For more Blockchain insights from Calvin Ayre visit Ayre Group

  • Blockchain & Crypto
  • Cybersecurity in FinTech

Author

Dan Brightmore

Published

14 April 2025

Estimated Read time

2Mins

In a major move for blockchain-powered finance, Kinexys by J.P. Morgan has launched GBP-denominated Blockchain Deposit Accounts at its London…

In a major move for blockchain-powered finance, Kinexys by J.P. Morgan has launched GBP-denominated Blockchain Deposit Accounts at its London branch. This marks a significant expansion of its Kinexys Digital Payments platform into the UK market. The innovation introduces one of the first blockchain-native banking products of its kind in the region. It is designed to facilitate 24/7 real-time payments and cross-border transactions for institutional clients.

SwapAgent, a London Stock Exchange Group Post Trade Solutions business, and Trafigura, a global leader in commodities trading, are the inaugural clients on the platform. The deployment signals a meaningful step in the evolution of blockchain in mainstream banking infrastructure, particularly in foreign exchange (FX) settlement, liquidity management, and programmable finance.

Blockchain delivering Programmable, Round-the-Clock Liquidity

The new offering allows corporate clients to settle GBP-denominated payments anytime, including weekends. And while accessing same-day FX settlements and real-time cross-border capabilities. This follows the platform’s earlier rollout of EUR-denominated blockchain accounts in Frankfurt and continues Kinexys’s push for global digital payment standardization.

SwapAgent will integrate Kinexys accounts into its digital post-trade pilot, with an eye toward broader adoption that could see blockchain accounts become a central part of its settlement architecture.

“As we expand SwapAgent’s settlement capabilities and enhance our digital presence, we’re eager to collaborate with Kinexys by J.P. Morgan”

Nathan Ondyak, CEO, SwapAgent

Trafigura Eyes Transformation in Cross-Border Treasury

Trafigura plans to leverage Kinexys accounts for real-time payments across New York, London, and Singapore, integrating programmable fund movement to streamline treasury operations across its global network.

“We are excited to advance our capabilities… [and] benefit from a transformative financial solution that will streamline our operations and enhance our competitive edge”

Chris McLaughlin, Global Head of Group Treasury, Trafigura

Kinexys: Momentum Behind the Numbers

Since inception, Kinexys has processed more than $1.5 trillion in transactions, with daily volumes exceeding $2 billion and 10x year-over-year growth. Its programmable payments feature, offering a self-serve “if-this-then-that” interface, provides users with automation options that traditional banking infrastructure has struggled to match.

This move cements J.P. Morgan’s blockchain unit as a first mover in institutional-grade digital payments infrastructure in the UK, positioning Kinexys as a major player in the convergence of blockchain, treasury, and cross-border payments.

  • Blockchain & Crypto
  • Digital Payments

Author

Dan Brightmore

Published

16 January 2025

Estimated Read time

2Mins

Industry leaders join forces to host groundbreaking event during ETHDenver 2025 where Stablecoin innovation meets B2B finance

PayPal, Deloitte, and Bitwave will co-host On-Chain B2B Payments Day. A transformative event dedicated to accelerating the global adoption of Blockchain powered B2B payments.

Exploring Blockchain technologies

On-Chain B2B Payments Day will bring together hundreds of senior financial leaders, accountants, auditors, and enterprise executives on February 27 at ETHDenver. They will explore how stablecoins and Blockchain technologies are reshaping the future of payments for businesses.

“With the broader adoption of blockchain networks and digital assets, stablecoins play a critical role,” said Deloitte Tax LLP Partner, Global Tax Leader – Blockchain & Digital Assets, Rob Massey. “Business transactions take on a whole new dynamic when these ‘programmable’ funds interact with the software applications on a near real time basis. Furthermore, with that, we end up with unique tax, accounting and risk considerations.”

Redefining payments with Blockchain

The Blockchain event will be presented alongside ETHDenver – the annual conference for Ethereum developers and Blockchain advocates. On-Chain B2B Payments Day kicks off with a networking brunch and panel discussion featuring some of the leading voices in payment innovation. The event is sponsored by NetSuite alongside other key industry contributors.

“Stablecoins offer an unprecedented opportunity to transform payment operations for global business,” said Bitwave Co-Founder and COO, Amy Kalnoki. “At Bitwave, we expect to see on-chain payments become one of the fastest-growing areas of Blockchain adoption in 2025. Moreover, this event will provide financial leaders with insights into how on-chain technology will redefine cross-border payments, liquidity management, and real-time reporting.”

Why Attend On-Chain B2B Payments Day?

  • Gain Practical Insights: Learn from financial experts about accounting, tax, and regulatory frameworks for building a compliant and future-ready payment practice.
  • Discover Real-World Use Cases: Explore how stablecoins are transforming B2B payments, from accounts receivable (AR) to accounts payable (AP) and beyond.
  • Engage with Industry Leaders: Connect with top decision-makers from leading enterprises, institutions, and crypto-native organisations advancing on-chain payments between vendors and payers.

Bonus: Take the “Bitwave Vendor Payment Pledge” and join an exclusive network of business partners accepting stablecoin invoice payments.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

17 December 2024

Estimated Read time

2Mins

FICO’s use of Blockchain for AI model governance wins Tech of the Future: Blockchain and Tokenisation award

Global analytics software leader FICO has won the Tech of the Future – Blockchain and Tokenisation award. The Banking Tech Awards in London recognised FICO for its innovative work using Blockchain technology for AI model governance. FICO’s use of blockchain to advance responsible AI is the first time blockchain has been used to track end-to-end provenance of a machine learning model. This approach can help meet responsible AI and regulatory requirements.

More information: https://www.fico.com/blogs/how-use-blockchain-build-responsible-ai-award-winning-approach-0

FICO: Blockchain Innovation

FICO’s AI Innovation and Development team has developed and patented an immutable blockchain ledger. It tracks end-to-end provenance of the development, operationalisation and monitoring of machine learning models. The technology enforces the use of a corporate-wide responsible AI model development standard by organisations. It demonstrates adherence to the standard with specific requirements, people, results, testing, approvals and revisions. In addition to the Banking Tech award, Global Finance recognised FICO’s blockchain for AI technology with The Innovators award last year.

Responsible AI

“The rapid growth of AI use has made Responsible AI an imperative,” commented Dr. Scott Zoldi, chief analytics officer at FICO. “FICO is focused on technologies that ensure AI is used in an ethical way, and governance is absolutely critical. We are proud to receive another award for our groundbreaking work in this area.”

FICO is well-known as a leader in AI for financial services. Its FICO® Falcon® Fraud Manager solution, launched in 1992, was the first fraud solution to use neural networks. Today it manages some four billion payment cards worldwide. FICO has built advanced analytics capabilities into FICO® Platform, an applied intelligence platform for building decision management solutions.

See the full list of Banking Tech Award winners for 2024.

  • Artificial Intelligence in FinTech
  • Blockchain & Crypto

Author

Nell Walker

Published

14 November 2024

Estimated Read time

6Mins

There were many inspiring themes on peoples’ lips at DPW Amsterdam 2024, including collaboration. One of the major reasons procurement…

There were many inspiring themes on peoples’ lips at DPW Amsterdam 2024, including collaboration. One of the major reasons procurement professionals flock to DPW is the opportunity to learn from their peers, strategise with them, and make connections in order to partner up and grow. We sat down with Dr Matthias Dohrn and Sudhir Bhojwani, business collaborators of several years who prove the benefits of coming together for growth.

Dohrn is the CPO of BASF, a global chemical company, making him responsible for direct, indirect, and traded goods. Prior to this role he headed up a business unit – and things weren’t going well. It got to the point where the question of how to drive performance became a priority. The business needed to consistently drive value, not just be, in Dohrn’s words, a “one-hit wonder”. 

“I’ve been in a lot of meetings where people come together and say, ‘we should do something’ – but the next month, you have the same meeting and nothing has changed,” Dohrn explains. “Structuring an organisation in a manner that really drives and extracts value, that’s key.”

This eventually led to meeting with ORO Labs and asking how it could help BASF build a solution that enabled the growth it needed. Sudhir Bhojwani, CEO and Co-Founder of ORO Labs, knew Dohrn already from his SAP Ariba days He even credits him with explaining what ‘supplier management’ means. When he co-founded ORO Labs, his team wanted to focus on being a procurement orchestration platform and build smart workflows. 

“When Matthias was running his business unit, as he mentioned, he had this Excel-based process where he was running thousands of measures,” Bhojwani explains. “It was an interesting process. We let him know that our workflow could solve his problems way more efficiently. So we worked with this business unit at that time and saw some positive results. Roughly a year later, Matthias took over as CPO and wanted to bring in the same structure that we’d implemented at the business unit, but on a bigger scale.”

Kicking off the project

Getting this project off the ground meant having a business case, first and foremost. This required actually sitting down with the people who do the ordering, because procurement needed to understand the options it had. “So, with every plant in BASF – all approximately 150 of them – we had to talk to them, and look at the individual spend of each plant,” Dohrn explains. “This included direct procurement of raw materials, energy, logistics, indirect spend for services, and so on. Then we had brainstorming workshops, generating between 30 and 50 improvement measures per workshop.

