Can blockchain address some of the financial services industrys most vexing problems?

Developers of several promising blockchain companies targeting various aspects of financial services made their case that it can on the opening day of Fintech Week New York 2018. In five-minute presentations to an audience studded with major banks, venture capitalists and other investors, they outlined the benefits of their projects.

The financial services industry has a growing interest in blockchain technology and its many applications.

Among the presentations were systems designed to protect an individuals privacy and reduce fraud. Another project aims to bring new efficiency to commercial real estate transactions.

Since Fintech Worldwide launched its conference series in 2014, it has become an important meeting point for financial technology developers and the organizations they hope to serve.

Blockchain has taken a larger presence at the events. Days two and three of the New York event will include blockchain entrepreneurs in no less than a half-dozen panel discussions, speeches and other sessions.

This more robust presence signals the financial services industrys heightened interest in blockchain. Among the scheduled panel speakers are Sanjay Matthew, head of Oracles Open Banking Digital Platforms & Fintech Innovation, and Sanaya Mirpuri, head of marketing strategy, at Consensys’ Token Foundry.

A New Coin

BLAKFX CEO and President Robert Statica said his company is creating a coin that is encrypted to ensure that anyone who does intercept the coins cannot open them.Both Statica and co-founder Kara Coppa said BLAKFX can help create a borderless universal economywith their proposed ecosystemof cost effective security. The system will make it easier to reach the billions of those with no access to banks.

Were making advancements in blockchain by adding security and making it more efficient.said Coppa, adding that BLAKFX is doing this by using existing algorithms in new ways.Statica said the company is building a system that not even a quantum computer can hack.

Were using five types of ciphers,he said. We use elliptical cryptography as well,” the same system on which bitcoin (BTC) is  based. Statica said his company’s end-to-end solutionincludes a cipher that is 10 million times more powerful than the ciphers we use to secure nuclear weapons for the U.S.

Commercial Real Estate

RealBlocks founder and CEO Perrin Quarshie outlined his companys plan to increase liquidity in the real estate capital markets using the Ethereum blockchain. Quarshie, a former summer associate at Barclays and real estate development project engineer, said his project allows sponsors to avoid the dialing for dollars approachtraditionally used to raise capital for private offerings.

Financial Fraud and Money Laundering

ComplyAdvantage uses artificial intelligence, machine learning, and Big Data analytics to improve KYC and AML procedures. Head of Blockchain Joon Pak said the company has automated the data collection process using data scienceto better fight financial crime and fraud. We are reducing false positives down to 3 percenthe said.

Privacy and Identity

Joey Ferwerda, the co-founder and lead developer of VMC.AI, meanwhile, said his company wants to tackle one of the chief hassles associated with paying for mass transportation: giving up private data that could ultimately be seen by the prying eyes of third parties. VMC.AI wants to make sure people can travel without getting tracked,Ferwarda said.

The Amsterdam company is utilizing hyperledger software with multiple blockchains” he added. An upcoming pilot will involve VMC.AI with development of what he said will be the first-ever blockchain-based bus.

Tasha Williams
Tasha Williams is a former financial risk analyst turned writer. She enjoys covering finance, cryptoeconomics, technology, and political economy.