Ana Nives Radović: Connecting Art, Blockchain, and FinTech

Is there a way to combine art with blockchain and FinTech? Yes, and the process is definitely easier than you think. In our interview with Ana Nives Radović, we spoke about how these seemingly opposed fields work so naturally together.

Ana Nives Radović is a blockchain PhD researcher, founder of the FinTech Online Center, and a math fine artist. Her career started in 2004 in banking, after which she investigated the monetary dynamics of the Eurozone and published analytical pieces in the media. This journey led her to Bitcoin in 2012, culminating in a master’s thesis on its monetary characteristics. She authored the blockchain learning programs “From Bits to Banks” and “KEYventure“, while in 2013 she developed the educational module 2M2T.

In this interview with AImpactful, Ana takes us through her unusual career, the transformational impact of blockchain on financial services, and her vision of the future use of the technologies in different sectors.

Q: To start, let’s define some basic concepts. What exactly is FinTech, and how has this field evolved over the years?

A: FinTech, short for Financial Technology, is a fast-growing industry that combines financial services with technological innovation to transform the way people pay, save, borrow, invest and manage their finances. Over the years, FinTech has evolved from basic online banking and payment platforms to sophisticated services that incorporate blockchain, AI, and peer-to-peer services, revolutionizing how financial services are delivered and accessed globally. It emerged with the introduction of payment cards in the 1950s and ATMs in the 1960s, but the word FinTech first began to be used in 1993 as a bankers’ jargon, that could not be heard in everyday speech. However, after 2010, with the increasing presence of topics related to financial technology in the media, this term became a generally accepted name in almost all languages.

Q:  Blockchain technology is a key component of many modern FinTech innovations. Can you explain what blockchain is and why it is so important for the financial sector?

A: Blockchain is a technology that serves as a decentralized digital ledger, which unlike traditional ledgers controlled by a single entity, is maintained across multiple computers, known as nodes, spread out globally. This decentralization ensures that no single entity has control, making the ledger extremely secure. One of the primary benefits of blockchain in the financial sector is its ability to enhance security and transparency, as each transaction recorded on a blockchain is time-stamped and immutable, which means that it cannot be altered or deleted once added and this significantly reduces the risk of fraud, ensuring that all transactions are transparent and traceable. Blockchain technology also streamlines financial processes by eliminating the need for intermediaries. Another revolutionary feature of blockchain is its support for smart contracts that automatically enforce and execute the terms when predefined conditions are met, eliminating the need for a third party to oversee the process.

Q: How are AI, Blockchain, and FinTech connected?

A: AI, Blockchain, and FinTech are interlinked through their collective impact on financial services and data security. AI enhances FinTech by enabling advanced analytics, predictive modeling, and personalized financial services. Blockchain supports FinTech by providing a decentralized ledger for secure, transparent transactions, reducing fraud, and streamlining operations. Homomorphic encryption plays a crucial role in this ecosystem by allowing data to be processed and analyzed in an encrypted state, preserving privacy and security while leveraging AI and blockchain technologies and this integration ensures that sensitive financial data remains confidential and protected, even as it is used to drive innovations and efficiencies in financial technologies.

Q:  Whenever blockchain is mentioned, a common thing that people seek to learn is whether it is a fraud. How do you answer that question?

A: Blockchain technology is not inherently a fraud – rather, it is designed to enhance transparency and security, thereby preventing fraud. Blockchain operates as a decentralized ledger where each transaction is recorded in a chain of blocks, which is accessible and immutable. This means once data is entered into the blockchain, it cannot be altered or deleted without consensus from the network, which significantly reduces the risk of tampering or fraudulent activity. However, while blockchain itself provides robust safeguards against fraud, the technology’s implementation in various applications can still be vulnerable to fraudulent practices, and these vulnerabilities typically arise from human error or malicious intent rather than the technology itself. Therefore, blockchain’s core functionality is to prevent fraud, but its effectiveness is dependent on proper deployment and oversight.

Q: After the introductory explanations, it would be great to reflect on your career. Your rich international experience and expertise in the FinTech sector are impressive. How did you decide to combine your love for art, gaming with researching finance and blockchain technology?

A: During high school, I began earning money through visual arts, which made me realize that my primary obstacle wasn’t skill development, but rather the market knowledge needed for greater success, so I decided to study economics first, followed by law, to equip myself with the best business acumen. Gaming caught my attention when I delved deeper into researching the industry, which is highly lucrative, so I began writing game reviews as part of my regular market analyses, since I was editing a FinTech magazine at the time and wanted to include more engaging content beyond just financial news. Gaming has significant financial benefits, particularly through microtransactions, while the emergence of NFTs has created new research opportunities, given their extensive impact on the gaming industry. Overall, these areas are more interconnected than they initially appear.

Q: You created the first comprehensive FinTech educational database, Fintechlopedia. What motivated you to go that way? And again, what are its impacts on the financial sector?

A: Fintechlopedia was created to support my online courses, which have become more popular in 2020, so that participants can, when they need individual explanations, find a term and return to it whenever they need. I observed that individuals adopt innovative concepts at varying paces, and to minimize confusion, I implemented a step-by-step approach. This method proved particularly appealing to traditional finance professionals who, due to their busy schedules, lacked the time for extensive education. As a result, the gradual introduction to FinTech and blockchain concepts was highly beneficial for them.