“Then, because it’s bottom-up, you bring in the performance management tool to prioritise the measures. Then you go through the business case and confirm the value. As these measures go through the implementation levels, it’s very satisfying because you can see how you’re making progress in driving value every day. The people who own the measures set the timeline themselves, and there are incentive schemes behind the best ideas.”

Driving value to motivate people was a priority from the start, and something BASF discussed with ORO Labs early on. People are able to see the status of their measures thanks to ORO Labs, which means they’re able to see the results and also see other peoples’ great ideas. “You create a wave of people who are driving value, much faster,” Dohrn adds. 

Addressing the challenges

From Bhojwani’s perspective, there were multiple challenges when approaching BASF’s requirements. Fundamentally, ORO Labs was building a brand new workflow, as BASF required a very different take on what that means. ORO understanding how that translated to what BASF needed was the first challenge.

“We needed to understand the structure Matthias has, and what the work streams should look like,” Bhojwani explains. “We had to figure out how to model these work streams within our tool in a way that made sense. An indirect work stream is not the same as something in direct material; those things are very different. So here’s where our workflow tool worked quite well. We could customise how direct material work streams should behave, compared to indirect work streams, how country A should behave compared to country B, and so on.

“It was important that we could bring flexibility, and that we could solve workflow problems in innovative ways. Another challenge was the user experience part. We had to make sure that the system worked for everybody, otherwise nobody would participate in the system. We had to keep working on it, keep fixing it, and that took a good 18 months of tweaking. The biggest thing has been understanding how BASF actually generates value, and how a workflow can help. It’s been very interesting.”

Identifying the value

Collaborating with ORO Labs has unlocked an enormous amount of value for BASF. Dohrn has seen the business come together thanks to the work that was put into communicating and collaborating with every site across businesses and functions, and BASF is continuing to conduct workshops for further improvement. There’s also, of course, the EBIT being gained from the business cases, putting BASF on track to generate sustainable savings.

“There’s been a real mindset change,” Dohrn states. “We’re now really focused on value, and we’re using this ORO Labs tool to hold each other accountable. You can see the progress every day. We call it the iceberg because you can see below the implementation levels. Everything starts off below the water line – no value created yet, just potential. Then you see it moving beyond the zero line into the positives, and every day I can see the difference between now and yesterday with just a click. It’s so fulfilling to see what we have created.

“We’re able to see the interaction with the plants, the interaction between people, and interaction with the requisitioners, and we can create something positive together. I think that’s huge. It’s only going to bring more and more value over the next few years. People are used to the tool now, they find it easy. It has created value and everyone’s happy because the cost pressure on the plants has gone down.”

Author

Nell Walker

Published

Estimated Read time

6Mins

When we’re talking about technology in procurement, the importance of partnership is a major component for success. No business is…

When we’re talking about technology in procurement, the importance of partnership is a major component for success. No business is an island, and joining forces with experts is, increasingly, the direction many move in for the sake of growth. 

At DPW Amsterdam 2024, we met many businesses who were looking around at the procurement sector in search of either what direction to move in next, or who they can help. The event is one that brings people together to learn, to teach, to discover the cutting edge of procurement, and be inspired by it. So when we sat down with the CEO of Fairmarkit, Kevin Frechette, it wasn’t surprising that he brought Nick Wright, who leads bp’s Procurement Digital Garage, into the conversation.

For Frechette, one of the best things about working in the advanced procurement technology sphere is joining forces with other businesses to help them keep improving, and vice versa. “Having the chance to work with people like Nick, who are pushing the envelope when it comes to autonomous sourcing, is amazing,” he explains. “We’re fired up to be at DPW, absorbing this atmosphere.”

While it’s something of a running joke in the procurement world that most professionals in the sector don’t deliberately choose it, Wright actually did. “I went to university and thought ‘wow, I fancy a career in procurement or vendor management’. I know a lot of people don’t have that story, but I’ve been doing something I’m passionate about from the beginning. I love making deals, whether I’m buying a car, a house, or something for BP.” The Procurement Digital Garage he leads exists to look at problems being faced across procurement, and figuring out possible solutions. 

For Frechette, the intention wasn’t to start a company in the procurement space, but his team quickly saw the opportunities within it. “We had this ‘aha’ moment,” he says. “It was a tough pivot. There was a lot of debate, a lot of late nights. I’m super glad we made it because we got to be in a space where people can be forgotten about, and we’re able to give them centre stage.”

The realistic approach to 10X

DPW itself exists to put procurement under the limelight. Each event is themed in a way that gets conversations flowing around the next big thing in procurement. For Amsterdam 2024, this theme was 10X – something Frechette believes isn’t achievable right off the bat.

“It’s something to strive towards,” he says. “It’s something where you work on getting a little better every single month, every quarter. You keep getting those small wins, and you build credibility. There’s no silver bullet. You just have to start the journey and learn as you go.”

For Wright, it’s about not getting caught up in the hype, but figuring out what’s realistic. “There’s a lot of hype out there, and the beauty of something like my team at the Procurement Digital Garage is to weed out that hype, because what’s right for us might not be right for someone else. Having a team that’s out there in the market, testing and figuring out what’s real, will put you in good stead.”

“There’s a leap of faith element that can be challenging to achieve, before you can really strive for 10X,” Frechette adds. “It’s like Amara’s Law: humans typically overestimate the value of technology in the short term, but underestimate it in the long term. So the hype is needed. We have to help people on that journey and sometimes, a leap of faith is needed. For the people that risk it, it’s exciting, and they’re then well positioned for the future.”

However, again, managing expectations is important. “People might be on the sidelines expecting a 10X solution,” says Wright. “But the reality is, you’re going to get 5% here, 10% – smaller pockets of improvement.”

The benefits of advanced technology are absolutely being seen at this stage, but being realistic about the future outcomes is important. “The benefits are there – not at the scale of 10X – but if you just make a start, you’ll achieve wins,” says Frechette. “You broadcast those wins across the organisation. That generates excitement, and then you can work on the next thing because you have ground swell.”

How ‘the future’ has changed

What’s interesting is that this 10X focus, this drive towards incremental wins, has reframed the way businesses plan for the road ahead. ‘The future’ used to mean having a three or five-year plan. Now, the future is only 12 months away.

“The thought process right now is ‘what can we do that’s super optimistic in just 12 months’?” says Frechette. “Then you can put in realistic time frames and set off on a sprint to get there. You have to be able to move fast. We have launches every two weeks now, and we have to be flexible with our roadmap along the way. But we always know where we’re going – we have a north star.”

“To me, that’s the only way to do it,” Wright adds. “I don’t have a crystal ball. Nobody knows what’s going to happen in two or three years. So what’s the point of creating a plan that’s going to get you to a certain point in those two or three years? You have to work on small iterations, make adjustments, change direction as necessary.”

It’s part of what makes Fairmarkit and BP an active partnership – the ability to be flexible and open up discussions at every point. It’s all about real-time feedback and trust-building, to the extent that both parties feel like they’re on the same team. 

The right people in the right places

Because ultimately, it’s the human element that makes transformation happen. Having the right people in place is one of the elements that’s key to making sure implementing advanced tech for the sake of business strategy works at all. “It’s about access to talent and making sure you’ve got a capable user group that can make the most of that technology,” says Wright. “You don’t need to be a data scientist, but you do need to have the right mindset to take advantage of the tools you’ve got.”

“I agree – you have to get the right people on the bus,” adds Frechette. “You all have to be committed to going on the journey together. Prioritise where you start and where you’re going to have the most value with the lowest risk, and have people on your side who can give suggestions and ideas.”

While the much-discussed talent shortage can create challenges there, DPW as an entity proves that not only does procurement keep becoming more appealing and exciting, but where there are gaps, there are digital tools. “I’ve noticed a lot of folks under 30 who are here at DPW Amsterdam, and they’re genuinely interested in procurement,” says Wright. “We’re at a tipping point that makes me really excited about the profession I’m in.”

Author

Dan Brightmore

Published

11 November 2024

Estimated Read time

3Mins

UBS Digital Cash aims to increase efficiency, transparency and to enable the programmability of money movements for corporate and institutional clients

Cross-border payments often lead to delayed settlements. As a result, this creates a fragmented view of liquidity positions for companies. The aim is to increase transparency and security with blockchain-based payments via UBS Digital Cash. Moreover, this should in turn facilitate timely payment processing. In addition, companies should be able to manage intraday-liquidity and adjust liquidity buffers on their accounts more easily in the future. This is thanks to greater visibility of their total cash positions.

USB Digital Cash with Blockchain

Andy Kollegger, Head UBS Institutional & Multinational Banking, says: ”UBS Digital Cash going forward aims to enable our clients to make cross-border payments in a much more efficient and transparent way. Furthermore, Blockchain-based payment solutions for cross-border payments are a strategic focus for UBS. With the successful UBS Digital Cash pilot, we have reached another important milestone.”

