Open-source tech is taking over global finance. Here’s how
Open source technologies are revolutionizing interaction, participation, and operation in today’s globalized world. Lyn Alden, founder of Lyn Alden Investment Strategy, emphasized the significance of open source applications in a panel session at the just concluded Microstrategy Bitcoin and Lightning for Corporations event 2023.
Lyn analyzed that while some countries may have a subpar financial infrastructure, open source technologies create opportunities to elevate these systems. This not only benefits businesses but also enhances options available for expanding market size.
However, Lyn mentioned that one way to unlock greater participation is to lower the barriers of entry, thereby allowing an expanded market reach, and increased connectivity.
Lyn highlighted the transformative power of open source technologies, which enable communities worldwide to establish community banks and share resources for data storage and app development. Such technologies reduce costs per person while also expanding the market for technology providers.
The founder drew attention to the fact that, despite centuries of its existence, traditional banking has not achieved universal adoption. However, in just 15 years, smartphones have surpassed the global adoption rate of bank accounts. This trend is expected to continue, further emphasizing the potential of open source technologies to reach previously underserved markets.
Further, the ubiquity of smartphones presents a unique opportunity for open source development to leverage mobile money. Lyn asserts that anyone with a smartphone now has access to money, enabling borderless transactions and fostering greater interaction between individuals and businesses. This accessibility not only democratizes financial services but also unleashes new possibilities for innovation and collaboration.
As adoption rates for smartphones continue to rise, the power of open source development in transforming the global financial landscape becomes increasingly evident, Lyn said.
Ultimately, Open source development has the potential to provide a competitive advantage to businesses willing for embrace it. By participating in open source communities, businesses gain access to a global talent pool and can collaborate with developers worldwide.
This allows for faster innovation, increased customization, and cost-effective solutions. Furthermore, businesses can leverage open source technologies to enhance customer experiences, optimize processes, and gain a competitive edge in the market.
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