Is automated decision making the future of finance? Trading bots, machine banking, and intelligent investment algorithms explored in the BTCMEX Blog.
Money has undergone a radical evolution from Cowry shells to Bitcoin. Paper money is a relatively new invention, and the demands of today clearly show that significant changes are inevitable in traditional finance. Many point out that factors like price, speed, and access will define the future form of money.
Implementation of ATM machines, which made cash-out much faster and more convenient was the first step to digital finance. Then the Internet and mobile banking came with the ease of transaction making and bill payments. The third wave of innovation is closely related to the Internet of Things (IoT) and 5G technology. Interconnected devices allow us to manage home appliances and build smart cities. Find out about the pros and cons of smart cities in the BTCMEX Blog.
Blockchain technology and advances in AI are bringing us closer to the reality of autonomous finance. Machines can now do many things to replace human labor. Automation tends to be cheaper and eliminate possible human-driven mistakes providing certain services. Will machines be able to manage our money for us? Can we trust them to make decisions that are in our best interest?
The concept of autonomous finance lies in the idea of automating financial processes in our lives. It’s sometimes called invisible banking because is mainly focused on eliminating bill payments, subscription renewals, and insurance applications from our financial life routines. Recent innovations can level the playing field by reducing borrowing and premium costs.
In other words, humanity is moving towards implementing 24/7 intelligent assistance with managing and execute operations with money. Cryptocurrency traders choose trading bots to monitor the price and secure profits. Recent research shows that despite the questions of consumer trust, digital privacy, intellectual property rights, millennials do tend to trust AI to manage their portfolios.
Which implementations were made so far to reshape our financial lives? Mobile apps, chat bots, API keys are some of them. Modern supply chain financing happens through blockchain, mortgage onboarding happens through AI, and the risk analysis of portfolio happens every millisecond with reallocations taking place through bot-advisors.
You realize that the future is already here looking at the central banks developing and testing their national digital currencies all over the world to enhance and possibly replace the cashflow completely.