In the pilot, transactions with multinational clients and banks were successfully carried out. These included domestic transactions within Switzerland and cross-border payments in US dollars, Swiss francs, Euros and Chinese yuan. Additionally, the pilot also included the transfer of liquidity between various UBS companies. UBS plans to expand and develop its UBS Digital Cash offering in further steps.

The advantages of Blockchain-based payments solutions

Pilot participant Janko Hahn, Head Treasury Operations at Autoneum, says: “The UBS Digital Cash pilot showcased the key advantages of blockchain-based payment solutions. They make cross border transactions faster, on time and provide a seamless traceability, which is a huge benefit when operating in a global market.”

Xiaonan Zou, UBS Head Digital Assets, Group Treasury, adds: ”We see the interoperability between UBS Digital Cash and other digital cash initiatives as key for the financial industry. In addition to their role in correspondent banking, they also have the potential to streamline and simplify the settlement of tokenised assets in the capital market.”

How does UBS Digital Cash work?

For the payment process, UBS Digital Cash uses a private blockchain network to which only the permissioned clients have access. The settlement is performed via smart contracts, which, for example, automatically execute payments as soon as predefined conditions are met. Client transfers at UBS are recorded and processed in a digital system for recording transactions. They are independent of currency, practically in real time and around the clock. UBS Digital Cash complements UBS’s involvement in a wide range of market initiatives. These include the Swiss National Bank-led project Helvetia for real wholesale Swiss franc Central Bank Digital Currency (wCBDC), as well as the Agorá project, led by the Bank for International Settlements (BIS) together with seven central banks, to unlock central bank money and tokenised deposits from commercial banks in the cross-border payment context.

About UBS

UBS is a leading global asset manager and the leading universal bank in Switzerland. In addition, the company offers diversified wealth management solutions and focused investment banking functions. With the acquisition of Credit Suisse, UBS has assets under management of $5.7 trillion as of the fourth quarter of 2023. UBS supports its clients in achieving their financial goals through personalised advice, solutions and products. Headquartered in Zurich, Switzerland, the company operates in more than 50 markets around the globe. UBS Group AG shares are listed on the SIX Swiss Exchange and the New York Stock Exchange.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

7 November 2024

Estimated Read time

2Mins

Bitget announces $100k seed funding through ‘Pitch n Slay’ roadshow competition

Bitget has launched the ‘Pitch n Slay’ roadshow competition, aiming to provide financial support, professional guidance and exposure for female entrepreneurs. This will be delivered through collaborations with organisations such as World of Women, Women in Web3, Bitget Wallet, Foresight Ventures and Morph. The initiative is designed to help female leaders expand their projects.

Bitget Blockchain boost for female entrepreneurs

The final will be held during DevCon in Bangkok, Thailand on November 15. The shortlisted “Pitch n Slay” project contestants will present their optimised projects to investors and a jury panel. The jury members include Gracy Chen – CEO of Bitget; Taya A – CEO of World of Women; Min Xu – Partner at Foresight Ventures; along with other outstanding Web3 leaders. Three winners will have the opportunity to share $100k seed funding.

Blockchain4Her

Bitget is the third largest exchange for crypto derivatives with a user base, surpassing 20 million registered accounts globally. Furthermore, it is one of the largest platforms for cryptocurrency copy trading. Meanwhile, the daily trading volume on Bitget exceeds 10 billion USDT, reflecting its significant market presence.

“Bitget is committed to gender inclusivity with women making up more than 45% of our management team. We are also dedicated to creating an inclusive culture for the LGBT community. Through the Blockchain4Her program we hope to create more growth opportunities for women-led startups We’ll continue to expand this platform, creating pathways for growth and amplifying women-led startups in Web3.”

Gracy Chen, CEO, Bitget

About Bitget

With a background in traditional finance, Bitget’s founding team discovered blockchain technology in 2015. But it was viewed as “tulip mania” by the industry back then. In 2018, we became intrigued by cryptocurrency after studying the Bitcoin whitepaper and Ethereum ecosystem. We believed that cryptocurrency would play an important role in the future and even benefit the unbanked groups.

Born in a bear market, Bitget insists on putting users first, focusing on product innovation, and advocating long-term development with the spirit of earnestness. The company aims to inspire people to embrace crypto and improve the way they trade, one at a time.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

21 October 2024

Estimated Read time

2Mins

DBS Token Services, marks new milestone in financial services with blockchain

DBS has announced the introduction of DBS Token Services. The new suite of banking services integrates tokenisation and smart contract-enabled capabilities with award-winning banking services. It aims to unlock new transaction banking capabilities and operating efficiencies for its institutional clients with blockchain.

DBS Token Services via Blockchain

DBS Token Services unlocks instant, 24/7 real-time settlement of payments. It integrates the bank’s Ethereum Virtual Machine-compatible permissioned blockchain. This is the core payment engine and multiple industry payment infrastructure for DBS. In addition, smart contracts enable programmability for institutions to govern the use of funds according to predefined conditions. Enhancing security and transparency. Using a permissioned blockchain provides DBS full control over these services. It enables the bank to harness the benefits of blockchain technology while adhering to compliance standards.

The project is the culmination of several years of industry collaborations and experimentation in digital money innovations. The suite of solutions includes Treasury Tokens, Conditional Payments, and Programmable Rewards. It exemplifies how established financial institutions can leverage blockchain technology and smart contracts to deliver new client experiences.

Lim Soon Chong, Group Head of Global Transaction Services, DBS Bank

“To capture the massive shift of human and corporate activity to on-demand digital services, companies and public sector entities are reimagining their operating models and customer engagement strategies. A new generation of ‘always-on’ banking services is essential to support this shift and transformation.

“By leveraging tokenisation and smart contract capabilities, DBS Token Services enables companies and public sector entities. They can optimise liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement. It marks a significant step forward in transaction banking. It demonstrates how established financial institutions can leverage blockchain technology to deliver new ground-breaking features and experiences.”

DBS: Shaping the future of finance with Blockchain

Since 2016, DBS has been a driving force in several industry initiatives led by the Monetary Authority of Singapore. It has been exploring the potential of blockchain technology in enhancing Singapore’s financial landscape. Key initiatives include Project Ubin, Project Orchid and Project Guardian.

DBS Token Services continues to explore broader applications of blockchain enabled solutions. These include the tokenisation of securities and digitalisation of trade finance. These innovations reflect DBS’ ongoing commitment to building a more robust and innovative banking landscape..

  • Blockchain & Crypto

Author

Dan Brightmore

Published

17 October 2024

Estimated Read time

3Mins

WaveBL Completes a new groundbreaking network connectivity Proof of Value (POV) with Swift, the participation of five global banks, and leading ocean carrier eBL Issuer MSC

WaveBL, the leading blockchain based electronic Bill of Lading (eBL) platform, has completed a groundbreaking Proof of Value (POV). It worked with Swift and the participation of five global banks. Lloyds, Emirates NBD Bank, Federal Bank Limited, and other banks. Furthermore, MSC Mediterranean Shipping Company (MSC), a leading ocean carrier acted as an eBL issuer on WaveBL.

The POV successfully demonstrated the transfer of structured electronic document presentations (including eBLs) originated on the Platform. They were sent to and between Swift members, and back to the Platform, all as part of a Letter of Credit (LC) transaction. The process was executed utilising a series of Swift FIN messages and FileAct transfers from WaveBL to the different banks. The process maintained possession and title management of the electronic trade documents on WaveBL’s ledger of issuance.

Describing the Flow of the POV with WaveBL

The POV involved two eBLs – one straight and one negotiable – both issued by MSC on the WaveBL platform. The eBLs were first sent to an exporter on the WaveBL platform. Here, commercial documents like a packing list, invoice, and certificate of origin were added. These were then sent to the advising bank by the platform over the secure and resilient Swift network, using an MT message and a FileAct document transfer. In turn, the advising bank and the issuing bank exchanged the presentation between them while WaveBL’s ledger maintained the tracking of possession and title of the contained eBLs.

Ultimately, the issuing bank released the documents to the LC applicant, who is the importer, including the endorsement of the negotiable eBL from the issuing bank to the order of the importer on the Platform. All of which was instructed to the platform through a Swift MT message. This streamlined process allows for payments to be received within hours, rather than days. This is often the case with transactions that involve the physical transfer of documents. Similarly, with the eBLs surrendered back to MSC on the platform, the importer was able to collect the goods at the port of destination without delay.

Strengthening the supply chain-trade finance connectivity: The WaveBL Swift gateway

This groundbreaking POV underscores WaveBL’s dedication to making its network fully integrated with the financial system. This allows customers to seamlessly interact with Swift members and among participants themselves. For Swift members, electronic trade documents could soon be exchanged via WaveBL using their existing Swift infrastructure. And without requiring the installation or use of any specialised software or service.

WaveBL anticipates that the concept led through this POV will further its mission of creating seamless connectivity between the supply chain and financial markets. It will drive the shift towards 100% adoption of eBLs, as outlined in the FIT Alliance Declaration of September 2023. WaveBL is also looking forward to becoming the first electronic trade document provider to achieve full connectivity with the entire Swift community. This allows all banks a simple, standardised way to receive and send electronic bank presentations originated on the platform.

