Innovation in the financial sector
As GoodX Finance Network gets ready to allow faster, and more cost-effective processing of financial transactions through a decentralised, distributed ledger called blockchain, it is obvious that the world is ready for financial autonomy and security.
Most blockchain discussions nowadays tend to be around bitcoin price fluctuations, even though the blockchain and other innovative disruptions in the fintech industry are a lot bigger than a cryptocurrency. As Patrick M Byrne said in 2015, “the main event isn’t bitcoin. It’s using the blockchain to disrupt other industries and Wall Street”. The blockchain innovation is destined to make three major changes in the financial sector: payment and cross-border transactions; trade finance; and managing personal finances.
Payments and cross-border transactions have traditionally been a slow and expensive process. At GoodX we are trying to change that by using blockchain to allow near real-time point-to-point transfer of funds. This will also mean increased profitability due to less operational costs and overheads. This will have major institutional and political implications for unbanked populations in unstable economies as we have planned since laying the foundation of the company.
Utilising blockchain technology allows for greater trade accuracy, and a shorter settlement process. Today thanks to the innovation in the finance sector, we have commercial banks, payment institutions like Swift, investment banks, hedge funds, private equity and a host of others, that carry out various functions like providing businesses with access to capital, underwrite deals, hold deposits, lend money, confirm transactions both for debit and credit cards, and exchanges, etc. However, even in this modern world of finance, it is difficult to trust anyone of them, the costs are usually high.
With the application of blockchain in the financial sector, the coming of an app like GoodX and an impact on share trading, the world would have a technologically advanced system in place that stores records of every transaction with everyone in the framework that is cryptographically secured.
We’ve always believed that blockchain is able to solve identity management issues and the smart contracts will streamline the process. Blockchain can also improve real-time visibility of the transaction to institute regulatory and customs oversight.
Lastly, blockchain innovation has meant a revolution in fintech in terms of managing personal finances. Since long people have been using paperless banking with the advent of credit and debit cards as well as online money transfers via PayPal and similar companies. However, blockchain technology has brought together all personal assets ranging from traditional money to gold to cryptocurrencies all in one place allowing users to make domestic payments and cross-border transactions with gold or cryptocurrency as well as any fiat currency they own. The transparency and traceability of transactions makes them secure and the possibilities are endless!
To say the least, it isn’t just the financial sector that blockchain technology has transformed, as the technology could be used in various other sectors that work with updatable data that needs to be secured and trusted.
Having known this GoodX Finance Network was founded two years ago to commercialise this success of blockchain technology by making cryptocurrency more usable. Through our app we have been able to enable users to make real-time transactions using fiat, crypto and even investment gold that we plan to make part of our assets.
Want to test out the app? Download from a dynamic link on https://goodx.network
