The Floor Publishes Report Called "Banking Innovation Strikes Back"

The Floor, a Tel Aviv-based fintech centre, recently published a report focused on banking innovation, which covers the history of innovation from the Middle Ages through to the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term revolution, according to an official press release.

According to the report, the banking industry has operated at the forefront of innovation since the Middle Ages, driving advances in trade finance, Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, credit and more. Banking innovation from the Middle Ages until the 1970s had a dramatic impact on the global economy, however the period from the late 1970s to the 2008 financial crisis featured relatively little innovation.

Since then, the banking industry has once again begun innovating, this time with a focus on areas such as payments, artificial intelligence and trading.

"Banking Innovation Strikes Back" has been published to celebrate this new era. The report, published by The Floor in conjunction with its international partners, examines the evolution of the banking industry and its future.

The report was authored by Moises Cohen, co-founder and Director of The Floor. He said: "Banks have contributed enormously to the growth of the world’s economy since the creation of the first bank in Italy in 1472, and are once again driving deep innovations in the global economy. For instance, banks today are leading a corporate wave in blockchain, and in so doing, charging forward into a new era of financial services. After an extended period of hibernation from the late 1970s to 2008, a revitalized banking industry is striking back and returning to a proud tradition of disruptive innovation.”