Innovative approach by leading banks

The participating banks have all previously demonstrated exceptional innovation by using WaveBL as their entry point to the eBL market. They gained experience by exchanging electronic trade document presentations in live commercial transactions. As part of the POV, WaveBL, Swift and the banks established a joint working group. This was aimed at analysing the methodologies and structure of the Swift MT messages and the electronic presentations proven during the POV. Moreover, their involvement highlights a commitment to advancing trade finance through digitisation and cutting-edge technologies for document exchange. WaveBL is eager to continue working with the joint working group as its expected integration with the Swift network unfolds.

Boaz Lessem, Chief of Legal Regulation and Partnerships, WaveBL:


“As the eBL market continues to grow, this POV solidifies our vision of seamless connectivity between WaveBL and Swift, providing a new, standardised solution for banks that prefer not to use the platform’s interface directly. By leveraging Swift’s trusted infrastructure, banks will now be able to exchange electronic trade documents with ease. Enabling greater flexibility and efficiency in trade finance. I believe this connectivity will lead the way to an increased value proposition for the electronic transformation to eBLs. I thank the Swift team for its ongoing leadership and support as part of this POV, driving forward this important initiative in trade finance digitisation.”

  • Blockchain & Crypto

Author

Nell Walker

Published

Estimated Read time

6Mins

Combining advanced technology with a people-led focus is the name of the game for Bravo Consulting Group. Bravo was founded…

Combining advanced technology with a people-led focus is the name of the game for Bravo Consulting Group. Bravo was founded in 2007 by President and CEO Gino Degregori. He had his sights squarely set on leveraging Microsoft technologies to deliver cloud services, application modernization, and cybersecurity compliance. Bravo’s aim is to simplify how organisations create, share, and secure their intelligent information. In nearly 17 years of its existence, the business has grown into a premier Microsoft solutions provider serving the federal government, the Department of Defense, the Intelligence Community, and multiple Fortune 500 organisations. 

Human-centric leadership and core values

Degregori began his career in software engineering and entrepreneurship. However, he quickly realised that his true calling was beyond just developing software and implementing Microsoft technologies. “I saw an opportunity to build an amazing organisation that provides real value to our customers through our people and innovative solutions,” Degregori explains. “While the cloud didn’t exist in 2007, development, automation, and security were already crucial.”

Degregori founded Bravo on core values that remain the cornerstone of the company today. “Our vision is to attract and create kind leaders who make an impact on our customers, partners, and communities,” he explains. “We lead with empathy, embracing kind leadership. This means prioritising the growth and wellbeing of our team members and clients. We view every interaction from a win-win perspective with a strong sense of accountability. 

“It’s not just about implementing technology in your organisation; it’s about truly advancing the mission. Collaborating with great people enables us to deliver outstanding results,” he emphasises. Degregori also hosts The Kind Leader Podcast where he discusses empathetic leadership with industry leaders, embodying the values Bravo champions.

By fostering a culture of empathy and innovation, Bravohas established itself as a leader in cloud services, application modernization, and cybersecurity. Degregori’s commitment to building a people-centric organisation ensures that Bravo not only meets but exceeds the expectations of its clients, driving meaningful and impactful results.

Strategic partnership with AvePoint

Bravo’s commitment to collaborating with exceptional partners has been the cornerstone of its longstanding relationship with AvePoint. For 15 out of its nearly 17 years of existence, Bravo has partnered with AvePoint—a testament to the enduring strength and value of this collaboration. When Bravo first started, the Microsoft ecosystem was rapidly evolving, with many businesses transitioning away from legacy systems. AvePoint’s advanced SharePoint migration and administration tools played a pivotal role in this transition, enabling Bravo to assist over 100,000 users across various verticals in successfully migrating and managing their content and data.

“Our partnership with AvePoint allowed us not only to migrate vast amounts of content and data efficiently but also to reduce costs, which we passed on to our customers,” says Degregori. “It was a phenomenal opportunity to leverage AvePoint’s tools for seamless content and data migration. We recognized early on that AvePoint was poised for significant success, and from then on, our collaboration deepened, enabling us to develop even better solutions.”

This partnership is a key reason customers choose Bravo. By integrating Bravo’s expertise in the Microsoft ecosystem with AvePoint’s suite of tools, Bravo delivers a unique value proposition centred on data management, compliance, and AI-driven solutions. Customers benefit from a holistic approach that not only prepares them for new technologies but also ensures regulatory compliance, cost efficiency, and superior results.

Together, Bravo and AvePoint empower organisations to confidently navigate their digital transformation. Leveraging Microsoft’s advancements in AI and AvePoint’s robust data management tools, they offer cutting-edge solutions that address the evolving needs of modern businesses. This collaboration enables organisations to optimise their data, maintain stringent compliance standards, and harness the power of AI to drive innovation and efficiency.

Expanding horizons through collaboration

For the first decade, Bravo focused exclusively on the federal sector. Recently, Degregori made the strategic decision to expand Bravo’s services into the commercial sphere. “Our strong partnership with AvePoint was instrumental in this successful expansion,” he says. “AvePoint is a global organisation, and through our collaboration, we developed a strategy to penetrate the commercial market. We leveraged our combined services, expertise, and certified professionals at Bravo to build trust and confidence with the AvePoint commercial folks.”

The unique relationship between Bravo and AvePoint has facilitated this long-standing and successful collaboration. Degregori attributes their success to three key factors: communication, clarity, and trust.

“First, strong communication ensures continuous understanding. Second, clarity about our collective goals – focusing not just on our objectives but also on AvePoint’s – allows us to align our efforts effectively. Lastly, trust is paramount. We need to rely on each other through both successful projects and challenging ones. This mutual trust ensures we can support each other through thick and thin,” Degregori explains.

“We are always learning. When things don’t go as planned, we sit down, discuss the lessons learned, and find ways to improve. This continuous learning and mutual support strengthen our partnership and drive our shared success.”

Future growth

The future of Bravo and AvePoint is exceptionally promising as technology evolves at an unprecedented pace. Both organisations are at the forefront, leveraging the Microsoft ecosystem. With Microsoft’s substantial investments in generative AI, their reach is set to expand even further into the Fortune 500 globally.

“This momentum allows us to continuously leverage advanced tools, integrating them to deliver unparalleled value to our customers,” says Degregori. This focus on the human element—the customer—ensures that Bravo remains true to its core values.

“I am immensely grateful for the opportunity to lead an incredible organisation like Bravo and to maintain a long-term partnership with AvePoint. Ultimately, while we discuss technology and solutions, it’s all about people. We’re constantly seeking ways to connect better as partners and employers. This human-centric approach is what drives us to deliver superior solutions.”

This vision and commitment to both technological excellence and human connection make Bravo and AvePoint’s partnership not only resilient but also highly impactful for their clients. Together, they are poised to lead the way in digital transformation, ensuring that organisations are not only equipped with the latest innovations but also supported by a team that values their success.

Author

Dan Brightmore

Published

24 September 2024

Estimated Read time

3Mins

PayPal Ventures, the global venture capital arm of PayPal, announced additional investment in Chaos Labs. This investment underscores PayPal Ventures’ confidence…

PayPal Ventures, the global venture capital arm of PayPal, announced additional investment in Chaos Labs. This investment underscores PayPal Ventures’ confidence in Chaos Labs’ potential and their blockchain products.

Chaos Labs: Edge

Chaos Labs’ recent launch of Edge, a new decentralised oracle protocol, has garnered significant attention within the industry. Edge has already secured a remarkable $30 billion over the last 2 months. It has been adopted by leading exchanges such as Jupiter, the top perpetuals exchange on Solana. And also by GMX, the leading exchange on Arbitrum.

Edge offers a comprehensive, low-latency oracle solution. It combines accurate price data with actionable market intelligence. Its advanced architecture ensures the security and efficiency of DeFi applications. Furthermore, providing insights into market dynamics and security risks. Edge monitors the market for specific risk signals, performs the offchain data parsing and computation, and outputs one actionable data point.

Omer Goldberg, CEO and Founder of Chaos Labs on the PayPal Ventures investment

Omer Goldberg, CEO and Founder of Chaos Labs, said, “We’re excited to receive the strong confidence and additional support from the PayPal Ventures team. Edge by Chaos is the culmination of our entire company’s work and expertise. Edge Price, Risk, and Proofs deliver meaningful and unmatched contextualised risk and price data for assets including stablecoins and other real-world-assets. In addition to the crypto assets and venues that provide access to them.”

Last month, Chaos Labs announced a $55 million Series A funding round led by Haun Ventures, including prominent new investors such as F-Prime Capital, Slow Ventures, and Spartan Capital, and existing investors including PayPal Ventures. Chaos Labs has experienced significant growth, tripling its customer base and securing billions in trading volume, loans, and incentives.

PayPal committed to Blockchain

PayPal Ventures’ investment aligns with PayPal’s ongoing commitment to the blockchain ecosystem. In May 2024, PayPal launched its stablecoin, PYUSD, on the Solana blockchain.

