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Topic 10: FinTech - Coggle Diagram
Topic 10: FinTech
BLOCKCHAIN 
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Blockchain is a secure digital notebook where each page (block) is connected to the ones before and after, creating an unchangeable chain of transactions.
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Transaction Record: Securely records and verifies transactions across a network of computers (nodes).
Blocks: Transactions are grouped into blocks, forming a chronological chain.
Linkage: Each block is linked to the previous one, creating a chain of blocks (blockchain).
Immutability: Once a block is added, it cannot be altered or deleted, ensuring data integrity.
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Blockchain is a secure digital notebook where each page (block) is connected to the ones before and after, creating an unchangeable chain of transactions.
BITCOIN :
Mining: New bitcoins are created through a process called mining, where powerful computers solve complex mathematical problems.
Blockchain Technology: Transactions are recorded on a secure, transparent, and immutable ledger called the blockchain.
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Decentralized: Operates without a central authority, like a government or bank.
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Bitcoin, the renowned digital currency, enables direct peer-to-peer transactions without banks, recording all exchanges securely on the blockchain, and generates new bitcoins through a process known as mining.
CROWDFUNDING
Crowdfunding is a way of raising money to finance projects and businesses. It enables fundraisers to collect money from a large number of people via online platforms.
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INSURTECH
Advantages:
- Enable more competitive pricing of goods by leveraging technology such as data analysis, IoT, and AI.
- The importance of Insurtech is to improve the efficiency of claims processing, risk evaluation, contract processing, and policy underwriting.
- Use technological solutions to revolutionize their respective conventional industries.
Definition: The application of technological advancement to improve the efficiency of the current insurance industry.
Criticism: regulatory constraints, incumbent insurers’ willingness to collaborate with Insurtech, risk lack of privacy.
Insurtech companies: Lemonade, Dacadoo, Bdeo, Avinew
MOBILE PAYMENT
Definition: Payment that uses mobile devices such as mobile phones and tablets to start, authorize and finish financial transactions.
Benefits:
- Friendly user
- fast transaction
- contactless interaction between the buyers and seller
- increased security feature (with tokenization & biometric authentication)
Weaknesses: fraud and hacking, limited internet connectivity, privacy concerns of the user
Example: QR code payment, mobile banking online, mobile wallets (e-wallets)
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Consumer budgeting Apps
Examples of budgeting application :
- PocketGuard: offering detailed analysis of users financial overview and make informed decisions and adjustments of users spending habits.
- GoodBudget: an envelope type of software which helps users to categorize their expenses.
- Mint: enables users to set their own financial goals.
Consumer Budgeting Apps, is a software application which helps users to create budget and track the users income and spending.
How does the apps function?
Most of the application allow user to connect to their bank and investment account, loan and credit card to ensure users able to view their financial statement in one app.
Advantages :
- Analyze the users spending habit.
- Automatically provide the users budgeting overview.
- The application comes with various tools to help users with their finance.
Disadvantages :
- Application can cost money. (subscription payment)
- Security concerns.
- Inability to handle cash transaction
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