Exploring Blockchain-Based Solutions Over Banks

The business climate today has adapted the virtual world where startups are now seen as the best form of entrepreneurship.

Truly one can see how our society values the internet from shopping to booking travels to transacting business today. Now that we have seen the benefits of the online community (faster and flexible public space), it is believed that this is the time to start building digital currencies, such as the cryptocurrency, in an online commercialized structure.

Blockchain-based payments

UTRUST, a fintech cryptocurrency solutions company, is on the verge of making cryptocurrency payments a norm. With it’s new PayPal-like platform, the UTRUST payment solution ensures that the interests of both users and merchants are protected. They have created one of the first cryptocurrency payments processing that built in consumer protection features.

The implementation of Blockchain technology enables UTRUST to offer an extensive benefits for users including lower buyer purchase risk, low exchange fees, support for multiple cryptocurrencies and a decentralized UTRUST token with its value linked to the platform’s projected growth.

Blockchain technology, which is the backbone of Bitcoin, is considered to be one of the hottest and most intriguing digital tools in the market.  Similar to the rising of the internet, Google searches for “Blockchain” have risen 1900%.

The Blockchain has the potential to truly disrupt multiple industries and make transactions more efficient, secure and transparent. Startup companies, the government, world organizations, investors and entrepreneurs have all identified the Blockchain as a revolutionized technology.

The Blockchain is basically a distributed database. You can compare it with a global spreadsheet that runs on millions and millions of computers. It is distributed that it is impossible to be hacked. Blockchain could record any structured information, not just who paid whom but also who owns what land or what one bought in a company or even who married whom. Case in point, the benefits of using Blockchain technology are endless.

Benefits of Blockchain Payments

Every business needs to transact with money but with the Blockchain technology, the value of currencies can be taken one step further and can break the bounds of technology. Here are the three advantages of Blockchain: immutable transactions, trustless networks and new algorithm regulations.

According to UTRUST CEO, Nuno Correia, there are many benefits of combining blockchain payments with consumer protections:

“UTRUST aims to create an infrastructure that provides the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions alongside the world’s first cryptocurrency payment protections. Our goal is to democratize the world of altcoins and Blockchain technology to ensure that anyone can benefit from instantaneous, transparent and cost-effective transactions, irrespective of where they live and level of education”.

Immutable Transactions

Immutability transactions mean that the transactions are irreversible and permanent. It is impossible to hack with the records because the Blockchain is a decentralized technology. This means that in order for a hacker to hack the system, he needs to go over a million computers to be successful. Users are also in control of all their information and transactions.

Moreover, the Blockchain data is complete, consistent, timely, accurate and widely available. The efficiency of this technology cannot be questioned by anyone. Due to the decentralized networks, Blockchain does not have a central point of failure and is better able to withstand malicious attacks.

Trustless Networks

As a trustless network, no person has the ability to make significant changes within the system. More so, two parties are able to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk.

Algorithm Regulations

The Blockchain technology not only transforming banks but also adapts bank regulation and supervision. It will enable banks to track the progressive history of every transaction on their systems to ensure that the origin, ultimate destination and use of fund is traceable and clear.

Truly, Blockchain is leading the way for a wave of tech-based financial innovation. It will take time for institutions to fully account for the benefits of the Blockchain but only few can sit on the sidelines as this technology can positively change how we do payment.