The power of Network Effects on the Fintech Industry – automata


what’s up you guys this is Robin from
automata coming at you from another FinTech event and today we’re going to
learn more about escrow what that is and also about the networking effect so
check this talk out I’m sure it’s going to be very cool so I’m Nick Fossum some
head of partnerships pay base so we provide payments for blockchain
businesses platform businesses and also work with FinTech Alexei starting this
fuss and soaks by phone call the scissor so imagine I don’t trust you
I’m making a payment over the Internet we have a mess up in person I want to
make sure that when I make the payment to you that the job that I’m doing in
return will get done s4 is finding a trusted partner who can hold those funds
while the jobs being completed and only once the jobs complete it trusted
partner will then move those funds to the seller identifying what’s the
smallest network that generates a lot of value rather than focusing potentially
on the products initially biggest businesses in the world have very strong
network effects how quickly you can grow something from nothing is really what I
find particularly interesting because platform businesses don’t hold capital
or hold storage or hold content and then abuse that content they just connect
people and allow buyers and sellers to meet and then they generate value from
that relational capital that they bring together in a more financial
opportunities for people who don’t have phones or who don’t have two as well by
like making the money get to them easier I think in in some parts of Africa to
use text you know things like that to make it democratize the process
basically in tech generally within a lot of businesses been compromised
so industries are being disrupted by platform businesses play between an
older industry a very powerful industry being instructed by new challengers is
really interesting freedom freedom it’s a method of payment
where all parties trusts with method a transaction and the asset that being
transacted

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