Fintech - a revolution in the financial segment of the economy

Digital transformation is affecting various segments of the economy. The development of digital transformation has influenced the emergence of a new financial market - Fintech. It is one of the most important innovations in the financial segment of the economy.

Fintech offers solutions such as:

  • electronic wallets
  • e-aggregators
  • e-trading
  • e-insurance
  • cryptocurrencies such as Bitcoin

Cryptocurrency and Blockchain

Cryptocurrency is any digital currency that is secured by encryption. What it means exactly is that encryption techniques are used in blockchain. Additionally, blockchain is not dependent on the government.

Blockchain technology has four advantages:

it is freely accessed by users who agree to join the database the system gives each user a copy of millions of transactions with visible updates blockchain can be updated for each ledger it utilizes network technology

Banking revolution

Thanks to fintech, banks had to introduce new business strategies and services. Banks using it teams are slowly digitizing their services. Old banking to be competitive are introducing many products similar to fintech services. At the same time developing old technologies. An excellent example is the development of contactless payments and the development of BLIK system.

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