The prime focus of a blockchain business is to introduce the concept of virtual currencies to the banking structure and the financial areas. Presently, some of the venture firms are collaborating with technological labs to efficiently use blockchain knowledge to redesign the banking ecosystem and allow the traditional ones to conduct their business effectively.
The advantages of such tech partnership are
- It freely allows banks to transfer funds and help to manage international transactions without a third external party as intermediate. As a result, local banks can easily exchange money with other regional banks without really depending on those capitals through an intermediary.
- They have developed a platform for smart contracts with a unique coding language
- Moreover, a cryptocurrency technology is in its phase of design, that look forward to making it possible for the peer end users to buy and sell digital currencies without any exchanges acting in between them.
- Other services are also mentioning Bitcoin to funding solutions and payment apps.
- In addition to all these, the existing online payment services are incorporating Bitcoin and have announced relations with the existing bitcoin payment amenities like GoCoin, BitPay, and Coinbase.
- A mobile pay provision app provider is working parallel on a specific feature that initiates the customers to easily pay for car rides and rentals with cryptocurrency.
- The use of Bitbank has made the virtual currency to outrage the traditional banking service. By doing so, they securely provide the notion of regulated financial facilities involving bitcoin.
- Further, innovative ideas are striking around the digital currency initiated products like its particular decentralized savings account, non-government lending or borrowing blockchain based structure like BTCjamthat pass through a series of user made rules under fractional reserve levels.
- Also, the introduction of bitcoin swaps exchange like Tera Exchange had made it realistic for the venture and individual nominees to get cryptocurrency contracts through trading software platforms without any intermediates. An organization that accounts for indicating price index is incorporated to better trade the contracts.
Future projects are on its way to
- Offer assistance to real-life brokers, investors and bank customers a chance to retrieve these e-currencies.
- Create a trading platform that initiates bulk currency transactions and partner with firms associated with capital markets to make bitcoin payment for its research and development.
- Build up a venture that constantly tracks and regulate the clearing and arrangement of securities and provides a fair stock market with securities within the blockchain model.