Decentralized architecture, verified transactions, and an immutable application- These are some attributes that come with blockchain integration with your business.
Every now and then, any business, no matter what industry it belongs to, grows. This growth is usually promoted by changing and forever-growing business environments and industry innovations. A significant part of this growth today is technology. And the biggest revolution that technology is bringing in recent times is blockchain.
It has become obligatory for businesses and organizations to be open to radical changes in order to have a sustainable strategy of doing business and stay relevant indefinitely. Blockchain is one such revolution that will bridge businesses and the future. Let’s see how the real estate industry will benefit from this novel technology.
One of the very few industries that emerged out of the digital revolution in the 21st century is the financial technology, a portmanteau for FinTech. The instant jargonization of this term is proof of the functional viability of this industry and how another revolution is due.
Fintech represents the technology that automates the use of financial services. The roots of this 21st-century realization are in the service of business owners, companies, and even end consumers to experience better financial agility.
It started out to become the backbone, or literally the back-end system that truly digitized the financial institutions. Although it has roots in consumer-centric serviceability, it branched out to even retail banking, education, investment management, and even non-profit organizations.
The definition of fintech even expanded further with Bitcoin released as a cryptocurrency. This new form of digital money revolutionized virtually every major industry. The multi-trillion-dollar market of the global banking industry is slowly yes sustainably moving towards blockchain-based fintech solutions.
The four D's of the digital economy
How does blockchain add value
A novel coronavirus brought the whole world at a standstill. Major organizations around the world had to adapt and have their teams work remotely at the comfort of their homes, if it was possible. The possibilities and the realization of the fact that this model is not just successful but very much efficient is going to bring about a wave in the world of the gig economy. Consumers have had the convenience and flexibility of ease of payments. Now, the workforce will also experience the availability of the services that mobile payments, billing, micro-funding, and personalized insurance with greater access than ever.
These are just a few of many value-points that this update in fintech will bring about:
- - KYC Verification
- - Supply Chain Financing And Management
- - Simplification Of Remittance Process
- - Trusted Payment Solutions
- - Records Storage And Management
- - Disrupting Digital Insurance
- - Eliminate Dark Tactics Of Stock Market
- - Credit Scoring
- - Faster Processing Speed
- - Eliminating Audit Trails
- - Banking and P2P payments
- - Trading and trade finance
- - Loans and credits
- - Regulatory compliance and audit
Apart from low overhead costs, the biggest dent that blockchain for finance will mend is trust.
Globally, banking infrastructure and systems will make the deserved capital, the innovation which is due will make the economic systems competitive, and finance based institutions and businesses will enable sharing the load of risks and add a touch of diversification that will drastically reduce the effects of volatile domestic localized markets.
In 2015 itself, finance-based companies in the likes of Goldman Sachs, JP Morgan, Barclays among many others joined the bandwagon, more of a force to build blockchain fuelled infrastructure pertaining to financial services. We.trade, Circle, Robinhood, Veem, Ripple, Stellar, Bitpay are just some other brands that are already on their way to excel, backed by blockchain technology.
With Cryptex, we developed a trading platform that facilitates cryptocurrency exchange with TrueUSD pairings with other cryptocurrencies. Cryptex offers TrueUSD based trading - the first verified asset-backed stable coin that gives 1:1 parity with USD.
The idea was to create a stable cryptocurrency exchange for the digital currency market. We gave Cryptex features such as multiple currency wallet, spot trading, DDoS protection, lower transaction fees, 24x7 support, ultra-high performance, cold-storage multi-signature wallets, and advanced charting library to enable tracking of funds at all times.
Our services included a variety of aspects including complete branding, conceptualization, and also marketing of the exchange. The branding part was supervised by our partner company, Slangbusters Branding Studio.
We also developed an investment management BTC wallet for the brand, Qabu. With Qabu we simplified the asset and mining management with added safety. Qabu will automate the mining operations with total efficiency. Our wallet development services were availed to enable users to run their mining operations with this custodial wallet designed for miners of all levels. Bitcoin has matured as an asset and Qabu is the future of Bitcoin management. Along with crypto wallet development, we provided our consultancy with business analysis and technical support for this blockchain-based venture.
Blockchain fintech application development is going to reboot fintech from its core. The money will move freely, not limited by geographical borders and create a truly global economy that is ripe for change.
Only talking about the aspect of cost-cutting that blockchain and the future of finance is going to bring is an anticipated saving of ~$15-20 million just by the year 2022 according to studies and this is only from regulating unconditional bureaucracies in the traditional banking industry. Decentralization will bring in a new level of trust and security that both- the bank and the client deserve.
The untapped market of roughly 1.2 people around the globe are expected to avail the blockchain-based fintech services not just for the safety and security aspect, but also because of the added aspect of ease and efficiency of use.
Jack Ma has rightly put it in words, translated from Chinese, “It is not the (offline) economy that is in trouble, it is the (offline) business that is in trouble.” Since we are dropping quotes from successful people from their respective industries, Henry Ford who said, “If I had asked people what they wanted, they would have said faster horses” really seals the deal about people still being skeptical about a technology which is ironically all about trust.
Winkler, Nils, and Björn Matthies. "FinTech and Blockchain–Keep Bubbling? Or Better Get Real?." In Digital Marketplaces Unleashed, pp. 371-383. Springer, Berlin, Heidelberg, 2018.https://link.springer.com/chapter/10.1007/978-3-662-49275-8_35
Chuen, Lee David Kuo, and Low Linda. Inclusive Fintech: Blockchain, Cryptocurrency and ICO. World Scientific, 2018.https://books.google.com/books?hl=en&lr=&id=HCpjDwAAQBAJ&oi=fnd&pg=PR5&dq=fintech+and+blockchain&ots=inanrQc5Ou&sig=nystQBgv1OWSPsGOK2gjWEud5VU
Eyal, Ittay. "Blockchain technology: Transforming libertarian cryptocurrency dreams to finance and banking realities." Computer 50, no. 9 (2017): 38-49.https://ieeexplore.ieee.org/abstract/document/8048646/
Kursh, Steven R., and Natalia A. Gold. "Adding fintech and blockchain to your curriculum." Business Education Innovation Journal 8, no. 2 (2016): 6-12.http://www.beijournal.com/images/V8N2_final.pdf#page=6
Underwood, S. (2016). “Blockchain Beyond Bitcoin”. In: Communications of the ACM 59.11, pp. 15–17.https://dl.acm.org/doi/pdf/10.1145/2994581
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