Amman Bhasin, Partner at PayPal Ventures, said, “Our continued investment in Chaos Labs reflects our belief in their vision to create a safer crypto ecosystem. And move more financial services on chain. Chaos Labs has emerged as a leading risk authority in the sector and we are thrilled to witness their evolution as they launch innovative products like Edge to mitigate oracle vulnerabilities.”

About Chaos Labs

Chaos Labs leads the blockchain risk management industry with innovative solutions for the evolving onchain financial landscape. It enables protocols to verify stability across all market conditions, merging offchain observability with onchain risk parameter adjustments. Backed by leading venture capital firms, Chaos Labs continues to set new standards for security and responsiveness in onchain finance. Founded in 2021, Chaos Labs is headquartered in New York City.

About PayPal Ventures

PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in companies at the forefront of innovation in fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies. Through the expertise, experience, and vast network of PayPal Ventures – and the companies we invest in – we are helping to bring transformative solutions to market faster. For more information, please visit: www.paypal.vc 

  • Blockchain & Crypto

Author

Dan Brightmore

Published

5 September 2024

Estimated Read time

4Mins

The 2008 global financial crisis exposed vulnerabilities in the traditional financial system. In response, blockchain technology emerged, offering a solution. …

The 2008 global financial crisis exposed vulnerabilities in the traditional financial system. In response, blockchain technology emerged, offering a solution. 

With its ability to address these weaknesses, blockchain holds significant potential to transform the banking industry. This article will explore how blockchain can be used in banking and the benefits it offers for a more secure and efficient financial industry.

Introduction to Blockchain in Banking

Blockchain technology is changing the way data is stored and shared. It’s a digital record spread across a network of computers. This system uses cryptography for security, allowing authorised participants to update the records without needing a central authority.

Once information is added to the blockchain, it’s impossible to alter or erase. To add new entries, network participants verify transactions using complex algorithms.

Traditionally, banks and payment systems rely on intermediaries to facilitate transactions. However, blockchain’s distributed network allows for direct consensus and verification between participants, streamlining the entire process.

Blockchain Case Study: Payment Processing

Central and commercial banks around the world are exploring blockchain for payment processing. This interest extends to cross-border payments, traditionally dominated by companies like SWIFT and Western Union.

Several successful blockchain implementations in banking serve as case studies. In 2015, Commonwealth Bank of Australia (CBA) teamed up with Ripple, a fintech company specialising in blockchain solutions for international payments. Their goal was to build a system using blockchain to speed up settlement processes between CBA’s different branches.

Westpac, another major Australian bank, followed suit in 2016 by partnering with Ripple to create a cost-effective system for cross-border payments using blockchain.

Blockchain Case Study: Trade Finance

Trade finance, handling all aspects of domestic and international commerce, relies heavily on banks to facilitate transactions. Traditionally, this involves managing risk, providing credit, and allowing both exporters and importers to participate. However, the system often suffers from slow and outdated paper-based documentation.

Recognising this need for improvement, leading institutions like Standard Chartered and HSBC have joined groups exploring blockchain technology for trade finance. One example is Voltron, a platform designed by R3 and CryptoBLK to digitise letters of credit. 

Pilot projects across 14 countries with over 50 companies and banks participating yielded notable results, reducing letter of credit processing time from five days to less than 24 hours. Building on this success, Voltron rebranded as Contour in 2020, launching a digital trade finance network with R3 and other banks as supporters. 

Blockchain Case Study: KYC

Know Your Customer (KYC) processes are a slow hurdle in banking as they can take weeks to complete. The system also suffers from wasted effort, as each bank asks new clients for the same information. 

This inefficiency creates high costs for banks. Compliance burdens are heavy, and penalties for not following the rules are significant. The constant changes in regulations make it difficult for banks to stay compliant.

Chris Huls of Rabobank proposed a solution—storing KYC information on a blockchain. This secure and transparent technology acts as a shared platform for customer data. Once a bank completes KYC, a summary can be uploaded to the blockchain. Authorised institutions can then access this information, eliminating repetitive checks.

Benefits Realised

Blockchain technology offers a new way to store and manage data. Unlike traditional databases, blockchain spreads data across a network of computers and creates a public record that’s difficult to tamper with. 

Any attempt to change a record in one place would be caught by other computers in the network. This system eliminates the possibility of any single entity manipulating information.

Furthermore, blockchain promotes transparency. Transactions are visible to anyone who wants to see them, with tools allowing real-time tracking. This can lead to faster processing times for consumers, potentially reducing transaction completion to minutes, regardless of location or time.

Inter-bank transfers can also benefit from blockchain’s efficiency and security. Large sums involved in these transactions come with risk and cost during the current multi-day settlement process.

Lessons Learned and Future Outlook

These case studies demonstrate the technology’s ability to streamline transactions, reduce friction, and enhance security. The technology also promotes transparency and immutability of data.

However, a major challenge remains—ensuring customer data privacy. Public blockchains, with their inherent openness, create obstacles. Permissioned blockchains with strong encryption offer some solutions, but cybersecurity concerns still exist. Building trust and widespread adoption requires addressing these data privacy issues.

Regulatory uncertainty presents another hurdle. Currently, there’s no central authority overseeing and regulating blockchain protocols. The need for some form of governance is apparent, but careful consideration will need to be given to the distribution of power within such a system.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

28 August 2024

Estimated Read time

4Mins

The growth of international trade and global mobility has fueled the demand for efficient cross-border payments solutions. Legacy systems are…

The growth of international trade and global mobility has fueled the demand for efficient cross-border payments solutions. Legacy systems are often slow and expensive, with multiple middlemen and complicated procedures.

With its decentralised and secure nature, blockchain technology offers a compelling alternative. Furthermore, as the cross-border payment market is expected to reach $290 trillion by 2030, blockchain and digital payments are emerging as strong contenders to streamline international transactions.

Introduction to Blockchain in Cross-Border Payments

While blockchains are not designed exclusively for payments, they offer a powerful foundation for streamlining cross-border transactions. Unlike traditional banking systems restricted by national borders, blockchains are global by nature. Also, in a blockchain payment system, payers and payees use a shared network with common data formats. This enables direct transactions to and from anywhere.

Traditional card and banking networks are controlled by individual institutions. Blockchains distribute this authority. Anyone with an internet connection can participate in these permissionless networks. Moreover, this removes the control of centralised systems, making them more accessible for both merchants and customers.

Benefit 1: Speed

Traditional reliance on central authorities can slow down transaction processing. For example, depositing a check on a Friday might not show up in the recipient’s account until Monday because of limited bank hours.

Blockchain technology operates 24/7 and enables much faster settlement times. On some blockchain networks, transactions can be finalised in minutes. This efficiency is especially beneficial for cross-border payments.

Benefit 2: Cost Savings

A report by Jupiter Research shows that by 2030, banks could save over $27 billion in cross-border settlements. This efficiency comes from blockchain eliminating the need for intermediaries. Also, consumers often pay banks or notaries for verification, but blockchain removes this dependency and its fees.

Benefit 3: Security

Traditional and centralised databases use a single point of access, making them vulnerable to cyberattacks. Blockchain technology offers a stronger alternative. It distributes encrypted data across a network of interconnected computers.

This system, called a distributed ledger, makes tampering very difficult. Any change would need to be reflected across the entire network at once. Additionally, blockchain allows controlled access. Only authorised participants can see or modify specific data. This granular control significantly reduces the risk of unauthorised access and fraud.

Benefit 4: Transparency

A key strength of blockchain technology is its transparency. This comes from a fully traceable and tamper-proof transaction record. Therefore, every transaction on the blockchain is permanent and unchangeable.

Once verified by the network, it cannot be altered or deleted. This permanence applies even to attempts to modify a transaction. Moreover, hanging it would require altering every single block after it in the chain, a nearly impossible task.

Benefit 5: Improved Liquidity Management

Liquidity describes how easily you can buy or sell something without affecting the price. For digital currencies, more liquidity means steadier prices with less fluctuation.

Blockchain technology has the potential to change how companies handle liquidity. By offering real-time information on a company’s financial health and available cash, blockchain helps treasurers. They get a complete picture of the company’s cash across all entities, departments, bank accounts, and locations, accessible at any time.

Transparency from blockchain technology empowers treasurers to make more accurate cash flow forecasts. It also helps them allocate cash resources more efficiently, for example, in supply chain finance and refinancing activities.

Benefit 6: Reduced Error Rates

Unlike traditional systems where human errors can occur, blockchain uses a network of computers for verification. Thousands of computers on this network work together to confirm each transaction, making errors much less likely.

Even if one computer makes a mistake, it only affects its copy and is rejected by the rest of the network. This strong verification process creates a highly accurate record of information.

Benefit 7: Better Compliance

Financial regulations create a complex compliance challenge for institutions. Blockchain technology offers a solution with its secure, transparent, and permanent record of transactions. It simplifies compliance processes for regulators, who can monitor and audit transactions more easily.

