Navigating through the challenges of Blockchain Tech to fast track development of the FinTech Market

Friday 20 November 2020, 2:23 PM AEST - 1 month ago

challenges of blockchain techNavigating through the challenges of Blockchain Tech to fast track development of the FinTech Market 19

6. Frequently Asked Questions

What the FinTech Market must know about Blockchain Tech

When you look at this whole scenario, you have, on one hand, the whole FinTech market, which has been there for a very long time. It is the cornerstone for years right now, everything in the world functions because of the FinTech system. On the other hand, theres a new kid on the block. Its blockchain technology.

Blockchain technology can help the Fintech market in a great way to expand to what it needs for the growth and to meet its goals. But at the same time, challenges of blockchain tech can also threaten the very existence of the FinTech market. FinTech is very closely tied with regulations and controlling, whereas blockchain is the very opposite of that.

The bigger question is, how do you navigate through the difficulties of these challenges and end up to a point where the blockchain tech is helping the FinTech market, striking a balance through which it enables FinTech to function more efficiently than what it currently does. We will navigate through those challenges and look at the issues that we face, how to go about them and some potential solutions that we can use in the process.

Big opportunities come with big risks

So blockchain tech has a lot of applications but comes with a lot of unavoidable challenges, which is similar to any part of your life really, in life and business. Big opportunities come with big risks or big opportunities come with big challenges. It is inevitable. Thats how life and business works. So is blockchain tech, maybe just a little more than the usual.

The value of blockchain in FinTech can never be underestimated. I look at the existing FinTech as more like the old postal system, or the telegram, not the new Telegram app, but the actual old telegram where you send messages in a very slow and tedious process.

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