SCDM Managing Partner Vahe Andonians believes that blockchain and AI will most certainly revolutionize the way we organize our lives in future.

He told about it in the interview to Banks.am.

“The application of AI (currently in the stage of machine learning) in the financial industry will lead to a much more efficient industry overall. In a bit oversimplified description, financial sector just reallocates money from money holders to money seekers. A service that cannot be worth over 10% of the GDP, which is the average in industrialized countries. Artificial Intelligence can help in many areas, from processing documents up to robo advice,” said Andonians.

Speaking of blockchain, Vahe Andonians noted it has the potential to revolutionize the financial industry from its core.

“Cryptocurrencies successfully show that we don’t need a centralized trust system for money to work and consequently raise the question, should a country have its currency? Personally, I think Bitcoin is more money than 30 fiat currencies I know.

In a distributed system, the money would not need to be redistributed through taxes, but could originate at the bottom and go up through economic activity. Countries like Armenia that have difficulties in redistribution and the creation of a healthy middle class could explore these new possibilities,” said the Managing Partner of SCDM.

He stressed that currently all larger banks are exploring blockchain technology to streamline the settlement of financial transactions.

You can read the full interview with Vahe Andonians here.

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