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Drupal\builtin_boxes_embed\Plugin\Filter\BuiltinBoxesEmbedFilter->process('The banking industry is slowly starting to realize the power of <a href="https://builtin.com/blockchain">blockchain</a>. Unburdened by centralized authorities (like banks), blockchain makes it easier for currencies to be traded, loans secured and payments processed, all of which make it a worthy alternative to current technologies in the industry.  

The well-worn blockchain-versus-traditional-banking trope usually pits a mysterious, understudied technology against the proven behemoth that is our current banking system. In reality, blockchain can solve some of the banking industry's most pressing problems. Originally used as the secure decentralized payment ledger for Bitcoin, it has a track record of making processes more efficient and secure — especially in finances.

According to a <a href="https://www2.deloitte.com/content/dam/Deloitte/in/Documents/strategy/in-strategy-innovation-blockchain-in-banking-noexp.pdf">study by Deloitte</a>, rising costs, increased cyber attacks and global payment processing cost the finance industry billions of dollars annually. Decentralized Ledger Technology (DLT), like blockchain, can <a href="https://www.cbinsights.com/research/blockchain-disrupting-banking/">enhance traditional banking methods</a>, including upgrades in international payments, securities trading, loan offerings, credit monitoring and fundraising. The same study emphasized the need for banks to embrace blockchain’s immutable smart contracts, real-time finance tracking and dispute settlement technology in order to differentiate themselves from the rest of the banking world.

Below are 12 examples of how blockchain companies are working to enhance traditional banking methods.    <strong>  </strong>

 
Paxos<strong>Paxos</strong>

<strong>Location: </strong>New York, NY

<strong>How it’s using blockchain: </strong><a href="https://www.paxos.com/">Paxos</a> is the first blockchain-powered trust using DLT to settle assets and payments simultaneously. With the same trust powers as a traditional bank, the company’s PAX token is a one-to-one (1 PAX=$1 USD) Ethereum-based stablecoin that allows for instant settlement in digital transactions.

<strong>Industry Impact:</strong> Paxos is one of the few stablecoins <a href="https://www.forbes.com/sites/astanley/2018/09/10/new-york-dfs-greenlights-paxos-ethereum-based-stablecoin/#343ade87520c">approved by crypto’s toughest regulators</a>: the New York Department of Financial Services. The stablecoin is currently listed on 8 different trading platforms.

 
Jibrel Network<strong>Jibrel Network</strong>

<strong>Location: </strong>New York, NY

<strong>How it’s using blockchain: </strong><a href="https://jibrel.network/">Jibrel</a> is a blockchain-based banking solution for tokenizing financial assets such as ICO’s, loans and commodities. Tokenizing assets enables Jibrel users to have a greater liquidity in finance. The company’s Jwallet lets users manage all of their crypto, Jibrel Jtokens or tokenized assets in one decentralized platform.<strong> </strong>

<strong>Industry Impact:</strong> Jibrel joined the <a href="https://entethalliance.org/">Enterprise Ethereum Alliance (EEA)</a>, the world’s largest open-source blockchain initiative, to learn about and develop best practices and architectures for the industry.

 
Republic<strong>Republic</strong>

<strong>Location: </strong>New York, NY

<strong>How it’s using blockchain: </strong><a href="https://republic.co/">Republic</a> is an investment platform that gives users the ability to invest in startups and ICO’s beginning at $10. Republic’s investment platform has a variety of purpose-based startups to choose from, and the platform allows for these companies to collect fiat currency or crypto. The company’s Token DPA is a tool specifically made for startups to pre-sell and manage tokens for their crowd sale.

