Blockchain Enabling The New Era Of Digital Financial Investments
Blockchain technology, a digital ledger used to record financial transations. Blockchain is accessible anywhere, any time, information recorded on it is public and verifiable — making it a great way to manage finances. Traditionally many companies have used banks for financing. Blockchain technology has the potential to completely revolutionize the way they manage their financing.
There are companies using blockchain. It’s the era of digital financial investments, and these companies are making the way for change.
- Primechain Technologies
Blockchain technology enables transparency in transactions. So with this technology traditional problems associated with banks like money laundering can be easily solved.
This company, which is based in India, serves banks throughout the country, implementing blockchain solutions in anti-money laundering enforcement, cross-border payments and asset registry. There’s a lot of promise for blockchain to be used by banks in the future, for tasks like running background checks on clients with more efficacy.
- IBM
A blockchain technology is currently being created by IBM, with the idea to simplify international trade for enterprises. This innovation is going to be used by seven of Europe’s largest banks, including HSBC. In addition to this, blockchain technology can be used to track payments.
Basically, this new blockchain — called Digital Trade Chain — will be used to help parties track, manage and complete transactions internationally. When goods are sold, and the goods arrive at the address of the person who has bought them, the blockchain triggers a payment. This is much faster, and more accurate, than what we ordinarily use today.
- Bitwage
Choosing the way to pay employees their money is another important aspect of finances. Luckily, the company Bitwage has come up with a solution. It’s the world’s first Bitcoin-based payroll service, which means that any employer will be able to avoid the costs associated with transferring money from one country to another, as well as the time required to complete the process. As Bitwage’s founder Jonathan Chester, has explained, “You can actually see exactly where the money is throughout the process.”
- Chain Inc.
This company works with financial markets — those on Wall Street. Basically, Chain Inc. is building a suite of blockchain-based technologies specifically for use by banks, stock exchanges and credit card companies. These technologies will enable these entities to move, store, trade and manage financial assets quickly. Additionally, these movements of assets will be moved securely and with a much lower risk to the system as a whole.
The company is already working with big players like Nasdaq, Citibank, Visa and Orange. Their participation and interest demonstrate just what a big difference blockchain technology can make. And it’s no surprise. Chain Inc., according to its website, is “on a mission to enable a smarter and more connected financial system. We build the cryptographic ledgers that underpin breakthrough financial products and services.”
As we see blockchain technology has the potential to change the way that businesses work in the world, especially when it comes to financial technology. It truly is the era of digital financial investments, and this is only going to grow as the years go by. Soon, blockchain will be the expected minimum technology, required of any company that expects to be taken seriously by its customers and potential investors.
