INTRODUCTION
The advent of blockchain has revolutionized a couple of industries; prominently, the financial industry. The lack of control of funds has been a pressing issue, for many banked individuals. It has also been a cause of worry and driver for the unbanked individuals. The financial institutions regulations, the transaction charges, the slow transaction speed amongst others, have also been a problem. However, when blockchain came into the scenes, through bitcoin, a large percentage of these problems were solved.
Recently, the potentials of blockchain has been incorporated into other industries. And it has been as effective as it is in the financial industry. The blockchain effect is similar to that of the internet. The internet started a new age of rapid information dissemination, global scale media acceptance and seamless information sharing. Similarly, blockchain pioneered an revolution of increased asset value and a more productive distribution of digital assets. This allowed for the propagation of independent financing.
BLOCKCHAIN AND FINTECH
Blockchain combines the arms of finance and technology into FinTech. FinTechs have become largely distributed in many economies. They entail a distributed ledger system that manages financial properties efficiently in the digital realm. More so, cloud computing, big data, artificial intelligence are the technologies included in the overall make up of the financial technology protocol. They are solely created to create and foster new financial opportunities through blockchain.
When bitcoin was created, there were some shortfalls in its third party operations. It was created as a stand alone cryptocurrency. This didn’t give room for further development on the blockchain foundations. Then, Ethereum blockchain was created.
The Ethereum blockchain has been a driver of the recent developments in the crypto and financial technology industry. It was built around the issues that plagued bitcoin, that were not correctable due to its formations. The Ethereum blockchain created the foundation for all smart contract development.
Through the development of smart contracts, many economies embraced the blockchain technology. It also increased the acceptance of FinTechs. Smart contracts, built on the Ethereum blockchain through the solidarity language, created a platform to develop many decentralized apps in existence today.
WHY THE FINTECH INDUSTRY NEEDS AZBI
However, the current trend of technology in the FinTech industry has been centered on platforms creating native tokens to facilitate growth. Somewhat, this has reduced the activities of third party developers in the industry. That said, most of these platforms operate via the ERC-20 protocol. Therefore, the industry has been in need of a system with a native support that creates an open platform for the crypto industry third party developers.
AZBI is the network created to bridge this gap.The AZBI network allows large scale enterprises to facilitate financial operations through smart contracts.
In essence, without having to create a native token to drive facilitation, financial companies can now make use of non-native decentralized applications. Core technologies which underline the AZBI Network includes native multiple chain architecture which supports the EVM environment through a POS based consensus across a multiple layer.
CONCLUSION
Many financial technology enterprises have held back in the full acceptance of the blockchain technology due to its token driven approach. Through the development of the AZBI network on the Ethereum blockchain, enterprises can now set up their operations on the blockchain protocol without the use of native tokens via AZBI native support and Ethereum virtual machine.
For more information, click the links below;
website: https://azbi.io/
Whitepaper: https://azbi.io/stake/azbi_wp_2020.pdf
Medium: https://medium.com/@azbi
Linkedin: https://www.linkedin.com/company/42436236
Twitter: https://twitter.com/azbi_io
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AUTHOR
Bitcointalk Username: Intertek
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2760026;sa=summary