Thursday, April 21, 2016

Crowd Fund Capital on the block chain...

By James de Rin - in London 

Back in 2009 we bought the domain name crowdsourcecapital.com and more recently crowdfundcapital.com  Now in 2016 the next big boom already upon us in Internet start ups is fin tech or financial tech the total disruption of the traditional banking model. Even the banks have realised that they must adapt or die by 2026 with fin tech as part of their business model or be replaced by twenty year olds, millennials whose start ups disrupt as did Amazon, Facebook and Google. Who will be the Google of fin tech? Do you really want to put your money in a bank at 1 %interest and have your bank lend it to their customer at 3,6, or 22%. now the banking system is considering negative interest rates.
Complete madness. 

In the UK, banks are closing their branches faster than a tesla! Why, because most people use Apple Pay, online banking or credit cards. The days of going into a branch and knowing anyone are over. Only Metro Bank in the UK seems to think that a branch is the future. Judging by their stock it isn't helping! First Direct an online only bank owned by HSBC blows most competitors away! HSBC has pushed Defcon 4 on their branch closings a shift followed by Lloyds bank. In one town in East Sussex the only bank left is Nationwide, Lloyds gone, HSBC gone...

Now when I say fin tech it comes in many forms. Lending can be peer to peer...the big focus is on the block chain and Bitcoin and Ethereum so that transactions can be coded. As I understand it each transaction can have its own DNA code for security. This is why Microsoft has adopted Ethereum a reboot of Bitcoin but on whole another level. 

So where does this leave fin tech and crowd funding? Like a Clint Eastwood movie, it's the Wild West all over again. Anything goes because the disruption is disrupting conventional banking. Code, the block chain and an app, well even apps are old school now...how many can you download on your iphone and actually use. 50% of apps are bought and abandoned by the customer. Impulse buy meets reality check! It's time for bots. Crowdbots?

So it's time to build a fin tech platform on the block chain of ethereum but with Netflix for projects. A crowd funded ecosystem on the block chain using video as hardly anyone reads anymore...fund a brand anyone?

1 comment:

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