Hello Everyone,
Here I am coming with another vlog on Leo Finance. I am going to submit this vlog for the ongoing Zealy Adoption Campaign on Leo Finance. Today I am going to talk about FinTech.
FinTech refers to the combination of Finance and Technology. FinTech is a constantly growing field that is transforming financial institutions into states of modernization. It also refers to the enhancement of financial services through technology. Nowadays Blockchain, Artificial intelligence (AI), Biometric Security, Mobile Banking etc. have progressed their development of Financial service and products.
One of the most popular inventions of the Fintech industry is Blockchain Technology. Blockchain is a Decentralized technology which has a digital ledger that records transactions across the network of computers. It doesn't need any confirmation from any central authority or government like bank. Bitcoin gained popularity in a very short time after its invention. Through Blockchain, money can be transacted securely anonymously. As a result Bitcoin transactions don't need any central authority such as the central bank or government. Because of this Bitcoin gained popularity overnight. This is how cryptocurrency started to spread across the world. Currently crypto is a successful and secure investment platform.
Smart Contracts are used for Insurance and other automated controlled software. Smart contracts allow for the trustless transactions without the need for any authority or government like lawyers, which can significantly reduce transaction costs. Ethereum is one of the most popular cryptocurrencies which is controlled by smart contracts. It is gaining popularity in the Financial industry. Cross border payments is also a sector of Blockchain. Once it took so much time and took high fees for traditional transactions. Nowadays Blockchain reduces the time and fees for cross border payments used by several banks and Financial institutions.
I can say FinTech is having a significant impact in Digital banking and mobile payments. Digital banking is a modern application of IoT (Internet of Things). Through this customers can now manage their bank account transactions online at home. Now customers don't have to wait for hours at the bank for credit or debit. Another popular part of digital banking is mobile payments. Customers can pay the bill for their purchased products using the app through mobile payments. By doing this, there is no problem in the transaction. A seamless transaction can be made instantly with just a QR code. Apple pay and Google wallet is one of the popular mobile payments services.
So that's all for my vlog. Hope you will get some important information from the vlog. If you want to know anything then please comment below the vlog. I will try to answer all of your questions. Finally we can say that our life and finance are highly intertwined. Complete planning is required before any work steps.
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