Blockchain can also streamline customer onboarding and anti-money laundering (AML) efforts. Secure identity management using blockchain streamlines these procedures and guarantees accurate records.

Conclusion

Blockchain technology promises a future of secure, efficient, and streamlined cross-border payments. With its shared record of transactions, it significantly reduces fraud and data breaches. By removing middlemen, blockchain also allows for faster, cheaper transactions with greater transparency throughout.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

19 August 2024

Estimated Read time

6Mins

FinTech Strategy met with Stiven Muccioli, Founder & CEO at BKN301, to discuss digital payment services connecting North Africa, the…

FinTech Strategy met with Stiven Muccioli, Founder & CEO at BKN301, to discuss digital payment services connecting North Africa, the Middle East, and Europe.              

BKN301 Group is a London based fintech provider that offers Banking-as-a-Service, connecting North Africa, the Middle East, and Europe. The company aims to address the financial inclusion gap in these regions. It provides digital payment and banking platforms to unbanked populations. BKN301 has successfully partnered with fintechs in Egypt and Qatar, serving millions of customers and providing access to financial services. They are also focused on expanding their market in Europe. The company aims to become a leader in the industry and bridge the gap between Europe and the Middle East.

At Money20/20 Europe, FinTech Strategy spoke with BKN301 Founder & CEO Stiven Muccioli to find out more…      

Tell us about the genesis of BKN301…

“I launched the company in 2021 with the vision to create the biggest tech provider for a digital banking service connecting North Africa, the Middle East, and Europe. We are looking at the demographic sheet of the world… In Europe, we are overserved by the banking system and it’s quite tough to create new projects in the FinTech space. It’s hard to scale past Europe, into the Middle East and North Africa. Ours is an operation in its early stages. There is a huge penetration with mobile devices in the Middle East and North Africa, but at the same time there are a huge amount of people unbanked.

So, we have created the platform to allow digital banks to start fast and with low cost. Basically, we are the ‘backbone’ for the new digital banking era in the Middle East and North Africa. We also work with many companies across Europe. However, we are very focused on the connection between the Middle East, North Africa and Europe. Also, we are focused on the remittances business and cross-border payments because many working abroad in Europe don’t have access to the banking system in Europe. And there are many digital banks in Europe trying to fulfil this gap for new customers.”

Tell us about your career journey…

“I began 15 years ago in the startup business and founded two other companies. The first one, Tippest, was a copycat of Groupon in Italy. This was founded with a group of friends in 2011 and we were able to scale successfully, leading to its sale in 2015. Following that, I moved to the US where I spent some time as an angel investor. In 2016 I came back to Italy to start a new company. It was a corporate venture operation inside of the Iccrea Bank, one of the biggest banking groups in Italy. We created a company named Ventis. It delivered the first super application that merged e-commerce and the digital bank.

We created a platform capable of delivering an e-commerce service, and at the same time digital banking services, payment cards, accounts and more. We managed this part of the business for the Group and reached good numbers. In 2020, we sold the company and today it is the third biggest payment player in Italy.”

Tell us about some of the successful partnerships BKN301 has been involved in…

“We have seen great successes with key partners such as Damen. Damen is a e-payment company in Egypt serving 18 million customers. Thanks to our technology, they are able today to provide a digital payment application to millions of Egyptians. They are now connected and have access to a range of financial services to save money and receive remittances from Europe and across the Gulf. A very successful story in terms financial inclusion.

It’s the same in Qatar where we serve a partner that provides service to labourers and construction workers – there are around 700,000 such workers in Qatar. A good example of financial inclusion because we provide the platform for a low-cost digital banking platform connecting unbanked people to Europe.”

What are some of the key challenges financial institutions are facing that you can help them with? What problems are companies asking you to solve?

“At BKN301, we’re focused on our technology and building an ecosystem based on APIs so we’re able to provide those APIs to digital banks – with us, they save time and money. So, the integration cost is far less than a traditional integration cost. They’re able to work multi-market because we are in different markets and they won’t have any legacy agreement with big corporates. We provide APIs so they can develop and use them for core banking and processing.”

“Every year there is a new wave of news, but we don’t know how long each trend will it last… A couple of years back blockchain was at the core and everyone want to add a feature, sometimes without any reason. Now it’s the same with AI. To build a concrete platform on AI or on blockchain, you need many years, and a lot of investment, to be focused. I don’t believe companies that come out after six months saying they are now AI based. It’s impossible to build a real platform based on AI that quickly. We need to define the real companies. So, which one has the mature technology. It’s a good wave and I think there is a huge need. For example, anti-money laundering controls driven by AI could be a game changer.”

And what’s next for BKN301? What future launches and initiatives are you particularly excited about?

“This year we want to get more established in the market in Europe, so we will be focused on expansion. The goal for us is to become the door, the access bridge, between Europe and the Middle East. We aim to become a backbone for the new financial ecosystem across the region.”

Why Money20/20? What is it about this particular event that makes it the perfect place to showcase what you do?

“Every year there is a new wave of news… A couple of years ago blockchain was at the core and everyone wanted to add some feature on blockchain, sometimes without any reason. And now it’s the same with AI. To build a concrete platform on AI, or on blockchain, you need to be focused for years and have a lot of investment – it can’t be done in six months. So, as with blockchain, we need to define the companies making real progress with established technology based on AI, the same as we did with blockchain. It’s a good wave that can meet a huge need, for example with anti-money laundering controls, and Money20/20 is a great place to learn more about where the industry is at today.”                                                                           

Author

Published

6 August 2024

Estimated Read time

3Mins

The financial technology sector is witnessing a surge in the adoption of blockchain technology, particularly for its transformative capabilities in customer verification.

Traditional methods of identity authentication often face limitations in security and reliability, exposing user data to potential breaches. Blockchain, however, offers a compelling solution. This article explores how blockchain technology is changing the way industries approach customer verification.

Blockchain and Identity Verification and Management

Customer verification is critical in ensuring the security of accounts and transactions. Traditional identity management systems relied on trusted authorities to issue and manage credentials. This centralised nature makes them lack transparency and vulnerable to data breaches.

Blockchain presents a transformative solution for this issue. This distributed ledger technology offers a secure and transparent way to store and manage data. Each piece of information is cryptographically linked within a chain of blocks. Each block in the chain contains a unique cryptographic hash, acting as a digital fingerprint. And, lastly, each block’s hash incorporates the hash of the preceding block. 

This makes it virtually impossible to tamper with the data once recorded. Any attempt to alter information in a previous block would change its hash, triggering a cascade of changes throughout the chain and exposing the tampering. This inherent security significantly reduces the risk of identity theft and fraud compared to traditional methods.

Another core strength of blockchain technology lies in its inherent transparency. Blockchain technology permanently records every transaction and instance of data entry on a shared ledger, accessible to all participants in the network. This fosters trust by promoting accountability and facilitating immediate verification for activities like dispute resolution.

How Blockchain Improves Efficiency

Customer onboarding for financial institutions hinges on verifying a customer’s identity. Traditionally, this involves multiple document submissions across various institutions. Blockchain technology streamlines this process.

One approach involves storing encrypted personal information (PII) like passports or driver’s licences on the blockchain. Customers would then grant permission to specific institutions to verify their identity. This eliminates the need to repeatedly submit documents for each new financial relationship. 

It also creates a more reliable data source for institutions since everyone would be referencing the same information. Additionally, customer control over access simplifies compliance with privacy regulations.

Case Studies

One example of how financial institutions are leveraging blockchain technology for customer verification is Tradle, a Know-Your-Customer (KYC) platform built on blockchain. This platform utilises bots to scan relevant customer information, such as financial data and employment history, providing banks with verifiable background checks to streamline loan approvals. 

The gathered information is then secured on the blockchain for both internal bank transfers and external data sharing, ensuring its immutability and trustworthiness. This approach offers financial institutions a secure and efficient way to conduct KYC checks, potentially reducing processing times and fraud risks.

Future Outlook

The future of digital identity management appears to be closely linked with the potential of blockchain technology. A report by Market Research Future predicts a surging market, reaching a valuation of $17.81 billion by 2030, driven by government initiatives that promote blockchain development worldwide.

Blockchain’s core strengths—security and transparency—offer a compelling alternative to traditional identity management systems. Ongoing advancements in blockchain technology and a growing focus on digital identity security point towards a promising future.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

26 July 2024

Estimated Read time

4Mins

Blockchain technology has elevated transparency and accountability in the finance industry. By ensuring the integrity and security of financial data,…

Blockchain technology has elevated transparency and accountability in the finance industry. By ensuring the integrity and security of financial data, blockchain transforms how financial reporting is done, helps prevent fraud, and secures transactions.

Integrating blockchain into financial systems promotes trust among stakeholders, from investors to regulators. This potential stems from blockchain’s transparency, immutability, and security.

The technology offers investors clarity and security. It provides a transparent view of transaction histories and asset ownership, which reduces the risk of fraud and increases investor confidence.

