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Will Blockchain transform your business?

Wirex presentation for PayExpo Europe 2017 highlighting the current state of Blockchain technology, cryptocurrency potential in the payments industry and W-Pay, off-chain liquidity network. The full video can be found here:

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Will Blockchain transform your business?

  1. 1. Will Blockchain transform your business? Pavel Matveev CEO Wirex
  2. 2. Introduction - Global Blockchain personal finance platform - Established in 2014 - Global leadership: 900K users in 130+ countries - Awards: winner of Phoenix (EU) and FinSum (Asia) - Team: 80 people London (HQ), Tokyo and Kiev - Transaction volume: more than $1 BN - Backed by financial institution (Softbank/SBI Group)
  3. 3. Blockchain - current state
  4. 4. Areas of Blockchain application Fintech (Wirex,- Xapo, Abra) Insurtech- (Dynamis, Lemonade) Global ledger- (Everledger) Identity on blockchain (- Tradle, Netki, Credits)
  5. 5. Regulation - Regulated (Japan, Singapore, Switzerland) Japanese FSA put in place capital requirements for exchanges as well as cybersecurity and operational stipulations from 1st April - Will be regulated this year (South Korea, Philippines) Several countries, including South Korea and Philippines, are planning to develop regulatory frameworks for Bitcoin-based businesses later this year - Regulatory sandboxes (UK, Australia Hong Kong) UK regulator FCA launched a regulatory sandbox, a few more (Hong Kong Monetary Authority- HKMA, Australian Securities and Investments Commission-ASIC, Monetary Authority of Singapore -MAS) are planning to do the same
  6. 6. ICO – Initial coin offering - Easy Money Market for cryptocurrency investments is booming, having eclipsed the $2 billion mark this year - No regulations ICO industry is grey area, but there are plans to start regulating ICO in Japan, China, US etc - Lack of control In most cases, nobody is really monitoring the use of funds, which might be held in fiat currency in a private bank account or in cryptocurrency in a multi-sig wallets - No business case Not many projects providing a solution to a real problem on a significant scale
  7. 7. —Can I use Blockchain in my existing business?
  8. 8. —Can I use Blockchain in my existing business? —Not really
  9. 9. Most of Blockchain projects are at POC stage.
  10. 10. Most of Blockchain projects are at POC stage. Cryptocurrency is the only production-ready solution
  11. 11. Cryptocurrency benefits
  12. 12. The most traceable currency in the world All transactions are recorded on the blockchain
  13. 13. Fight ransom
  14. 14. Good for micro transactions Micro payments is an essential part of IoT
  15. 15. No chargebacks Bitcoin transaction is irreversible
  16. 16. Excellent for cross-border payments Cheaper and faster than traditional instruments
  17. 17. Payments
  18. 18. Fees Are All-Time High
  19. 19. Machine to Machine (M2M) Payments
  20. 20. Lightning network Using a network of these micropayment channels, Bitcoin can scale to billions of transactions per day
  21. 21. Lightning network Instant Payments Lightning-fast blockchain payments without worrying about block confirmation times. Security is enforced by blockchain smart-contracts without creating a on-blockchain transaction for individual payments. Payment speed measured in milliseconds to seconds.
  22. 22. Scalability Capable of millions to billions of transactions per second across the network. Capacity blows away legacy payment rails by many orders of magnitude. Attaching payment per action/click is now possible without custodians. Instant Payments Lightning network
  23. 23. Low Cost By transacting and settling off-blockchain, the Lightning Network allows for exceptionally low fees, which allows for emerging use cases such as instant micropayments. Instant Payments Scalability Lightning network
  24. 24. Cross Blockchains Cross-chain atomic swaps can occur off-chain instantly with heterogeneous blockchain consensus rules. So long as the chains can support the same cryptographic hash function, it is possible to make transactions across blockchains without trust in 3rd party custodians. Instant Payments Scalability Low Cost Lightning network
  25. 25. Wirex payment network (W-Pay) A multi asset off-chain liquidity network, enabling ultra-low cost instant payments on a global scale Instant global multi-currency payment solutions Zero blockchain fees, gateway fees, or customer chargebacks Fully-automated trustless blockchain environment for M2M payments
  26. 26. Bitcoin payments in Japan There are more than 5000 shops in Japan, where people can pay with crypto
  27. 27. Thank you!
  28. 28. Keep in touch ✌ Get the app