A new technology that could disrupt the finance industry is being developed by IDC Technologies, a software company founded by two veteran investors.
The new technology could disrupt payments for businesses and banks, according to IDC chief financial officer Mike Riebe.
The technology is already being used by credit-card companies to reduce fees and offer better payment options.
Riebe said the technology will be used in the payment process for the consumer sector, like at a grocery store or in a store.
The company is also building an online platform that could replace banks and credit card companies.
The two former VCs have invested more than $1 billion in the company and are also working on a venture capital fund.
The venture capital investment will pay for Riebbe to go to New York to speak at a conference about the use of blockchain technology to transform the financial sector, he said.
Rio Tinto, one of the world’s biggest miners of coal, said last week it will invest $1.2 billion in blockchain technology startup Digital Asset Holdings, which Riebes investment firm said it plans to use to create a new technology for trading securities.