BBVA API Market
The appeal of bitcoin as a digital currency is unquestionable, but becoming a rising trend in the developed world goes far beyond, we have to examine the blockchain technology behind bitcoin.
It is based on providing a computer code as a currency, albeit with limited issue, that users can save and register, but it also enables them to locate other users in real time. In other words, to highlight the fact that it is a user community that guarantees the currency's existence and transfer among users.
In short, it involves boosting the peer-to-peer model (P2P) with the support of a technological development that enables disintermediation, point-to-point transmission, data encryption and digital signature.
In this way, blockchain technology has become a new source of business by triggering the transformation of the value chain. In the financial sector it has given rise to a new way of understanding finance through the collaborative, participative and peer-to-peer economy.
And this is one of the key aspects: what can the development of this technology contribute to improve the customer experience and enhance the services and products used.
For further information on this technology and digital currencies, you can now download the latest issue of Innovation Edge on cryptocurrencies.
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Open banking is driving the development of new apps that are integrated into company platforms, all in an effort to offer banking services to customers. Thanks to APIs, any banking operation, such as opening an account, can be done without the need to exit an application.
Open banking has changed the financial paradigm as we have known it so far. The widespread use of new digital platforms, connected devices and technology consumers has led to a boom in business opportunities for every company, many of which are already leveraging their benefits as much as possible.
The digital transformation has not been fully implemented in the automotive sector yet, at least not as quickly as in other distribution sectors. APIs can be this sector's best ally by speeding up its digitization, especially in those areas involving the purchasing process.