<strong>Industry Impact: </strong>Republic currently lists 14 companies on its investment platform. They range from <a href="https://bandwagonfanclub.com/">BANDWAGON</a> (a startup focused on stopping fraudulent tickets) to <a href="https://nori.com/">Nori</a> (a startup focused on climate change reversal).<strong> </strong>

 
SALT Lending<strong>SALT Lending</strong>

<strong>Location: </strong>Denver, Colorado

<strong>How it’s using blockchain:</strong> <a href="https://saltlending.com/">SALT Lending</a> lets members leverage their crypto for cash loans without selling off any digital assets. Users looking for a loan can customize their terms from 1-36 months, choose their rate and then pick which crypto they want to leverage (the company currently accepts Bitcoin, Ether, Litecoin and Dogecoin).<strong> </strong>

<strong>Industry Impact: </strong>Since late 2016, SALT has expanded into 35 U.S. states and is looking to add even more blockchain tokens for use as collateral. Additionally, <a href="https://www.coindesk.com/crypto-backed-loan-provider-salt-expands-to-35-us-states/">the company created a tool</a> called “Proof of Access” that lets existing customers modify their loan conditions using the SALT token.

 
Airfox<strong>Airfox</strong>

<strong>Location: </strong>Boston, Massachusetts

<strong>How it’s using blockchain:</strong> <a href="https://airfox.com/">Airfox</a> uses blockchain to provide financial services to people who are "underbanked" by traditional banking practices in emerging markets. The company’s decentralized app allows for people in emerging markets (like Brazil and Mexico) to receive loans without a credit rating check.

The Airfox AirToken (AIR) is a digital utility token that uses cell phone data to understand a person’s creditworthiness. Instead of a traditional credit check, the AIR token accesses phone records, assesses credit risk and then provides a loan based on the immutable data. By interacting with the Airfox ecosystem on a daily basis, users can earn AIR tokens and, as a result, credit.

<strong>Industry Impact</strong>: Airfox <a href="https://medium.com/@Airfox/airfox-partners-with-brazilian-retail-giant-on-mobile-blockchain-financial-services-879282cf8d39">partnered with Brazilian retail giant Via Varejo</a> to extend its services to nearly 60 million consumers in Brazil. Nearly 1,000 Via Varejo stores will support the Airfox digital banking platform.

 
Uulala<strong>Uulala</strong>

<strong>Location: </strong>Irvine, California

<strong>How it’s using blockchain:</strong> <a href="https://tokensale.uulala.io/">Uulala’s</a> blockchain enables peer-to-peer banking for unbanked and underbanked communities. Through the Uulala ecosystem, people with smartphones can essentially serve as walking ATM’s in that they're able to loan other members cash on a ledger. The decentralized app eliminates expensive and time-consuming middlemen so loan-seekers can receive money quickly and safely.

<strong>Industry Impact: </strong>Uulala is now looking to bring the technology to underserved people in the U.S., Mexico and Brazil.

 
Ripple<strong>Ripple</strong>

<strong>Location: </strong>San Francisco, California

<strong>How it’s using blockchain:</strong> <a href="https://ripple.com/">Ripple’s</a> real-time blockchain helps banks and financial institutions instantly send money across the globe. The company’s payment platform, RippleNet, lets banks from across the world access a standardized network of institutions for speedier and transparent transactions.<strong> </strong>

<strong>Industry Impact:</strong> There are already more than 75 financial institutions using Ripple’s blockchain for cross-border payments, including Santander, BMO, MoneyGram, American Express and BBVA.

 
Paygine<strong>Paygine</strong>

<strong>Location: </strong>New York, NY

<strong>How it’s using blockchain:</strong> <a href="https://www.paygine.com/#">Paygine</a> is a blockchain-backed financial platform designed to operate within its own banking infrastructure. The company is designed to serve the finance industry in the areas of money remittance, payments and cryptocurrency exchanges. Within these industries, Paygine’s blockchain assists with Know-Your-Customer protocol, lending and  payment processing.

<strong>Industry Impact: </strong>Paygine processes more than $115 million worth of transactions each month. Now working on building its core banking processes in Europe, the company plans to expand into the U.S. and Asia over the next two years.

 
Spring Labs<strong>Spring Labs</strong>

<strong>Location: </strong>Marina del Rey, California

<strong>How it’s using blockchain: </strong><a href="https://www.springlabs.com/">Spring Labs</a> creates DLT-based networks that enable financial institutions to share information without having to share the underlying data itself. By storing information on a blockchain, Spring Labs developed a system by which data can be shared but identifying information of an individual or group is kept secure, thus ensuring data security.

