January 4, 2016

This technology may involve 'a paradigm shift'

This technology may involve 'a paradigm shift'

Marit Troni Halvorsen Published in DANISH - Translated by Google - 12/27/2015 - 11:32 LONDON. 

Entrepreneur Eric Benz believes attitudes have changed over the past two years.

Three years ago, I was greeted with much skepticism, says founder Eric Benz to DN.

From an office in 39. floor in East London, he runs blockchain company Credits. The company is still in the startup phase, but according Benz future looks very bright.

Blockchain is technology behind such so-called virtual currencies, as Bitcoins. Director Jarle Holm for "Innovation and Business Development" in Evry is no doubt:

- Blockchain is a fundamental shift - a paradigm shift - in production and distribution of financial services, Holm says to DN.

Value Exchange

EVERY "Innovation Lab" follows today following developments closely, says Holm.

- We provide us insight and to apply it gradually. The purpose is for us to stay ahead: how developing financial services forward and what is customer demand, he said.

- Why is block chain so interesting?

- This is about the way values ​​are exchanged, Holm says and explains

- The Internet is a way to exchange information. In order to exchange values, one has had to have intermediaries to conduct a transaction. Block Chain enables a direct transfer of value between two "nodes" in a network that does not necessarily trust each other. They have no contract between themselves, but they are part of a network which together agree on what has happened. This is a kind of "crowdmåte" verify on.

"Tremendous efficiency"

He believes technology involves "an enormous efficiency" for the banking and finance sector.

- Should you, for example, send money to a friend in the United States, you need to know the account number and the bank money to it. Then you need to make sure you transfer money through a swift network at a time. It is an expensive way to do it. A block chain technology makes money transferred directly from you to the person you are going to have money, Holm says and adds:

- You can apply on a very large area - not just banking.

DN has recently written a series of articles about the explosion of investments in the financial technology (see fact box). Holm emphasizes that companies that deal with block chain currently "exploring the possibility space".

- Many people talk about that banks will disappear, but we do not think so. We believe that the block chain technology might make the production of financial services very much cheaper, easier and efficiently, he said.

Base London

In the office of Eric Benz and the rest of the team behind Credits, does not founder hide that block chain in some cases have been associated with risk and crime. This is totally changed today, he argues.

According Benz receives more and more international investors aware of the technology. His company - Credits - advertises itself as Europe's largest private block chain company.

The entrepreneur is even American, but very pleased to have laid the base for the British capital.

- In London, there has been very much in finance technology in recent years, he says and continues:

- Silicon Valley and the United States are very good, but probably not as good as people think. I think there is a bubble there, and want to keep me as far away from it as possible.

- Will you take over for the banks?

- No, we offer banks "software" - block chain - making sure they can do their jobs better responds entrepreneur.