How is Blockchain helping Transform Financial Services
If you are a regular reader of our Bitprive Blog, you will know that we always talk about the blockchain technology and the mass adoption of cryptocurrencies. Let’s dig into how blockchain as a technology is transforming the landscape of the financial services industry.
Before that, let’s have a quick summary of what blockchain is.
A quick overlook of blockchain technology
The blockchain technology is a decentralised chains of distributed ledgers that record digital asset’s transactions. It does not require any central authorities such as banks and the Central Banks to work, with its features and technology, blockchain can effectively eliminate a lot of inefficiencies in the market.
Blockchain technology is immutable in a sense that it is virtually impossible to change a transaction, including altering or deleting transaction records. Therefore, it is often regarded as a way more secure technology than we otherwise have.
Banking the unbanked
You and I both know how difficult it is to obtain a bank account nowadays even for city living folks. Our financial system is good at a lot of things but not inclusion. In many places all over the world, you can see a lot of people who are unbanked, meaning without a bank account.
Reasons vary but usually it is due to the banks’ unwillingness to provide services to these people because it’s not as profitable as servicing other people in the world. African countries and India, south east Asian countries, you can see it happening everywhere. What follows is that these people are effectively excluded from a lot of areas of our daily lives. Imagine living without a bank account, you won’t be able to move to big cities, use credit facilities, etc..
The blockchain technology and industry is here to solve this problem. By using crypto, we effectively enable everyone to participate in this financial system since the barriers of entry are all gone. What’s left is a fair, transparent and inclusive financial system.
As mentioned before, blockchain technology is immutable, it is by far the best technology to keep records and trails of transactions. The Distributed Ledger Technology allows everyone in the blockchain to view transaction histories and details which is way more transparent than fiat money where the system is very prone of human error and fraud.
With the advanced transparency and accountability features, blockchain’s usage is actually not limited and is better than fiat money for a lot of industries where integrity and good record keeping is a must, to name view types of non-profit organisations – schools, foundations and charity.
Most Reliable Remittance Tool
With the adoption of crypto, you can send more money in less time with the same amount of remittance! Unlike the conventional way, you do not have to waste your time locating a remittance agent, negotiating a favourable FX rate, etc.. You don’t even need a bank account to send or receive money virtually everywhere in the world, as long as you have internet connection.
Using crypto to do remittance on Bitprive cannot be easier. The first step is to register for an account and buy your desired crypto, such as USDT. Once the crypto is in your wallet, you can sell it to the buyer, in this case your recipient. That’s it!
Of course there would be fees and we promise you it is nowhere near what you would pay for the services of some remittance agencies. Last but not least, the whole process will literally only take a few minutes as compared to days it would take using the conventional methods of remittance.
Disclaimer: The content herein is not, and is not intended to be, legal, financial, investment, or other advice.
About Bitprive (BPVE)
Bitprive is a Blockchain startup focusing on developing a regulated global cryptocurrency OTC marketplace with 180+ popular payment methods in the world.
Verified users can list buy and sell offers on the Bitprive platform for multi-cryptocurrency trading with a wide range of digital and physical payment methods. On top of providing the platform technology and matching services, we also provide the BitEscrow Network where crypto is held in our Bitprive hot wallet before the payment is confirmed. Once the seller confirms payment, Bitprive releases the crypto from the BitEscrow Network to the buyer’s Bitprive wallet.
At Bitprive, we value security and efficacy.