<strong>Industry Impact: </strong>Spring Labs was founded in early 2018. The company is currently working on their “<a href="https://www.forbes.com/sites/jeffkauflin/2018/03/27/blockchain-startup-spring-labs-raises-15-million-in-vc-four-months-after-its-founding/#2462a29752df">permissioned blockchain</a>,” whereby only certain financial institutions can see and share data. Chicago online lending platform <a href="https://www.avant.com/">Avant</a> is the company's first blockchain participant.

 
BlockFi<strong>BlockFi</strong>

<strong>Location:</strong> New York,  NY

<strong>How it’s using blockchain: </strong><a href="https://blockfi.com/">BlockFi</a> is a blockchain lending platform that loans dollars using cryptocurrency as collateral. In order to secure a loan, users fill out a short application and, once approved, they send their Bitcoin or Ethereum to a secure blockchain storage address. BlockFi loans are available for both individuals and corporations.<strong> </strong>

<strong>Industry Impact: </strong>BlockFi has loaned cash for crypto to <a href="https://climbcredit.com/">Climb Credit</a> CEO Angela Ceresnie and <a href="http://www.block8ventures.com/">Block 8 Ventures</a>, so they can use the capital to fund new projects.

 
AlphaPoint<strong>AlphaPoint</strong>

<strong>Location: </strong>New York, NY

<strong>How it’s using blockchain: </strong><a href="https://www.alphapoint.com/">AlphaPoint</a> is a platform for the digitization and trading of different assets. The company’s “Distributed Ledger Platform” enables firms to digitize assets like loans, currencies and private company shares, while automating workflows and issuing smart contracts.

<strong>Industry Impact: </strong>AlphaPoint is <a href="https://www.the-blockchain.com/2018/09/18/firms-on-board-with-leading-digital-asset-exchange-technology-provider-to-launch-cryptocurrency-benchmarks-and-smart-baskets-2/">preparing to launch “AlphaPoint Indexes,”</a> a statistical platform on the performance of cryptocurrencies. Initially, the Index will be used for benchmarking the performance of the highest valued and most liquid cryptos.<strong> </strong>

 
Tradle<strong>Tradle</strong>

<strong>Location: </strong>New York, NY

<strong>How it’s using blockchain:</strong> <a href="https://tradle.io/#section6">Tradle</a> is a Know-Your-Customer (KYC) blockchain platform for financial institutions. The company uses bots to scan pertinent information, like finances and job history, to help banks get a verifiable background on customers for loan approvals. The information gathered is then secured by blockchain for both <a href="https://www.wired.co.uk/article/wired-money-2016-startup-stage-bitcoin-blockchain">intrabank and external data transfers</a>.<strong> </strong>

<strong>Industry Impact:</strong> Tradle has partnered with financial institutions like <a href="https://www.lloyds.com/">Lloyd’s</a>, <a href="http://www.aia.com/en/index.html">AIA</a> and <a href="https://www.r3.com/">r3</a> to test out their product. Additionally, Tradle has won multiple awards, like “Blockchain Company 2016” from KPMG, and is a Citi KYC “Company to Watch.”

<em>Images via Shutterstock, social media and screenshots of company websites.</em>', 'en') (Line: 118)
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Submitted by Sam Daley on Sat, 03/16/2019 - 14:16

The banking industry is slowly starting to realize the power of blockchain. Unburdened by centralized authorities (like banks), blockchain makes it easier for currencies to be traded, loans secured and payments processed, all of which make it a worthy alternative to current technologies in the industry.  

The well-worn blockchain-versus-traditional-banking trope usually pits a mysterious, understudied technology against the proven behemoth that is our current banking system. In reality, blockchain can solve some of the banking industry's most pressing problems. Originally used as the secure decentralized payment ledger for Bitcoin, it has a track record of making processes more efficient and secure — especially in finances.

