Entrepreneur Eric Benz believes attitudes have changed over the past two years. Evry director Jarle Holm think development means “a tremendous efficiency.”
LONDON. – Three years ago, I was greeted with much skepticism, says founder Eric Benz to DN.
From an office in 39. floor in East London, he runs block chain company Credits. The company is still in the startup phase, but according Benz future looks very bright.
Block Chain is technology behind such so-called virtual currencies, as Bitcoins. Director Jarle Holm for “Innovation and Business Development” in Evry is no doubt:
– Block Chain is a fundamental shift – a paradigm shift – in production and distribution of financial services, Holm says to DN.
Value Exchange
Evry “Innovation Lab” follows today following developments closely, says Holm.
– We provide us insight and to apply it gradually. The purpose is for us to stay ahead: how developing financial services forward and what is customer demand, he said.
– Why are block chain so interesting?
– This is about the way values are exchanged, Holm says and explains:
– The Internet is a way to exchange information. In order to exchange values, one has had to have intermediaries to conduct a transaction. Block Chain enables a direct transfer of values between two “nodes” in a networks that do not necessarily trust each other. They have no contract between themselves, but they are part of a network which together agree on what has happened. This is a kind of “crowdmåte” to verify on.
“Tremendous efficiency”
He believes technology involves “an enormous efficiency” for the banking and finance sector.
– If for example, send money to a friend in the United States, need you know the account number and the bank money to it. Then you have to make sure you transfer money through a swift network at a time. It is an expensive way to do it. A block chain technology makes money transferred directly from you to the person you are going to have money, Holm says and adds:
· 2014 bet Silicon Valley ten billion US dollars (almost 85 billion) that finance is the next big thing, according to Accenture. The past year has investments in so-called financial technology exploded, according to figures from the consulting firm.
· The term refers to technology that challenges traditional financial services for loans, payment, financing and trade.
· The question many are asking is whether the traditional banks and financial institutions will consist in the face of what some call a finance technological revolution.
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– This allows you to apply the a very large area – not just banking.
DN has recently written a series of articles about the explosion of investments in the financial technology (see fact box). Holm emphasizes that companies that deal with block chain currently “exploring the possibility space”.
– Many talk about that banks will disappear, but we do not think so. We believe that the block chain technology might make the production of financial services very much cheaper, easier and efficiently, he said.
Base in London
In the office of Eric Benz and rest the team behind Credits, does not founder hide that block chain in some cases have been associated with risk and crime. This is totally changed today, he claims.
According Benz receives more and more international investors aware of the technology. His company – Credits – advertises itself as Europe’s largest private block chain company.
The entrepreneur is even American, but very pleased to have laid the base for the British capital.
– In London, there has been very much in finance technology in recent years, he says and continues
– Silicon Valley and the United States are very good, but probably not as good as people think. I think there is a bubble there, and want to keep me as far away from it as possible.
– Will you take over for the banks?
– No, we offer banks “software” – block chain – making sure they can do their jobs better responds entrepreneur.
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