A May 2016 Deloitte report entitled “Out of the Blocks” reveals 43% of respondents are still at the learning stages of their blockchain journey, with 60% still looking at old fashioned uses like international money transfers. Enter Singapore-based fintech start-up Bluzelle.
The World Economic Forum’s Technology Pioneers community are early-stage companies that are developing innovative solutions which can significantly impact business and society.
Past recipients include some of the industry’s biggest tech giants such as Airbnb, Google, Kickstarter, Mozilla, Palantir Technologies, Scribd, Spotify, Twitter and Wikimedia.
It was a year ago that I moved my company, Bluzelle, to Singapore. We were just two people at the time, and today we’re six. But even though we’re still a small startup, it’s been an exciting 12 months, and we’ve made some surprising strides while adjusting to our new environment. Here’s what I’ve learned from the experience so far.
Over the last 100 years, we have seen all innovation happen in cities. Cities are where people meet and exchange ideas, and opportunities in business emerge.
By 2050, it’s estimated almost 70% of the world population will be living in cities, more than double in 100 years. In absolute numbers, that is a growth of 850 million to 6.3 billion urbanites. In 15 years we will have 41 'megacities' (cities with populations of more than 10 million), a fourfold increase since 1990.
With all the power of growth and influence emanating from cities and not from farms and villages, our model of 'one country, one currency' is outdated.
In spring 2014, after hearing about Bitcoin and wondering what it was all about I started reading everything I could on it. I was enamoured with the underlying technology and its beauty in mathematics, cryptography, AI and economics.
I saw all these ideas I had in my head five years earlier now at a point where this technology could make them happen. I used to wonder, how could that woman living in a village in India making saris make more money by sending it to my wife than going through so many intermediaries. That woman just wants to trust she gets paid, my wife wants to trust the product gets to her. Blockchain can eventually make that happen.
Bluzelle Networks, a Singaporean company specializing in blockchain applications for the financial services industry, has been named as an Emerging Star in KPMG and H2 Ventures’ notorious Fintech 100 list. The company plans to tap into new markets with its partnership with KPMG Digital Village.
Headquartered in Singapore and with an office in Vancouver, Canada, Bluzelle provides blockchain-powered applications for banks and insurance companies to improve their business operations. It develops products for bank-to-bank payments, identity/KYC, hospitalization insurance, usage based insurance, mobile wallets, among other solutions.
Blockchain isn't a household buzzword, like the cloud or the Internet of Things. It's not an in-your-face innovation you can see and touch as easily as a smartphone or a package from Amazon. But when it comes to our digital lives—every digital transaction; exchange of value, goods and services; or private data —blockchain is the answer to a question we've been asking since the dawn of the internet age: How can we collectively trust what happens online?
Every year we run more of our lives—more core functions of our governments, economies, and societies—on the internet. We do our banking online. We shop online. We log into apps and services that make up our digital selves and send information back and forth. Think of blockchain as a historical fabric underneath recording everything that happens exactly as it occurs. Then the chain stitches that data into encrypted blocks that can never be modified and scatters the pieces across a worldwide network.
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New payment technology is transforming financial systems by allowing direct bank-to-bank settlements in real time, even for international transfers.
This week, Deloitte presented a pioneer project at the Temenos Community Forum 2016 in Barcelona: full integration with the Ripple protocol and the Temenos Core Banking Software using the Bluzelle Altitude Gateway technology.
“There is an enormous potential for banks to leverage disruptive technologies to make their existing payment processes faster, cheaper, and more secure. Innovative financial institutions are aware of this and are looking for ways to integrate their core systems with disruptive technologies such as distributed ledgers or blockchain,” explained Patrick Laurent, Partner and Technology Leader at Deloitte
Deloitte is looking to combine core banking systems with Fintech to open the door for brand new opportunities, and brings the right players together to show the immense possibilities in this area. Deloitte worked on this pioneer integration project with Bluzelle—a licensed, software company based in Canada and Singapore—which builds blockchain and distributed ledger solutions for the financial industry.