For regulators, blockchain serves as a tool to improve monitoring and enforcement of compliance with regulations. Moreover, the immutable nature of blockchain records ensures accurate and permanent logging of financial transactions. Additionally, aiding in audit trails and regulatory oversight, particularly in areas like anti-money laundering and know your customer (KYC) rules.

Securing transactions with immutable ledgers

Blockchain’s immutable ledger ensures that once data is recorded, it cannot be easily altered or tampered with. Each piece of information, like transaction details, is stored in blocks and protected by unique hash values.

Hash values are alphanumeric strings generated for each block, linking it securely to the previous block. This chaining ensures that any attempt to change data in one block would invalidate the entire chain. Therefore, making tampering detectable and preventing unauthorised alterations.

The security of blockchain is reinforced by its decentralised nature. Copies of the blockchain are stored across multiple computers in a network, and consensus among these nodes ensures the integrity and originality of the data.

This robust system not only enhances security but also supports applications like smart contracts. These automate and enforce agreements based on set conditions.

Blockchain for real-time auditing

Blockchain technology enables real-time auditing, thanks to its decentralised and transparent nature. This ensures auditors can verify the authenticity and integrity of financial data without relying on centralised authorities or intermediaries.

This capability not only improves audit efficiency but also strengthens trust and confidence in financial reporting. Furthermore, auditors can track transactions from their inception through to completion in real-time, reducing the risk of errors. By eliminating the need for manual reconciliation and audit trails, blockchain reduces the time and resources traditionally required for auditing processes.

Meeting regulatory demands with blockchain

The technology helps businesses meet complex regulatory requirements more effectively. As data entries are permanent and secure once recorded, blockchain ensures information cannot be altered or deleted. It provides a reliable way to consolidate and verify data needed for regulatory reporting.

For regulators, blockchain simplifies oversight by offering a shared platform where transaction details are transparent and accessible in real-time. Moreover, this decentralised approach eliminates the need for extensive manual checks and balances, making it easier to monitor and enforce compliance across various stakeholders.

The ability to streamline regulatory reporting is particularly evident in industries like reinsurance. Here, blockchain facilitates faster and more accurate reporting among insured parties, insurers, brokers, and regulators.

Case Studies

Several financial institutions have demonstrated improved transparency through their adoption of blockchain technology. For example, J.P. Morgan offers a prominent use case, which launched its Quorum blockchain platform in 2016.

Quorum, based on Ethereum, has been used for various applications like debt issuance and financial transaction settlements. Moreover, this platform enhances transparency by providing a secure and decentralised way to record and verify transactions, reducing the risk of errors and fraud in financial operations.

Similarly, the African Development Bank Group (AfDB) partnered with BanQu to develop the Supply Chain Finance Blockchain. Additionally, this platform aims to streamline supply chain finance for SMEs in Africa, making transactions more transparent and efficient. Also, by leveraging this tech, AfDB improves visibility across the supply chain, ensuring funds are allocated and tracked accurately, thereby enhancing transparency in financial operations.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

22 July 2024

Estimated Read time

4Mins

Blockchain payments are becoming more popular. In 2023, the adoption of blockchain payments like cryptocurrencies reached a new height of…

Blockchain payments are becoming more popular. In 2023, the adoption of blockchain payments like cryptocurrencies reached a new height of 420 million users globally, per a Triple-A report. This number is an 800 percent increase compared to the previous year.

Blockchain is a decentralised digital ledger that records and verifies transactions through a network of computers. Unlike traditional payment methods, blockchain payments occur directly between parties. Each transaction is stored in a ‘block’ linked to previous blocks, forming a chronological chain.

The technology provides enhanced security and speed for cross-border payments. International payments used to be a complex process due to the different currencies and banking systems involved. However, the technology can simplify transaction processes significantly.

Speed and efficiency

Blockchain payments revolutionised traditional cross-border payments by enabling faster and more efficient transfers.

The decentralised network used in blockchain eliminates the need for a central authority. It simplifies the verification for transactions and avoids process delays. The technology also allows direct peer-to-peer transactions with no extra parties.

Thus, settlement speeds are much faster than in traditional banking systems. Unlike traditional ones, blockchain payments can be made within minutes instead of lengthy periods of days.

Cost reduction

Blockchain cross-border transactions come with significantly lower transaction fees than traditional systems. This is mainly due to the absence of intermediaries.

It also allows users to get lower currency fees than traditional modes. Moreover, cryptocurrency options offer no currency fees at all.

Security enhancements with blockchain

The security systems used by traditional banks involve third parties, which often means heightened vulnerability. The additional parties might experience operational issues that can affect the banks. Each third-party involvement adds possible risks to the main payment system. Blockchain payments remove the need for additional parties and enhance security with better transparency.

They use a decentralised network where multiple network participants verify and record each transaction. This makes it nearly impossible for system manipulation incidents to happen.

The technology also allows the use of smart contracts. These are digital contracts stored in a blockchain that automatically enforce themselves when specific conditions are met. These AI-powered contracts reduce reliance on transaction intermediaries and avoid potential fraud or errors. This contrasts with traditional systems, which require third parties to safeguard information

Case studies

Some financial institutions have already used blockchain for cross-border payments. Ripple is a prime example of blockchain technology’s effect on cross-border transactions. Its native cryptocurrency, XRP, plays an important role in this. Cryptocurrency can aid faster and cheaper international transactions. Moreover, its worldwide network of financial institutions allows a near-instantaneous settlement.

In the trade finance sector, cross-border payments play an important role. Platforms like Marco Polo have included blockchain payment options in their services.This simplifies and better secures trade financing transactions.

E-commerce platforms also included these payment options, like Bitcoin, to increase global sales. One of the online platforms that accept Bitcoin payments is CheapAir, an online travel agency. Another one is NewEgg, an e-commerce platform for computer parts and consumer electronics.

Future prospects for blockchain payment systems

Blockchain technology is still evolving and more companies will likely adopt blockchain payment systems. The rising need for faster and more secure global payments is expected to drive the broader adoption of blockchain payments.

Among the future trends that involve blockchain payments for cross-border transactions is the rise of central bank digital currencies (CBDCs). CDBCs are a digital version of national currency that is more efficient for cross-border transactions.

More blockchain-based platforms will emerge and further streamline international trade finance processes. These platforms will facilitate end-to-end trade finance, including documentation, tracking, and payment.

The security for blockchain transactions will continue to develop, as zero-knowledge proofs and advanced encryption are increasingly used.

Partnerships with traditional financial institutions and global payment networks will expand. This can further enhance the accessibility and adoption of blockchain payments.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

16 July 2024

Estimated Read time

4Mins

Blockchain has transformed transaction security. Blockchain platforms use the technology to create a shared digital ledger that records every transaction. This ledger is distributed across a network of computers, making it almost impossible to alter or tamper with the data.

Blockchain also makes financial transactions more efficient. Traditional financial systems often involve multiple intermediaries, such as banks and payment processors. Blockchain removes the need for intermediaries, speeding up the transaction process and decreasing costs.

Still, blockchain’s high level of security is its most essential feature. It helps prevent fraud and unauthorised access, ensuring that users can trust the safety of their financial transactions. This article explores the top ten blockchain platforms that facilitate secure transactions.

Bitcoin (BTC)

Known for its decentralised architecture and security through the proof-of-work consensus mechanism, Bitcoin stands as the pioneering blockchain platform. It offers users a secure method for peer-to-peer transactions, and the BTC token is a reliable store of value globally.

Ethereum (ETH)

Ethereum revolutionised blockchain technology by introducing smart contracts, enabling the creation of decentralised applications (dApps) and various financial services. It has a vibrant developer community and ongoing upgrades, including the transition to Ethereum 2.0 aimed at improving scalability and reducing energy consumption.

Ethereum is ideal for developers and users interested in decentralised applications and smart contracts.

Ripple (XRP)

Ripple specialises in facilitating rapid and cost-effective cross-border payments and remittances, appealing to financial institutions seeking efficiency. It ensures fast transaction speeds and low costs, positioning itself as a competitive option in the global payment landscape.

Ripple is a practical choice for financial institutions needing fast and affordable cross-border transactions.

Stellar (XLM)

Stellar shares similarities with Ripple, focusing on fast and low-cost cross-border transactions but also targeting individual users alongside financial institutions. It aims to simplify the process of international money transfers while maintaining strong security.

Stellar serves as a viable option for users and institutions seeking accessible and cost-effective solutions for cross-border payments, emphasising simplicity and security.

Hyperledger Fabric

Hyperledger Fabric caters specifically to enterprise needs, offering a permissioned blockchain platform that prioritises security and privacy. Its modular architecture enables tailored solutions for businesses requiring controlled access to data and secure financial transactions.

Implementing and managing Hyperledger Fabric demands substantial technical expertise, limiting its accessibility for non-enterprise users. Enterprises seeking secure and customisable blockchain solutions should consider Hyperledger Fabric for its features and enterprise-grade security.

Cardano (ADA)

Cardano distinguishes itself with a research-driven approach to blockchain technology, emphasising security, scalability, and sustainability. It supports smart contracts and aims to offer a platform that is both secure and capable of accommodating a wide range of decentralised applications.

