Blockchain Development: How is it redefining FinTech industry?

In the Industry 4.0 era, people are getting obsessed with “Blockchain”, the technology that has been bringing about a dramatic transformation in all industrial sectors. FinTech is no exception. Owing to a number of considerable changes in this industry, there is a common belief that managing the Blockchain technology is the key leverage for almost every business development in finance, from retail banking to insurance to investment banking. So, how exactly is Blockchain transforming FinTech industry? Let’s discuss it together.

blockchain development, blockchain technology, blockchain and fintech, blockchain and cryptocurrency

How is Blockchain technology and applications revolutionising FinTech?

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A revolutionary currency with Blockchain development

We all know that money is a medium of exchange. Since the days our ancestors began bartering, the concept of money has been continuously developed. In thousands of years, in ancient civilizations, people used shells, miniature replicas of bronze tools and rare metals like silver and gold to exchange goods. Then, banknotes, coins, credit cards, electronic money were invented one after another. And now we are evolving a new system – cryptocurrencies. Bitcoin, Ethereum, Ripple, Litecoin, etc have made a mark on FinTech. In this article, we will illustrate my points with examples of Bitcoin for its popularity.

Cryptocurrency is the most well-known Blockchain application, whose first generation is Bitcoin. It allows people to transfer money securely, worldwide and without a third party. Bitcoin is not only a means of payment like gold, silver, paper money, it will also change and redefine the whole monetary system and a huge threat to the governments and banking system who are controlling people’s every single coin.
Read more: Savvycom and TomoChain team up in a strategic worldwide partnership
One of the greatest problems that FinTech is still facing is the security. If you want to transfer money, you need to ask the bank to make the transfer orders for yourself. This is a centralized way of transferring money, which means that all the clues are centred on a management position. However, when Blockchain developers have created sophisticated processes, transactions will get uniquely validated by software, which eliminates the need for third-party verifiers. It is predicted that traditional banks will soon fade away due to FinTech solutions and blockchain development companies.
Blockchain development supports online payments

First, we should take a look at how Bitcoin reduces the time of transactions.

blockchain process, blockchain development process, blockchain,

How Blockchain works. (Source: ValueCoders).

Every Bitcoin user has a crypto wallet, which contains his/her coin number and exchanged with each other as bank transfer, without any presence and involvement of any bank – and that makes the difference between Bitcoin and the traditional practices. People can transfer money, trade with each other via bitcoin freely, no fees, and no one to coordinate or control. Each Bitcoin users will be linked together by peer-to-peer. Two computers connect directly to each other via the internet, download the same BTC transaction software and exchange with each other through the internet.
Next, let’s see the several big advantages Bitcoin has brought to E-commerce.


Nowadays, making online payments through internet banking is extremely secure. However, you may still face the threat of your confidential personal data being hacked by hackers. What is the solution? The answer is the blockchain wallet.

Remember, a blockchain wallet, for example, a Bitcoin wallet can only be operated by its own owner. When a transaction proceeds, he/she will have to create a complicated address for the money recipient, such as 1vjEGKmhB52kwsXWKku, which is difficult to perceive. In addition, the recipient’s name will be kept secret.

Reduced transactions cost & speed

There is no third-party intervention, which reduces the unnecessary cost. As a result, the speed of the transaction will be increased as well. Bitcoin allows us to make instant and clear payments, leading to speedy out-shipping product process. The buyer will be no longer waiting for hours or even days to do online shopping.

The demand for blockchain-based payment is growing these days; therefore, there are more and more Blockchain development companies, especially the ones who develop blockchain wallet.
At Savvycom, we believe that Bitcoin is far from the only application of Blockchain as it is changing the way businesses transact across almost every industry, especially the financial world, in the global economy.
On a recent project with our client, we built a Crypto Wallet based on an Ethereum network. Ethereum is the second largest cryptocurrency in the world. The wallet interacts with Bitcoin and Ethereum Blockchain, managing the wallet security policy and sending the funds over the blockchain network.

blockchain development, cryptocurrency wallet, coin walllet, savvycom

Savvycom built an Ethereum-based Crypto Wallet. (Source: CryptosRUs).

The mobile app is to allow users to use it as a quick and easy payment method in daily activities. App users can use the app to pay for their fast food, their groceries, even for cars within a few taps. Users can easily send messages to each other through private message, channel or group. Messages could be text, photo, video, voice, contact, location or even the currency itself, like sending money through chat.

