1st December 2021 – Business Software India
The Distributed Ledger Technology is where the information or data are globally stored on numerous servers. When an agreement has been established to leverage digital currency for payments, the agreement creates a block in the chain. These blocks are connected and secured by blockchain using cryptography. With smart contracts and identity authentication protocols. Blockchain is one of the safest and most secure market approaches.
The financial sector has significant transformation done by technology, with blockchain adding more advantage into this area. Using the new trend in the financial equation, fintech giants can leverage properties built-in to blockchain platforms to modify economic procedures.
Blockchain’s value in Fintech Sector
International payments, mobile phone transactions, money exchanges, etc., had become innovative when the new-flanged opportunities disordered the capital market, such as digital communications, stimulating the exposure of different methods. It resulted in an international financial ecosystem where anyone would communicate and exchange data with each other.
According to the World Bank and First Data, an estimated 1.7 billion people across the globe remain without access to formal financial accounts. On top of this, up to 1.8 billion more rely on semi-formal or informal systems, rather than banks, for their financial services.
Some of the use cases and plus points of blockchain fintech solutions are listed below have attracted a lot of hype across the world:
- No 3rd-party – with blockchain fintech software, the transaction process is much faster than traditional methods of taking days to get credited. A quality app can have a real-time data update ensuring seamless and transparent transactions.
- Minimized transaction costs – this innovative approach will significantly reduce the transaction cost, resulting in peer-to-peer transactions that eradicate all intermediary fees and expenses.
- Extravagant auditing and regulation – the blockchain act as a storage of linear blocks that gets added as a new entry for each further action. This will offer all the information required for secure transaction auditing.
- Smart contracts are self-sustaining contracts managed by a blockchain that contains a set of rules that individuals agree to cooperate, allowing credible transactions to ensure security and credibility.
Business Software India develops online trading platforms using Blockchain technology. We have experience of more than seven years in the fintech world. Our white-label exchange software can be used for any platform that involves the trading of liquid and illiquid assets, stock exchange, currency exchange, OTC platform, commodity exchange, ETF trading platform, a crypto exchange. Our software for the trading platform is highly secure and built for high-frequency trading. It uses modern software architecture and design principles to be the one-for-all platform for web applications, mobile app, and third-party applications.