In recent years, blockchain technology and artificial intelligence’s (AI’s) impact on the financial services industry has become more apparent. Universal implementation in the future has the potential to improve the quality of payments, credit decisions, risk management, and fraud prevention while paving the way for predictive personalized financial services and process automation. Furthermore, blockchain technology and AI have helped optimize user acquisitions and retention within the industry.

The combined implementation of both technologies has led to a faster, cheaper, and more accurate assessment of potential borrowers. As such, blockchain and AI can help lenders sell loans to consumers who are credit-worthy but lack an extensive credit history. Such individuals are often marginalized by traditional credit-scoring systems, which consider applicants with little or no credit history to be a high default risk. AI-powered scoring systems make it possible for lenders to assess applicants in a more nuanced manner.

Risk management has also improved thanks to both of these technologies providing real-time analysis of activities in any given market or environment. Accurate exposure predictions and detailed forecasts have thereby become the norm.

In the not-too-distant future, combining blockchain with AI will lead to more stable and reliable automation across countless sectors. The financial services industry will in turn leverage automation processes for a variety of tasks, such as attracting new customers, loan approval, transaction monitoring, risk management and smart contracts. That said, there are still obstacles that will need to be cleared if blockchain is to become mainstream within the financial services industry.

The standardization of cryptocurrencies is expected to be a major factor that contributes to the emergence of a blockchain-based financial system. Today, we are seeing progress in this area, with some cryptocurrencies now being categorized as securities.

ETHERSMART FINANCIAL INVESTMENTS, LLC (Ethersmart) is a Dubai commercial company concentrated in the field of finance, entertainment and gambling like Games, lotteries, betting…

Ethersmart wallet - an application in the Ethersmart ecosystem - is a pioneer in blockchain technology and AI. They have developed Blockchain as a Platform, alongside ETM, a token of the Ethersmart ecosystem. Over the years, the platform has become increasingly machine-learning-capable as we progress towards improved robotic process automation. These efforts are now reflected across the company’s value proposition and offering.

All of Ethersmart Wallet’s applications were designed to run as smart contracts on top of Ethersmart’s blockchain. Ethersmart Wallet is running inside Ethersmart blockchain – a continuation of the Ethereum project with upgraded consensus rules. Ethersmart Wallet natively supports ETM token, with Ethereum wallets now being fully supported too.

Businesses and institutions can greatly benefit from the digital transformation spearheaded by Ethersmart Wallet through its adoption of ETMAI (Ethersmart AI Wallet). Ethersmart Wallet’s blockchain network allows businesses and institutions to securely tokenize and store personal identification in users’ digital wallets, transforming the way people interact with businesses and governments. What’s more, the platform currently supports the tokenization of e-invoices, payment cards, access cards, loyalty cards, receipts, boarding passes, tickets, ID cards, passports, social security cards, vaccination records, polling cards, residence permits, library cards, driving licenses and visas. This allows users to keep all of their important documents in one place for ease of use.

Ethersmart Wallet is also able to store a handful of cryptocurrencies, enabling businesses and users to pay invoices using cryptocurrencies and to receive crypto payments. Moreover, financial service providers can use Ethersmart Wallet’s blockchain as an alternative to SWIFT payments in order to provide cheaper, faster and more transparent cross-border transactions.

Smart contracts have terms written into their code, meaning parties are held accountable to the terms of their contracts without the need for trusted intermediaries.

The number of members of the Ethersmart community is growing exceptionally strongly, always reaching over 300% monthly, meaning that the number of ETM tokens circulating in the blockchain system snowballs every month. The use of ETMAI (Ethersmart AI Wallet) has helped users enjoy outstanding benefits that no other platform has.