The situation that’s driving the future of financial tech

Ryan Erickson

It was once said that tech is changing finance. I think it’s now the other way around, so much so, that the term “financial freedom” has a new meaning.
Photo by Bernard Hermant on Unsplash

I recently read an article from 2014, The state of consumer fintech, which had a sentence that gave me one of those hmm moments,

How has tech been changing finance?

One would typically think that the above statement is how the flow should be. However, a lot has happened since 2014 and there am has definitely been a major shift in tech. That said, I no longer believe the technology is changing the financial system; instead the overarching situation of global finance, individual needs, and a better understanding of what privacy can be — as opposed to the current standard — is a major driver in the technology that is now available, and what people are clamoring for. The financial situation is now driving the technology.

When we take a step back to look at what is happening in the [financial] tech sector you see a trend: privacy. We communicate with Signal, securely share documents via Skiff, or use DuckDuckGo and Tor or a VPN to ensure our browsing/search history is secured.

The security of our finances has also received an enhancement out of the basic human need to feel secure. Banks and governments have rallied to defend themselves and promised greater security; however, their idea of securing financial data only works if they have access to it. I’d love to say I trust my government with my financial information, but the fact that I have three concurrent credit monitoring services/subscriptions in my name as part of three different government data breaches can speak for itself.

Our, that is, yours and mine, financial security cannot be left to chance. And while I dare not go so far as to say that financial security is a right, I’d like to think that one’s personal security is. Your personal security includes the encompassment of privacy, freedom, and the simple feeling that all is good in the world.

The Drive

While there are a plethora of incidents’ throughout the world that would/should give you pause- the most obvious (beating out Trump by just an orange slice) is COVID. Take note of the “is” COVID as opposed to “was.” It’s still going on, just not as bad, and in some places worse, than before.

The human predicament of being isolated has had the effect of people lessening their trust in others and perhaps companies they’ve trusted for years. Pushing forward you seen an outcome of less and less trust in a system that, apparently, required human interaction.

The nearly one-and-a-half-year ordeal has left many looking for a better option to keep their financial data theirs. This is a financial situation that’s driven a needed tech change. Or perhaps the realization that solutions have been brewing for years and have just come available to the masses by way of cryptocurrency and blockchain technology.

Adding to your security arsenal

I noted above that while we seem to have several digital tools to keep us secure- the security of our digital money isn’t commonly one of them. For instance, if you’re using Litecoin, Dogecoin, or even, ETH, your account is available for viewing by almost anyone. On the other hand, you can use secure cryptocurrencies like PIVX, Monero, or Grin then the odds stack in your favor that your data is private, if you so choose.

Because we live in the world we do, there are times when information security- specific to money- needs to be at a lesser level than super secure. It’s a fact of life, unfortunately.

Lucky for you and I, someone has already thought about this. The answer is PIVX. The project’s short name stands for Protected Instant Verified Transactions, and it does even more than just “offer protection.”

A proper mix of financial security

The PIVX development team has taken pride in creating a super secure cryptocurrency that rivals nearly any banking security infrastructure. Furthermore, they’ve done this while ensuring the general public, albeit with a little bit of guidance, can secure their own finances. This is oft referred to as being unbanked.

Being unbanked is where the financial-tech windfall puts us today. The trust issues have led many to a point of wanting/needing a new means of holding/investing(?) their funds. I do truly find that my security needs (and wants) fit within the PIVX ecosystem. If it weren’t for the fact that I’m one for a diversity of risk, I’d probably put all of my funds into PIVX. Perhaps I could convince them to do a stable coin too?

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