Cardano’s ecosystem and developer community are still growing, impacting its pace of innovation. However, Cardano remains appealing to users and developers seeking a scientifically rigorous blockchain platform with a focus on security and scalability.

Tezos (XTZ)

Tezos introduces a self-amending blockchain capable of upgrading without hard forks, ensuring long-term stability and continuity. It supports smart contracts and decentralised applications, offering flexibility and security.

While Tezos’ innovative governance model may seem complex to newer users, it offers a compelling option for those interested in a self-amending blockchain with robust security features and a focus on long-term sustainability.

Binance Smart Chain (BSC)

Binance Smart Chain, developed by Binance, emphasises high performance and low transaction costs, making it particularly suitable for decentralised finance (DeFi) applications. It supports a broad range of financial transactions with efficient throughput.

BSC is a preferred option for DeFi developers and users seeking a platform with fast transaction processing and minimal fees, though caution is advised regarding centralization risks.

Polkadot (DOT)

Polkadot excels in interoperability, connecting multiple blockchains to enhance scalability and security across decentralised networks. It offers a scalable platform for developers to build interoperable applications spanning various blockchains.

Similar to Cardano, Polkadot’s ecosystem is still evolving, with ongoing development efforts to broaden its functionalities.

Polkadot appeals to developers interested in building interoperable and scalable decentralised applications across multiple chains.

Solana (SOL)

Solana distinguishes itself with high throughput and low transaction costs, capable of processing thousands of transactions per second. It aims to support scalable decentralised applications, particularly within the DeFi space.

Solana has maintained its appeal among developers and users looking for high-performance blockchain solutions. It continues to be a preferred option for its efficient transaction processing capabilities.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

10 July 2024

Estimated Read time

5Mins

Blockchain technology has come a long way since its emergence in the mid-2000s. Initially associated only with cryptocurrencies, it is now known as a tool that revolutionises the finance industry.

In 2024, blockchain has seen transformative growth. According to a Coinbase report, on-chain projects announced by Fortune 100 companies have increased 39 percent from last year. Furthermore, 56 percent of Fortune 500 executives say their companies were working on on-chain projects.

Major actors in financial services are now embracing blockchain technology. From HSBC, IBM, and Nasdaq to JP Morgan, big names are now driving blockchain innovations. Here, this article explores ten blockchain trends expected to dominate the second half of this year.

1. Decentralised finance (DeFi)

A financial disruptor, DeFi enables peer-to-peer financial services without intermediaries such as banks. DeFi services such as Uniswap, Aave, or SushiSwap offer products and services like lending, trading, and asset management, often at competitive rates.

Under a Decentralised Autonomous Organisation (DAO), governance is placed in the hands of token holders. This results in a more inclusive decision-making process.

2. Smart contracts

Smart contracts are computer programmes that automatically execute agreements when predefined conditions are met.

One example of the financial institutions that have experimented with this is BNP Paribas. In 2020, it announced a collaboration with fintech company Digital Asset to design real-time and settlement applications using DAML smart contracts. It has also been involved in pilot projects for trade finance using blockchain.

Other than finance applications, smart contracts are also used in government services, legal industries, and notaries.

3. Cross-border payments

Most cross-border transactions are complicated and costly. Often, they also involve multiple intermediaries and currency conversions.

Blockchain offers a more efficient and cost-effective solution by allowing funds to be transferred directly between individuals and institutions. Blockchain-enabled payments take only a few seconds compared to traditional payments, which may take 3-5 business days.

Companies like Faster Payments Service, Ripple, IBM World Wire, and Strike have already demonstrated successful blockchain-based cross-border payments.

4. Digital identity verification with blockchain

Last year, 3,205 data compromise cases affected 353 million victims in the US. Nearly all were data breaches, affecting 349 million victims.

Blockchain-based digital identity verification offers a solution to this problem. Personal identity verification protocols like Civic and decentralised identity networks like Sovrin allow users to control their personal information in a way that prevents identity theft and phishing.

Additionally, these platforms simplify and speed up the data verification process, allowing service providers to reduce the time, cost, and resources spent on manual verification.

5. Asset management

Blockchain’s technological capability can reduce the risk of losses when facilitating asset management. Tokenised securities, for instance, allow users to trade digital tokens representing ownership of assets such as stocks, investment funds, and bonds.

An example of this is Paxos Gold (PAXG), an asset-backed digital token with a total market capitalisation of $327 million.

Blockchain also allows for real-time tracking of asset ownership, transactions, and changes throughout the asset lifecycle management.

6. Fraud prevention with blockchain

With blockchain, organisations can permanently track and verify transactions, which makes it a powerful tool against fraud.

Cryptography and encryption techniques help ensure the authenticity and integrity of information, making it difficult to counterfeit. Institutions like Barclays Bank, JP Morgan, and HSBC have already integrated blockchain technology into their payment infrastructures.

7. Supply chain finance

Blockchain-based supply chain finance models are becoming increasingly popular. This is because it allows supply chain partners to share information more easily.

An immutable digital ledger can track all information, from assets to product quality, saving time and money for all parties involved. IBM Food Trust uses this feature in the food supply chain sector. With a permanent, tamper-proof record of every transaction, from farm to table, the technology helps ensure the authenticity and safety of food products.

The Provenance network also uses blockchain to allow consumers to verify the origins and authenticity of products. This system makes sure that product histories are permanently recorded and easily accessible.

8. Blockchain-based trading

This year saw an increasing ownership of digital assets. The global user base for digital currencies reached 562 million people, a significant increase from 420 million in 2023. Within virtual worlds and the metaverse, trading volumes have only been increasing since the bullish run in 2023.

Blockchains can also be used to trade various assets, such as luxury goods, real estate, and intellectual property rights.

9. Internet of Things (IoT)

Blockchain can connect IoT devices to ensure safety in interactions between devices and networks. This feature opens up new opportunities for financial services such as micropayments and decentralised insurance.

Hyperledger Fabric, for example, acts as a distributed transaction ledger for various IoT transactions, helping keep track of millions of connected devices.

Another ledger, IOTA, is specifically designed for the Internet of Things (IoT). It secures sales and trading data streams to facilitate micropayments between IoT devices without transaction fees.

10. Insurance

Smart contracts built on blockchain technology can protect health records and detect fraudulent claims. Aside from that, its ability to automate claims processes can minimise human interference.

Etherisc is a company that claims to be a pioneer in parametric blockchain insurance, having used the technology since 2016. It is a decentralised insurance protocol built on blockchain technology that has developed solutions like flight delay insurance and crop insurance.

Another example is Insurwave, a blockchain-based platform developed by EY and Guardtime in collaboration with insurers and shipping companies.

  • Blockchain & Crypto

Author

Dan Brightmore

Published

4 October 2022

Estimated Read time

3Mins

Read in brochure format

Our cover story this month reveals how Dr Roman Salasznyk, Senior Vice President at Booz Allen Hamilton, and his team are driving innovation at the IT services specialist to deliver digital solutions supporting federal agencies in their quest to drive mission-critical programs

This month’s cover story charts how IT services specialist Booz Allen Hamilton is delivering digital solutions to support federal agencies in their quest to deliver mission-critical programs.

Welcome to the latest issue of Interface magazine!

Technology is changing lives; from banking to transport and manufacturing to healthcare, the scaling of digital transformation journeys across global industry sectors is enabling and enhancing our lives… Harnessing the power of tech, to manage everything from the evolution of our supply chains to our response to medical emergencies like COVID-19, is changing the game.

Read the latest issue here!

Booz Allen Hamilton: innovation in public health

Our cover story this month reveals how IT services specialist Booz Allen Hamilton is delivering leading edge solutions to support federal agencies in their quest to deliver mission-critical programs.

“We’ve made a concerted effort to invest and provide leading-edge capabilities to support some of our client’s most pressing public health challenges across the federal government space,” says Salasznyk. “Technology must add value, solve a business problem, and deliver measurable improvements in efficiency and effectiveness.” That efficiency is driven by over 29,000 experts around the world driving digital journeys, developing analytics insights, engineering, and cybersecurity solutions while working shoulder-to-shoulder with clients to choose the right tech to realise their vision and transform.

Nuffield Health: digital transformation for a healthier tomorrow

Nuffield Health is the UK’s largest healthcare charity (independent of the NHS) operating 37 hospitals and 114 Fitness & Wellbeing Centres. IT leaders Jacqs Harper and David Ankers describe the organisation’s incredible digital transformation and how its people-first attitude runs deep. Nuffield’s beneficiary-centric approach means “driving experiences” to be optimal and best-in-class is paramount. “What was really compelling when I joined Nuffield was how much of a difference this business can make to the nation in terms of improving its health,” says Ankers. “And equally, how we as a team can make the lives of practitioners so much easier. There’s a huge amount of value IT can add.”

Also in this issue, we hear from Celonis on why process mining can help companies stop wasting money on tech they don’t need, and we present the latest analysis from consultancy giant McKinsey’s Technology Council highlighting the development, future uses and industry effects of advanced technologies across 14 key trends.

Enjoy the issue!

Dan Brightmore, Editor