Increasing demand for things that are fast and easy has led to this digitized world. Finance has evolved so much, meanwhile Bitcoin being the crowned head.
However, various countries world-wide have adopted the open financing system. Well, another advancement in this fast-paced world.
What is Open Financing?
Open financing allows third-party developers to use open APIs and build applications and services around the current financial institutions similar to the World Open Network for Blockchain users . The open Financing is basically meant to provide greater transparency to the account holders.
These open finances promise to connect people to the existing financial systems which are secure and guarantee full transparency. Moreover, they pave ways for new technologies like Blockchain, offering visionary solutions to us users.
Not only has it given people various alternatives, it has provided people with the latest of technologies and features on a single platter.
What’s the next move?
Bitcoin has been a dilemma for a lot of people. They don’t affect the banks, instead they affect the capital markets. As Fin-Tech is moving closer the dilemma is increasing exponentially. Without a doubt, governments of a few countries are afraid of Bitcoin for that matter.
There are countries which have banned the usage of bitcoins or still are in the process of legalization. Governments think that it could serve as a sin to the fiat currency since Bitcoin is decentralized and that it might affect the country’s economy in some or the other way.
Since Bitcoin has started becoming a reality. The solution for this, what we say is Open finance. Banks can provide these open financial systems to avoid the disruption.
As per one of Charles Darwin’s saying, to prevail, you must collaborate and improvise very effectively. Hence the Banking communities should move towards open-ness and try to adopt new things out there to prevail and outshine in the long run. These countries should shift their mindsets towards new and hospitable measures like these.