The next generation of Blockchain: Smart Contract

As mentioned above, Bitcoin is the first generation of Blockchain. How about the second and the third? How can they help in solving the middle-man problem in financial services?

We all know what Blockchain is capable of – it facilitates the transactions between the two parties without the need for a middle-man. Blockchain can build a bridge of trust between businesses and consumers. How about an “automatic” and “smart” contract, which also requires no other parties in the implementation of the contract? That is the idea of the Smart Contract and the Ethereum Blockchain.

Ethereum is also a distributed public blockchain network and it is worth noticing that there is a substantial difference in purpose and capability between Ethereum and Bitcoin. Bitcoin blockchain is used to track ownership of digital currency while the Ethereum blockchain focuses on running the programming code of any decentralized application.

A Smart Contract running on the blockchain can self-execute whenever specific conditions are met. As it runs on the blockchain, Smart Contract run exactly as programmed without any possibility of censorship, downtime, fraud or third-party interference.

Savvycom – one of the most trusted apps and software developers in Vietnam and Global, is highly interested in the world of Blockchain and FinTech. We believe that Blockchain and FinTech are reshaping and redefining the way we make businesses in a very near future. With the vision to brighten the future of both businesses – by offering the highest-value opportunities in technology and consumers – in this FinTech case – by protecting their rights with the data and transaction integrity. Together with Savvycom, firms can fully utilize the Blockchain in pushing their businesses forward in this 4.0 era, as managing this technology can separate the winners and losers as the financial services industry, which is moving from exploration to application.

For further information, please contact us to get free quote and consultancy.

The rise of FinTech Mobile Applications

Fintech is a terminology that was given to products which functions cover two aspects: finance and technology.

It is a new definition in the market, and it will stay for a longer duration. Why? Because many companies are already adopting the changes and traditional bankers are worried, considering the growth FinTech industry has generated for the last few years will change the scenarios of market share. If we see the stats of burgeoning FinTech then 10 years back the global investment was $928 million and in current it is $2.97 billion, which is directly triple in amount.

Fintech has increased the level of access in financial services, especially in investment. Data collected through Artificial Intelligence covers a huge amount of people at a cheaper rate and provides easy investment advice. This implies that a specific asset level which was difficult to reach before is now opened for everyone. In several cases, lending is considered. Earlier, FinTechs are dependent on certain data sets, which turns down a lot of people and charge a higher interest rate.

But with the implementation of FinTech, the options are plenty especially in the financial sectors like investment, saving, banking. It is also making the ways of purchasing insurance, such that many options are available for consumers.

1. Different types of companies based on FinTech:

All of us wants maximum convenience in life, so mobile payment is not a surprise anymore. Around US$27 billion will be e-transaction payment in a year according to the prediction made by eMarketer. This is the reason behind so many types of e-wallet choices such as MobiKwik, Google wallet, etc. The innovations are not only happening in the front end rather it is also behind the scenes.

  • Peer-to-peer lending- Companies like funding circle, Zopa and MarketInvoice have lent money to individuals and businesses and turned into new P2P investors. As P2P is slowly getting popular, people are also considering the new and different alternatives to establish financial sector. This may take a large portion of the market in upcoming years.
  • Mobile payments- Mobile payment has become the trend of the new market. It allows the people to pay bills through their mobile phones. SumUp and Square are the type of finTech which has reduced the need to rush at bank everytime in need of money.
  • Money transfers- Companies like TransferWise and Kantox has risen the P2P lending based on the market values. Earlier, banks were working as the medium to change the currency (necessary for international transfers) and to do that takes a specific amount for the process completion.
  • Trading platforms- On early days, people use to go at banks for investment, funds. But after the arrival of finTech like Nutmeg, the tasks become easier and provides different online platforms at a cheaper rate in comparison to other alternatives. Even some of the services provide a researched platform and recommends specific funds and stocks for sustainability.

FinTech applications | Think with Google

Mobile is playing the role of facilitator with time: Millions of people across the globe enables access to the internet through smartphones and becomes a primary way to access with other enterprises. Besides, all opportunities, there are challenges which need to be addressed like proper use of FinTech solutions to build a fruitful collaboration between mobile and finance sectors.

Mobile has become the most prominent medium to access the internet because of three main key factors.

