Cryptocurrencies are volatile commodities. The network used to support cryptocurrencies is known as blockchain technology. The distributed ledger has taken the world by storm and numerous industries are turning towards it for supply chains, payments, internal monitoring, product delivery, etc.
Blockchain technology can be used to create a global ledger by distributing the data on hundreds of thousands of servers. The information on the blockchain network is accessible by anyone (who is registered), anywhere and in real-time. The technology has the added advantage of being incorruptible. Transactions occurring on blockchain technology are time-stamped and cannot be altered. High levels of efficiency are achieved by implementing blockchain technology in varied sectors.
Blockchain Technology in the Financial Sector
The most apparent application of blockchain technology is in finance. Already used to support cryptocurrencies, the technology is now moving on to other financial transactions as well.
Goldman Sachs estimated in 2016 that blockchain technology will be used to save about $5 Billion a year by 2020 in their company alone (additional costs excluded). The company also predicts that the number of errors and fraudulent transaction will be reduced by the technology, bringing even more efficiency to the company’s processes.
Secure databases are generally used by banks to facilitate transactions. The existing databases are time-consuming, expensive and have a history of being hackable. Transactions occurring on blockchain technology are instantaneous, no matter the geographical location. Payments made cross-border will happen fast; unlike fiat currency transaction which take several days to be cleared.
Since blockchain technology is irreversible and encoded, hacking blocks in the network is next to impossible.
Tech giant IBM is already working on developing global payment solutions and in the near future, almost all global currency transaction will be moved to blockchain databases.
Feelium, the New, Efficient Fintech Project
The Feelium platform is a blockchain-based secure environment that provides several utility features. Feelium is a tradable digital asset as well as a Token and the Token can be used to facilitate smart contracts and escrow services on the platform.
Feelium’s digital Escrow accounts work in conjunction with Smart Contracts to help users conduct trust-less, global transactions online.
When a party in one part of the world wants to conduct trade with a party in another country, all they need to do is create a Feelium Escrow account and place Feelium Tokens in it. Using the free Smart Contract templates available on Feelium’s platform, the terms of the trade can be detailed in the smart contract.
Once the fund is in the account and the terms of the contract are validated, the funds are locked in the Escrow account till the contract conditions are fulfilled. Smart contracts are self-regulatory; all the terms will be validated automatically by the contract. The smart contract will also trigger the release of funds in each stage.
The entire fund will be transferred to the selling party only when all conditions are fulfilled.
Feelium creates an ecosystem for financial transfers which is effective, cost-efficient, time-saving and most importantly, secure! Feelium also allows wallet-to-wallet transfers that can function, in high-speed, anywhere in the globe.
Register today on www.feelium.co and utilize our full spectrum of products.
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