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How will Blockchain revolutionize the Financial Industry

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How will Blockchain revolutionize the Financial industry

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Since its inception in 2008, Blockchain technology has been proving its potential in different sectors, be it the fashion industry, gaming industry or even the food industry. Another important sector that is exploring blockchain technology in recent times is the financial industry.

The decentralized ledger technology helps in lowering the costs, facilitate faster transactions with improved transparency among many other benefits. Blockchain thus helps reduce dependency on the traditional banking industry.

Interestingly, the world is seeing a rapid growth of crypto trading and exchange platforms, but even then, the conversion and deposition of fiat currencies to cryptocurrencies hasn’t really picked up. That said, started in 2014, Remitano is one of the fastest-growing peer-to-peer trading platforms today. This decentralized platform operates without the need for a banking partner and is invulnerable to financial regulatory bodies.

How does the platform work?

Remitano allows users to trade digital assets for fiat currencies with a small transaction fee included. There’s also an e-wallet service in place that helps the user to transfer funds internationally and this includes services within and outside of Remitano.

Remitano’s main aim is to bridge the worlds of fiat and crypto by providing P2P to trade with fiat currencies and swap [centralized exchange] for cryptocurrencies.

A bit about Remitano

Remitano is a product of Babylon Solutions Limited[full-service marketing and technology agency] incorporated in Seychelles. It provides escrowed P2P Bitcoin marketplace where people buy and sell Bitcoin easily and safely with notable simple UI, friendly online customer support 24/7 and lowest fee compared with major players on the market. The team is comprised mostly of banking professionals with extensive experience in financial products, E-currencies, Payment System and Agile Software Development, and others.

Remitano, at present, provides services in countries like the United States, Australia, Malaysia, Nigeria, Vietnam, Cambodia, China and is told be to planning for more. Those interested can send them an email.

That said, financial services involve record keeping, control and the management of money. Using blockchain technology, the transactions can be made secure, accurate and fast.

Mentioned below are the different aspects of financial services where blockchain technology could do wonders. [as mentioned in one of the articles by Remitano]

1. Remittances

Remittances, one of the areas where blockchain could be of great use. International payments are usually more expensive than local funds transfer and this can be tackled by the use of blockchain technology.

2. ATMs and mobile payment

Hybrid ATMs are another use-case. Using hybrid ATMS and blockchain technology together customers can easily convert their cryptocurrency to the local currency of any country.

3. Loans

Lending loans can also be made easier with DLT. Some companies like SALT Lending (Secured Automated Lending Technology) have already designed blockchain platforms using the ERC smart contract feature.

4. Insurance

Fraudulent issues are a major roadblock in insurance. Blockchain can be a promising solution, given its transparency feature. Insurers can coordinate better, as the distributed ledger ensures that transactions are time-stamped and records are immutable.

For more information, visit here

Disclaimer: This a paid post, and should not be treated as news/advice.

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A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.
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