How a token-based ecosystem will reshape acquiring, remittances, and corporate settlements
An ultimate financial game-changer: Blockchain technology has dramatically changed the traditional finance industry, and there is more to come.
A Few Years ago, we have seen blockchain introduced as a revolutionary technology that will bring changes in every industrial sector. The blockchain will change the finance sector fully. As per LinkedIn, it will generate jobs that mean growth with job generation. Crypto can solve the fundraising problem for startups by using ICO / IEO as a medium. There are many startups using blockchain to solve the world’s biggest challenge.
Only after a great amount of marketing money was poured into this area and hundreds of scam projects had deceived millions of people, the potential of possible use cases started to reach solid venture capital funds and institutional investors. Realizing the true value of the distributed ledger technology of Blockchain. The Blockchain technology must concentrate on the industries where value can be added as quickly as possible to reshape the outdated financial landscape and disrupt acquiring remittance, and corporate settlement.
Disrupting the outdated infrastructure for corporate settlement
The banking sector is in dire need of change and Blockchain will do that. Crypto will make currency digital and blockchain technology will bring trust back into the financial system back. In India, we have seen banks collapsing which is reducing confidence in public for banks. Blockchain will save the banking system in India by making trust based on technology rather than human.
Another vital challenge is a real-time settlement, which is currently impossible due to the lack of exchange between crypto-assets and fiat currencies. There is unavoidable friction in converting back and forth, particularly given recent market volatility.
Next, the new age requires the involvement of fewer middlemen so that the supply chain becomes less complex by enabling decentralized dynamic updating of data across all fulfillment centers, hubs, partner centers, and logistics vehicles. Blockchain’s feature option tracking of inventory with real-time monitoring and smart contacts for payment in existing supply chains. Blockchains are going to change every industry like the internet as it has got the power of decentralized ledger technology.
One of the major problems is the timely and accurate payment from the global system. On the top level, there are zero risks for the company to transfer. By moving intercompany settlement into the blockchain, corporations can save the significant value.
Overcoming the obstacle course for remittances
When it comes to global payment settlement takes 4- 5 Days. The blockchain will Make settlement faster up to a few minutes in real-time monitoring. The blockchain will change the entire settlement process which is the unique architecture. Blockchain will bring a great revolution in the payment process. As we are seeing global is the way forward why not make it faster with quick settlements of payments.
So, will blockchain make a difference here? It surely will. Next, onboarding on the blockchain offers huge accessibility to the unbanked in markets where banking services have historically been monopolized and often absent.
Using an opportunity to reshape acquiring
After COVID 19 impacts acquiring a global business will take a boom as every country is looking to become the next superpower. Startups will get acquired by big corporations for changing the business model. After COVID 19 we will see a new globe full of opportunities and challenges.
But there is little wonder that payment processing tends to be outdated, as the whole process is clunky and opaque. Hospitality and the tourist industry suffers greatly due to narrowing margins, heavy competition, and unexpected crises such as the current COVID-19 pandemic.
BirthVenue, being a top Blockchain Development Company in India, has now acquired the capabilities to flawlessly set up, deploy, maintain, and service nodes of all types of tokens/cryptocurrencies. We can build decentralized p2p cryptocurrency exchanges as well as the more common centralized exchanges. It is important to build exchanges with strong foundations for security and the ability to scale to be able to integrate more coins onto the platform. This is where our development team contributes the greatest value to our clients. Our frontend developers can make the most aesthetically pleasing page designs, all while keeping user-friendly functionality in mind. With the lack of experienced cryptocurrency development companies in India, BirthVenue can be the go-to solution
By Lakshay Taneja
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This is a post in our on Medium blog, ‘Blockchain for Everyone’.
Sign up here to discuss any use cases. Thanks to Rohit Taneja for reflections and feedback.
Helping you understand the fundamentals of blockchain and develop elegant blockchain solutions to empower your successful businesses into new technology spaces, BirthVenue.
