The concept of Peer-to-Peer interactions is changing many of the ways we live our daily lives. We have all heard of Uber and the way it is changing the way we catch taxi’s. While Bitcoin has the potential to change the way we deal with currency and payments and file-sharing websites have changed the way we share music and videos.
It is also at the heart of so many new FinTech concepts. It’s the ability to directly link two parties with opposite requirements that’s greatly increasing the efficiency of the transactions and proving successful. Most incumbent businesses had large complex systems that it relied upon for transactions to occur. Broker networks, branches, legacy computer systems and many other aspects meant that transactions were cumbersome and new entry was limited by the large costs associated with entry. Technology has removed much of the cost and made the process much more efficient.