Q:  Due to this effort, you have entered the top 100 FinTech researchers in the world. Did this award come as expected? How important is support and validation for every subsequent success in general?

A: I was really surprised when I was added to the “Who Is Who in FinTech – top 100” guide in 2021, because I had no idea that Fintechlopedia would have such an impact. The most important thing for me was that it confirmed that I had created both the module and the material that people are looking for, to create new educational programs based on similar principles.

Q:  When we talk about awards, we’ll mention that your work on AI software based on blockchain won first place in the EU competition. Can you please elaborate on the project and how important this is in transfer of knowledge in finance?

A: It is an ABMarSupply project that clarified the impact of blockchain technology in the maritime supply chain and its traceability where attention was paid to process optimization issues. This knowledge transfer experiment aimed to find the AI-based blockchain solution in the maritime supply chain with data sets that include the types of ships, their routes, and cargo information. Those data sets should be used for planning optimized supply chain routes within a PoUW protocol. The key part of the programming work on this project was done by professors from the Mathematical Institute MISANU and professionals from the company B-Solutions, while the topic of my PhD research was taken as the basis. Knowledge transfer speeds up innovation and fosters collaboration, leading, in this particular case, to more effective and widespread implementation of blockchain solutions.

Q: What should we know about this field?

A: The maritime industry faces significant challenges due to a lack of innovation in its operational procedures and logistics, therefore it is crucial to address the need to integrate blockchain technology with maritime logistics. While blockchain is rooted in decentralization, maritime logistics has traditionally been highly centralized, so by storing maritime transport data on a blockchain platform, which maintains a decentralized ledger of transactions and metadata across user servers, we can reduce the reliance on a central authority and enhance transparency and efficiency.

Q: You organize lectures on FinTech innovations for bankers, but also for those interested in other areas through the 2M2T module. What is the 2M2T model, and what should we know about it?

A: 2M2T is an educational module that combines 2M – marketing and media with 2T – tourism and technology. It was launched in 2013, and I spent 10 months creating it. The goal was to enable young people who have decided to focus on one of these areas to point out the necessity of a multidisciplinary approach through the different, multi-layered relationships of these four areas. Through the further elaboration of the 2M2T program, the relations of these fields with art, law and mathematics were also studied, so new educational modules were created, from which “Math for Marketing” stood out as the most requested.

Q: The application of blockchain technology in logistics is one of your current research topics. What are the potential impacts of this technology on the logistics industry, and what challenges do you expect?

A: Blockchain technology has the potential to revolutionize the logistics industry by enhancing transparency, traceability, and efficiency, so by creating immutable records of transactions, it can streamline supply chain processes, reduce fraud, and improve accountability. However, just like in any blockchain-related areas, challenges include integration with existing systems, and one of the biggest issues – scalability concerns. Also, there is the need for industry-wide standards, which is why addressing these challenges requires collaboration and innovation to fully realize blockchain’s benefits in logistics.

Q: Where should those interested in this field start learning?

A: Today, you can begin with the topics that most captivate your interest and where you feel you can make a meaningful impact. When I first started researching this field, there were no textbooks or extensive literature available – just a single document detailing a pilot project between a maritime and an IT company. This document served as the foundation for further exploration by blockchain researchers and maritime experts. Now, however, there are numerous sources and thousands of academics around the world studying the subject, therefore, my best advice is to focus on the areas that seem to be the least explored and thereby contribute to this complex field.

Q:  Lately, you have become the Program Executive at the Game Changer Festival Montenegro, which carries great responsibilities. How do you plan to use your experience and knowledge to contribute to the success of this festival and its impact on the local community?

A: Having been involved with the Game Changer since 2022, I was thrilled to see the festival expand to Montenegro, following its successes in Croatia, Slovenia, and soon the UK, so I didn’t need any convincing to contribute. Although my presence in Montenegro has been sporadic since 2021, I hadn’t fully grasped the state of the tech community there. The festival highlighted the strong need for such networking opportunities and it was gratifying to see local professionals connect with their counterparts from other countries, as building a robust professional network is a key objective of Game Changer.

Q: What are the key goals and expectations for this festival, especially in the context of promoting blockchain and FinTech innovations?

A: Game Changer aims to showcase the latest innovations by offering a platform for startups and company professionals to present their work. It focuses on facilitating networking among industry leaders, entrepreneurs, and investors, and providing educational sessions on emerging trends and best practices, also supporting local technology ecosystems by connecting them with larger audience, driving adoption of new technologies, encouraging investment, and addressing regulatory challenges.

Q: What are your plans for the future?

A: I plan to advance my work in education by both enhancing current approaches and exploring new ones, particularly through the development of innovative, interdisciplinary modules and I will also keep publishing educational articles, as there is always a wealth of topics and inspiration to draw from.

Q: Message for all those reading this interview?

A: If FinTech, AI or blockchain don’t particularly inspire you, but you sense that change is inevitable, there’s no need to worry or shift your focus. In fact, this is precisely why you should continue exploring the field you’re passionate about. Multidisciplinary approach thrives on expertise across various areas, and your knowledge is crucial to that diversity.