Blockchain has made a massive impact on the world of financial services and much more is still to come.
Early use cases focused on the new world of cryptocurrency.
- Decentralised cryptocurrency for payments or long term stores of value such as Bitcoin, Ripple and Libra
- Trading platforms such as online crypto exchanges
- Decentralised financial services such as the DAO, digital wallets and an explosion in services around the ICO market
While the cryptocurrency market is still a multi-billion dollar industry, blockchain is expanding out into more traditional markets. Decentralized Finance (DeFi), sometimes called the Open Finance movement, is a rapidly growing area of finance where every type of traditional financial service such as savings, loans, trading, insurance are provided in a decentralised fashion on a blockchain.
Beyond DeFi, traditional financial business is looking at how the underlying technology of blockchain can help their business to remain competitive, leading to new forms of state digital currency and with traditional trading and market business such as the leading exchanges getting involved in blockchain.
Atlas City is in the heart of this whole industry with the Catalyst technology stack being built up to support modern financial services. Catalyst itself is built to scale up to meet the demands of the financial service industry, to integrate with traditional financial service systems, to use the trusted engineering technologies of finance such as .NET and to even include a purpose built wallet to support multiple currencies and DeFi.