Recently the decentralized and intelligent community investment bank, Banca, announced its decision to build on Qtum, the decentralized blockchain application platform. This collaboration will combine blockchain technology, artificial intelligence, and big data to tackle problems faced by the financial industry.
Banca’s team members are mostly from Wall Street and Silicon Valley and plan to build the blockchain Wall Street by combining blockchain, big data, and AI technology. Qtum will be supporting Banca with our underlying blockchain technology. Banca has been committed to replacing traditional investment banks with its community investment bank since launching. They believe that communities’ collective intelligence combined with AI is the perfect replacement for centralized decisions made by financial elites. A new financial ecosystem built on blockchain could lower costs and increase the efficiency with incredible strength that can even be highlighted by AI technology.
Banca will be alike other finance communities, gathering talent inclusive of financial institutions, independent traders, analysts, and lawyers working in parallel.
Traditional investment banks are faced with various moral hazards at this moment. However, Banca aims to change this with its consensus mechanism and a reward system based on Qtum. Qtum’s underlying blockchain technology and decentralized governance protocol will bring new opportunities for community investment banks. Furthermore, Banca’s ecosystem will be managed by Qtum’s smart contracts with its self-executing ability to ensure trust, and reduce execution and compliance costs for the platform.
Banca CEO, Linda Chen said:
“The disruption to the financial sector is just beginning. The financial industry that we are familiar with will also be transformed, and this trend has begun quietly and inexorably. I strongly believe that the technical resources and support from Qtum could help enable Banca to better serve every user”
New life is flowing into Qtum’s ecosystem constantly, and Qtum is moving steadily towards the goal of becoming an enterprise-friendly blockchain platform. The collaboration between Banca and Qtum will be a new milestone.