  • Online payment is more safe and secure and can be disabled whenever needed.
  • Provides easy and convenient solutions without any extra effort. For example, without disturbing the security, password and codes are reduced.
  • Provides a global solution for the authenticated and e-payment market.

A survey done by EY found that half of the consumers are using services related to the money transfer and payments and around one- fourth is using FinTech for insurance. Around 20% for investment and savings and 10% for purchasing and financial planning.

2. Technologies playing a key role in FinTech.

Machine Learning and Artificial Intelligence have expanded its usage toward the financial industries. With that, these sectors realized the need for improvement of customer services and hence, started working in filling the gaps. The implementation of AI has made the processes automated like data analysis, customer services and internal/external communication in the industry. Also, simplified the processes like fraud detection with the help of chatbots, mobile applications etc.


Deep learning is based on the human nervous system | coMakeIT

Data analysis and Cloud computing are helping in making predictions in case of customer requirement and need. That is why financial sectors are getting more benefit by utilising the technology and with FinTech mobile applications companies are facing high competition, so to come out from this companies are providing more secure, user-friendly solutions to their customers.


Cloud computing connects everything| Advantage Services

Social Platforms is helping the financial sectors. How? Don’t be surprised. As the number of consumers is using social media to gather the information about finance so, it’s the best idea for the financial sectors to get into these social sites for trading purpose. But, it doesn’t mean to do transactions on social platforms though it is giving an insight into finance. Social media has entered into the lives of people and through social trading platforms to share thoughts, queries, concerns etc.


Biggest social media platforms | Digiterati

3. The horizon is still expanding

Digital transactions have a huge opportunity in the coming years. The people who have been learning AI, are in the best position to meet the upcoming demands. Mobile Fintech applications are not only helping in transactions but also in feeding the data, For instance, the mobile camera can work similar to an optical card reader for collecting the data of a customer.


Author bio: Renu Bisht is a doyen of governing the digital content to assemble good relationships for enterprises or individuals. Renu is specialised in digital marketing, cloud computing, web designing and offer other valuable IT services for organisations, eventually enhancing their shape by delivering the stupendous solutions to their business problems.

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What are chatbots?

What are chatbots (bots)? Bots are used as virtual assistants which help to chat and build relationships with users without needing to speak to another human. They’re in Skype, Facebook Messenger and here’s what you need to know.

What are chatbots?

Chatbots are computer assistants. They appear in your messaging apps like Facebook Messenger and Skype. It has been used for booking flights, hotels, ordering takeaway and much, much more.

The chatbots we’re talking about here are essentially virtual assistants, much like Alexa, Siri and Cortana, but they communicate via text rather than speech. Cortana and Google Assistant already do this, of course.

Modern chatbots

The new chatbots are much like ELIZA and Eugene Goostman in that you can chat to them – by typing – and they will respond with sensible, intelligent answers. While mere chatbots exist (and have fooled many a human) the next generation will act more like personal assistants, doing everything from handling your Amazon returns to booking flights and ordering your lunch. They go beyond the capabilities of Siri and Google Now, although in many respects they are similar.

There are plenty of chat bots in Skype, including IFTTT, SkyScanner, Hipmunk and Stubhub.

Microsoft spent a considerable portion of its Build keynote last year talking about bots and how they would make your life easier. In one demo, a bot was used to order a pizza. It sounds simple, but it highlighted how much easier it was to give your order through a bot rather than firing up an app, navigating through menus and selecting options.

Chatbots: The future

It’s extremely likely the Apple is working hard behind the scenes to make Siri do this, because its capabilities and intelligence haven’t significantly improved since it launched. But more than anything, it needs to make Siri work universally rather than only kit designed for it.

Of course, bots will be limited by the platforms on which they run. So if you’re using Facebook M or Skype on an iPhone, it will be limited by what iOS can do, or what Apple will let it do. But Google is also busy building bots, and it will be fascinating to see what appears in both Android N and iOS 10.

Over the next few months we can expect bots to start appearing in the big messaging apps, and we can look forward to being able to order that lunchtime pizza in a snap.

Contact us via: 

  • Phone: +84 24 3202 9222
  • Hotline: +1 408 663 8600 (US); +612 8006 1349 (AUS); +84 32 675 2886 (VN)
  • Email: [email protected]
  • Visit us at our website!


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