Blockchain based transfers benefit both private users and businesses. For the former, it makes
it possible to transfer small amounts at a low cost. For the latter, they can rely on blockchain
to execute substantial wire transfers to clients or partners in a fast, reliable manner that is
also highly cost effective.
But there’s a problem. At present, cryptocurrencies function fairly well as an asset, but remain
virtually impossible to use as a means of payment in everyday life: users have to manually sell
their crypto assets on an exchange, then transfer the resulting amount in traditional currency
to their bank account. Only when this transfer is completed can they use these funds to make
TOKIA – bridging the gap
Can traditional financial players provide the fast, efficient, affordable financial services
businesses and individuals need? The answer is no. They can simplify their front end
operations, but the machinery behind it still causes problems because of the way it is
structured. For example, someone making an international transfer is still charged even if the
transaction isn’t cleared. To make matters worse, it will probably take a long time for them to
become aware that the transaction has been declined, an additional headache for both
businesses and individuals.
Let’s be clear. Traditional banking has been with us for thousands of years, and has done a
decent job of stimulating economic growth. But now it is lagging behind. Emerging
technologies are already there and ready to be adopted, but by failing to do so these
companies are both depriving their customers of the gains these new technologies bring and
making themselves vulnerable to competition from new entrants. And these new players don’t
depend on a long chain of intermediaries to offer their products to the market.
Blockchain might just be the technology that will change how we perceive 

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