Blockchain and Banking

Blockchain banking is poised to make the financial industry more efficient. Blockchain’s ledger technology has the ability to quickly and cost-effectively processes banking payments, act as an anti-money laundering monitoring tool and even offers alternative options to measure creditworthiness.

According to a study by Deloitte, rising costs, increased cyber attacks and global payment processing cost the finance industry billions of dollars annually. Decentralized Ledger Technology (DLT), like blockchain, can enhance traditional banking methods, including upgrades in international payments, securities trading, loan offerings, credit monitoring and fundraising. The same study emphasized the need for banks to embrace blockchain’s immutable smart contracts, real-time finance tracking and dispute settlement technology in order to differentiate themselves from the rest of the banking world.

Below are 12 examples of how blockchain companies are working to enhance traditional banking methods.      

 

paxos blockchain applications banking paxos
Paxos

Paxos

Location: New York, NY

How it’s using blockchain: Paxos is the first blockchain-powered trust using DLT to settle assets and payments simultaneously. With the same trust powers as a traditional bank, the company’s PAX token is a one-to-one (1 PAX=$1 USD) Ethereum-based stablecoin that allows for instant settlement in digital transactions.

Industry Impact: Paxos is one of the few stablecoins approved by crypto’s toughest regulators: the New York Department of Financial Services. The stablecoin is currently listed on 8 different trading platforms.

 

blockchain applications banking jibrel network
Jibrel Network

Jibrel Network

Location: New York, NY

How it’s using blockchain: Jibrel is a blockchain-based banking solution for tokenizing financial assets such as ICO’s, loans and commodities. Tokenizing assets enables Jibrel users to have a greater liquidity in finance. The company’s Jwallet lets users manage all of their crypto, Jibrel Jtokens or tokenized assets in one decentralized platform.

Industry Impact: Jibrel joined the Enterprise Ethereum Alliance (EEA), the world’s largest open-source blockchain initiative, to learn about and develop best practices and architectures for the industry.

 

blockchain applications banking republic
Republic

Republic

Location: New York, NY

How it’s using blockchain: Republic is an investment platform that gives users the ability to invest in startups and ICO’s beginning at $10. Republic’s investment platform has a variety of purpose-based startups to choose from, and the platform allows for these companies to collect fiat currency or crypto. The company’s Token DPA is a tool specifically made for startups to pre-sell and manage tokens for their crowd sale.

Industry Impact: Republic currently lists 14 companies on its investment platform. They range from BANDWAGON (a startup focused on stopping fraudulent tickets) to Nori (a startup focused on climate change reversal).

 

blockchain applications banking salt lending
SALT Lending

SALT Lending

Location: Denver, Colorado

How it’s using blockchain: SALT Lending lets members leverage their crypto for cash loans without selling off any digital assets. Users looking for a loan can customize their terms from 1-36 months, choose their rate and then pick which crypto they want to leverage (the company currently accepts Bitcoin, Ether, Litecoin and Dogecoin).

Industry Impact: Since late 2016, SALT has expanded into 35 U.S. states and is looking to add even more blockchain tokens for use as collateral. Additionally, the company created a tool called “Proof of Access” that lets existing customers modify their loan conditions using the SALT token.

 

blockchain applications banking airfox
Airfox

Airfox

Location: Boston, Massachusetts

How it’s using blockchain: Airfox uses blockchain to provide financial services to people who are "underbanked" by traditional banking practices in emerging markets. The company’s decentralized app allows for people in emerging markets (like Brazil and Mexico) to receive loans without a credit rating check.

The Airfox AirToken (AIR) is a digital utility token that uses cell phone data to understand a person’s creditworthiness. Instead of a traditional credit check, the AIR token accesses phone records, assesses credit risk and then provides a loan based on the immutable data. By interacting with the Airfox ecosystem on a daily basis, users can earn AIR tokens and, as a result, credit.

Industry Impact: Airfox partnered with Brazilian retail giant Via Varejo to extend its services to nearly 60 million consumers in Brazil. Nearly 1,000 Via Varejo stores will support the Airfox digital banking platform.

