July 2019 – What impact does blockchain technology have on alternative finance? This was the focus of the 4th CrowdCamp of the European Crowdfunding Network (ECN). The result: many, and positive ones!
When we read about blockchain solutions in industry or administration, for example, we often talk about pilot projects. One area in which the technology is already in concrete use is the alternative financing sector. More than 25 international experts will discuss in various podiums at the 4th CrowdCamp of the European Crowdfunding Network (ECN) in Berlin in July 2019. Participants are actors from the blockchain and crowdfunding industry, from the EU Commission, from the Financial Innovation Unit in Liechtenstein and from BaFin.
Practical examples of how blockchain is already applied in alternative finance
They dealt with regulatory and technical challenges as well as practical examples. Companies such as Blockbonds are already using the technology with their mobile banking app Spenn. It enables people without a bank account to make free financial transactions. Other examples are the Serbian company Blinkist, which ensures the much-demanded digital ID with a patent-pending solution. The software company SAP integrates the technology into existing systems. Meinhard Benn, founder and CEO of SatoshiPay, sees the FinTech industry as a pioneer: “SatoshiPay payment systems are based on technologies that were conceived in the Internet age and are therefore much more secure than online payments via technologically outdated credit cards or house banks.
Two important aspects that have been discussed again and again during the event:
The broad masses are not yet aware of the benefits and application range of the technology. The connotation of the blockchain with the volatile crypto currencies still prevails too strongly. Trust in the technology is too low. More information is needed here. And above all more successful applications that inspire other companies to integrate blockchain technology into their business processes.
All experts agree that regulation is necessary. However, it remains to be seen what it will look like. No wonder with completely new assets such as security token offerings. They are on a par with securities. But they still bring completely different requirements, simply because of the aspect of digitisation.