Financial Solutions for Card and Derivative Commodity Exchanges
Blockchain technology is powerful and can be used in a sea of different niches. While one of the biggest buzzwords in technology is primarily associated with cryptocurrency, it is capable of much more than its reputation. For example, it can be implemented in the financial sector.
It is no secret that the modern banking system is not perfect. But will one of the most important inventions of humankind become a “magic pill” that solves all the problems?
This topic is probably one of the most exciting you can think about, especially because many corporations have already given the game-changing technology a try. Saint Vincent Capital LTD is no exception. Hence, it would be interesting to lay out a balanced overview of the benefits of the blockchain.
With that said, let’s jump right into it.
Efficient Payment Solution
If we’ve told you once, we’ve told you a thousand times: the banking system is not functioning effectively. The ineffectiveness of the existing format can be observed in the simplest operations. Let’s say you want to return five dollars to a friend who doesn’t have a bank account. Hate to break it to you, but your fee will be at least 20 dollars, and at the most, 40 dollars. In the case of one million dollars, a commission of 1–5 percent of the transferred amount will be charged. That would come to 10,000–50000 dollars — that’s a tidy sum. Then, the money transfer will take a certain number of business days. Doesn’t sounds particularly fruitful, does it?
Above all, the current model takes advantage of reporting. That’s why banks’ licenses are regularly revoked, and depositors’ money goes offshore somewhere.
Another problem is administrative costs. For accounting and operations audition, banks have to maintain quite a cumbersome back-office. The sizable staff requires a lot of administrative personnel. Financial institutions also have a lot of paperwork to do. The related costs are, thus, included in the rates. Now you know why banking services are so expensive.
Transactions on the blockchain are much cheaper, faster, and more secure. They are undertaken in an effective manner. Thanks to platforms like Saint Vincent Capital LTD, it is possible to send as much money as you want. It doesn’t really matter whether it is one cent or one billion dollars. The commission has nothing to do with the transaction amount. A transfer of five dollars or one million dollars on the blockchain will take a few moments and will cost just a few pennies.
Additionally, this future-tech wizardry provides complete transparency. After sending money, you can check the payment status at any time. There is no need to contact the technical support service and wait for a response.
Rapid Transfers Across Considerable Distances
The advantages of blockchain perfectly explain why this technology is called the “internet of value.” Using it, any network participant can send money directly to the recipient in another country or even another continent. At the same time, the sender can be sure that their transfer will not be stolen by bad actors. The recipient will also be able to track the transaction and know that the transfer is guaranteed not to be revoked.
SVC’s blockchain adoption works wonders here. Users are offered a safer and quicker way to send money. That feature is particularly relevant and important in the context of cross-border transfers and micropayments, where the bank commission could be equal to the transfer amount. Such transactions usually take three to five business days to process and can be very expensive. In a better world, the operations take several minutes and are much less costly. Blockchain saves you both a great deal of time and trouble. Sending money from one side of the globe to the other has never been easier.
With the blockchain, it is impossible to make changes retroactively and play with financial reporting. This feature is another good thing about the groundbreaking technology. Let’s face it: the traditional banking system is not sufficiently transparent. The blockchain is the only way to remedy this clear shortcoming. What is more, it can generate greater levels of confidence among participants.
Freedom from Intermediaries
As a result of the gradual and irreversible globalization of the economy, the world has grown smaller. Digital transformation has blurred national boundaries. People from all over the world enjoy the fruits of this progress: they can stay in touch seven days a week. This ability was made possible by the power of the internet, social media, and instant messengers.
When interacting with one another, users sometimes need to transfer funds. As noted above, the traditional banking system is archaic and often charges unreasonably expensive fees. The worst part is that it is full of mediators.
Financial institutions charge their clients’ steep commissions. Sometimes, people don’t understand exactly where their money is going. Banks must maintain a large staff of experts supporting the work of the environment, and they use the sometimes-untrustworthy SWIFT network. States bear the risk of getting hit by sanctions and ending up in a financial embargo in the event of a SWIFT failure.
A decentralized, distributed ledger can tackle this issue on its own by making the process quick and convenient. SVC’s blockchain solution allows you to cut out the intermediaries when performing banking operations and automates many procedures. As a result, the effective banking system benefits greatly from reduced costs. Banks can get extra sources of income, thanks to the emergence of new business models and products based on groundbreaking technology.
In carrying out banking transactions, all customers should present identification. Physical presence with the necessary documents and certificates is often required. The whole process is time-consuming. Happily, there is a way to avoid this long and discouraging procedure.
SVC has a solution called the Zero-Knowledge Protocol (ZKP). ZKP is a mathematical technique used to verify events without exchanging or disclosing the underlying data. The method makes it possible to perform authentication without directly exchanging passwords, which significantly reduces the likelihood of their theft. The protocol ensures that third parties do not interfere in the communication process, and it greatly increases security. It is designed so that the verifier makes sure the prover is the person they claim to be.
Now you understand that with the blockchain, there is no need to confirm your identity in the traditional fashion. The accompanying anonymity is another virtue of the blockchain. Additionally, in some cases, the lack of requests for confirmation of the source of funds is also a plus.
Blockchain technology is an occasion to get rid of a complex workflow. Users can trace where the operation takes place. The technology itself serves as a guarantee of content regularity over time. Nothing can be chalked up to human error. Moreover, there are significantly fewer procedures to potentially slow down the process in the network.
Everyone knows that P2P payments are the easiest way to send money from one individual to another. Their development is due to the widespread transition to non-cash payment.
However, this bridge between two people has some drawbacks. Now and then, it comes with regional limitations. Such a service may charge too high commissions. What is more, it is insufficiently reliable for storing personal information.
At SVC, a highly professional team experienced in working with the blockchain aims to pull the plug on these problems. The company’s mission is to create peer-to-peer payment applications based on a distributed and decentralized ledger. Considering that this solution knows no geographical boundaries, the advanced technology has made it relatively easy to carry out P2P transfers worldwide. Furthermore, with SCV’s blockchain-inspired solution, transactions will take place instantly. The beneficiary doesn’t have to wait several days to receive money.
Last but certainly not least, Saint Vincent Capital LTD has exciting news for you! The company recently introduced a multi-currency REC CARD. What is so special about it? The tool allows you to make international payments with minimal headaches. No exchange fees, no hidden charges. All the necessary functions are accessible in one click on your phone. Additionally, users can convert virtual currency to fiat at a verified spot rate. Crypto lovers can swap their precious coins for an instantly spendable fiat balance.
- Quick account set-up and KYC verification
- Transfer funds, pay, and track with analytics
- Load your REC-branded contactless Visa card
- Spice up your payment experience and receive crypto rewards with every purchase!
You deserve to live in a world where advanced technology is used to ensure the prosperity and development of humanity. Stop wasting time and open a free REC account right now! Control your assets, or someone else will.
Team competence, advanced technology, and the ability to listen to and interpret each customer’s needs with creativity can perform miracles in the banking industry. Saint Vincent Capital LTD is the most striking illustration of this. Investment in the blockchain will destroy the predetermined order of how things work in the sphere. Each of us can do our part. Give the future a chance. Check out the company’s services today. Don’t wait; the time will never be just right.