 

blockchain applications banking uulala
Uulala

Uulala

Location: Irvine, California

How it’s using blockchain: Uulala’s blockchain enables peer-to-peer banking for unbanked and underbanked communities. Through the Uulala ecosystem, people with smartphones can essentially serve as walking ATM’s in that they're able to loan other members cash on a ledger. The decentralized app eliminates expensive and time-consuming middlemen so loan-seekers can receive money quickly and safely.

Industry Impact: Uulala is now looking to bring the technology to underserved people in the U.S., Mexico and Brazil.

 

blockchain applications banking ripple
Ripple

Ripple

Location: San Francisco, California

How it’s using blockchain: Ripple’s real-time blockchain helps banks and financial institutions instantly send money across the globe. The company’s payment platform, RippleNet, lets banks from across the world access a standardized network of institutions for speedier and transparent transactions.

Industry Impact: There are already more than 75 financial institutions using Ripple’s blockchain for cross-border payments, including Santander, BMO, MoneyGram, American Express and BBVA.

 

blockchain applications banking paygine
Paygine

Paygine

Location: New York, NY

How it’s using blockchain: Paygine is a blockchain-backed financial platform designed to operate within its own banking infrastructure. The company is designed to serve the finance industry in the areas of money remittance, payments and cryptocurrency exchanges. Within these industries, Paygine’s blockchain assists with Know-Your-Customer protocol, lending and  payment processing.

Industry Impact: Paygine processes more than $115 million worth of transactions each month. Now working on building its core banking processes in Europe, the company plans to expand into the U.S. and Asia over the next two years.

 

blockchain applications banking spring labs
Spring Labs

Spring Labs

Location: Marina del Rey, California

How it’s using blockchain: Spring Labs creates DLT-based networks that enable financial institutions to share information without having to share the underlying data itself. By storing information on a blockchain, Spring Labs developed a system by which data can be shared but identifying information of an individual or group is kept secure, thus ensuring data security.

Industry Impact: Spring Labs was founded in early 2018. The company is currently working on their “permissioned blockchain,” whereby only certain financial institutions can see and share data. Chicago online lending platform Avant is the company's first blockchain participant.

 

blockchain applications banking blockfi
BlockFi

BlockFi

Location: New York,  NY

How it’s using blockchain: BlockFi is a blockchain lending platform that loans dollars using cryptocurrency as collateral. In order to secure a loan, users fill out a short application and, once approved, they send their Bitcoin or Ethereum to a secure blockchain storage address. BlockFi loans are available for both individuals and corporations.

Industry Impact: BlockFi has loaned cash for crypto to Climb Credit CEO Angela Ceresnie and Block 8 Ventures, so they can use the capital to fund new projects.

 

blockchain applications banking alphapoint
AlphaPoint

AlphaPoint

Location: New York, NY

How it’s using blockchain: AlphaPoint is a platform for the digitization and trading of different assets. The company’s “Distributed Ledger Platform” enables firms to digitize assets like loans, currencies and private company shares, while automating workflows and issuing smart contracts.

Industry Impact: AlphaPoint is preparing to launch “AlphaPoint Indexes,” a statistical platform on the performance of cryptocurrencies. Initially, the Index will be used for benchmarking the performance of the highest valued and most liquid cryptos.

 

blockchain applications banking tradle
Tradle

Tradle

Location: New York, NY

How it’s using blockchain: Tradle is a Know-Your-Customer (KYC) blockchain platform for financial institutions. The company uses bots to scan pertinent information, like finances and job history, to help banks get a verifiable background on customers for loan approvals. The information gathered is then secured by blockchain for both intrabank and external data transfers.

Industry Impact: Tradle has partnered with financial institutions like Lloyd’s, AIA and r3 to test out their product. Additionally, Tradle has won multiple awards, like “Blockchain Company 2016” from KPMG, and is a Citi KYC “Company to Watch.”

Images via Shutterstock, social media and screenshots of company websites.

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