What will arrive next after “Uberization”?

When we started the MicroMoney International, the worldwide blockchain fintech company and a lending services provider — our team tried to use the Uber’s experience. We aim to disrupt the traditional but slow banking industry in a similar way the Uber up-ended the taxi business. With this idea, the company came to the Asian market with its small financial businesses often carrying out all the customer relationship and accounting in paper ledgers. MicroMoney set the object to provide payday loans online completely, within just several minutes from completing an application form to money receiving. In the middle of the process, there are hidden but innovative tools like neural networks and Big Data working for our own scoring system for a rapid client’s creditworthiness assessment. Instead of papers, certificates, and cross-checking for the scoring process, we use the data from a borrower’s smartphone. In case a customer reaches the certain credit score points the system approves the loan automatically and sends the money to a customer’s e-wallet. Easy and fast. But this is where we started. Now we decided to go further and think about next step. Do companies still need to take Uber’s model into account?

Let us share with you experts opinion. It is expected that the economy of smart contracts and decentralized economic model to be a growing trend for more than nearest 5 years. Blockchain and smart contracts brought us to a point of no return. Now using smart contracts achieve mainstream usage. And all this is the first bell of a new economic model which will flow us further that sharing economy or “Uberization” model that we have seen in the past decade with Uber, Airbnb and other companies connecting clients to providers.

The benefits of the economy of smart contracts are now well-known. They include an increase in transparency, no need in third parties, lower costs for the end customers, low transaction’s fee and also the possibility of a direct connection between business and customers in a global scale, with a borderless network and global payment gateway.

So the next step of the Urbanization as experts sees it is the “Uber without the Uber”. where the centralized entity that ensures the quality of services in the sharing economy is replaced by automated processes through immutable smart contracts on the blockchain. The sharing economy is replaced by automated processes through immutable smart contracts on the blockchain.

MicroMoney plans to issue about 600 thousand payday loans per year, to involve 1 million of unbanked people into crypto-economy by 2020, and, thus, hopes to be named the next company changing the industry along with Uber or without it. There is no doubt that new technologies can change not only banking industry but the way people consume, spend and save their money. For modern tinted startups, there is the only way of growth always to think further what we do.

Stay tuned!