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@etherecash-blog
Blockchain: The Harbinger of Transparency in Finance
There has been a lot of buzz about blockchain in the last decade, since the technologyās inception in 2008. But how will it really change the way we transact in the future? A question worth pondering upon, right?
The internet was considered to be a big fat fad, years before it came to be used as one of the mainstream methods of communication and accessing media. Nobody, would have thought that itā¦
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Bitcoin, Blockchain, and Cryptocurrencies for Faster and Cheaper Transactions
Bitcoin, even though it was introduced back in 2009, people started noticing it only a few years ago. And the mainstream banking and financial institutions woke up to it only after they assumed that the growing influence of Bitcoin and other cryptocurrencies would be a considerable threat to their business. These assumptions weren't unfounded as Bitcoin has already exhibited its potential to offer much better service at a fraction of the cost albeit the slow adoption rate.
Unlike conventional financial services, cryptocurrencies are not limited by geographies. They are universal in nature, and not governed by any central bank, government or profit-seeking financial institutions. The absence of red tape, democratization on a global scale makes cryptocurrency transactions a lot cheaper. To send and receive Bitcoin, or for that matter any cryptocurrency, all one needs is a working internet connection and a connected device that can support the respective wallet. The transactions over Bitcoin network are facilitated by the miner community who contribute processing power necessary to keep the peer to peer network operational and earn freshly generated cryptocurrency as a reward for their support. In addition to the rewards, they also receive a small percentage of miner fee per each transaction, incentivizing them to include the transaction details on to the Blockchain.
With the miner fee being the only cost incurred while transferring funds to anyone, anywhere on the network, it is still a lot cheaper than the hefty fees charged by money transfer services and banking institutions for cross-border funds transfer. By leveraging these features, many Bitcoin backed remittance services have set up shop across the world.
The Bitcoin remittance services have proven to be helpful to people, especially in countries like the Philippines where the inward remittance market is huge due to the sheer number of expats working across the world, who regularly send money to their families back home. Similarly, businesses in some African nations have found such services efficient for making payments to their suppliers across borders by overcoming the inefficiencies in the region's traditional banking sector.
Even though Bitcoin remittance has made a significant impact in the global economy, the lack of easy, smart contracting systems for Bitcoin Blockchain has left a lot to be desired for in terms of automation and processing times. The network congestion and growing miner fees in the recent days have further compounded the situation.
In such a scenario, Ethereum based financial applications are now making headway into the mainstream market, mainly due to the high-degree of flexibility when it comes to the creation of decentralized applications and smart contracts. Etherecash is one such platform which is making use of the cryptocurrency technology on Ethereum blockchain to create a whole suite of financial services, including fund transfer, lending, and storage. Being an alternative financial service, the platform aims to provide financial services to the unbanked and the underbanked while significantly reducing the costs of banking overall.
More information about Etherecash is available at https://etherecash.io.
Blockchain Technology: The Most Efficient Way to āBank the Unbankedā
The total human population on planet earth is over 7 billion, of which over 2 billion adultsremain unbanked. It is a cause of concern as over 20% of the population are cut off from a range of financial services, forcing them to rely on cash transactions and loans through unofficial channels that usually come at an inflated cost. While reports in recent times indicate that there has been someā¦
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Smart Contracts Bring Transparency and Security to the Lending Market
Access to financing for individuals and businesses alike can be quite the uphill battle. For existing businesses, the outrageous interest rates for loans are often a deterrent. Organizations offering lending services can also experience difficulties due to loan defaults, bogus identities and claims, hitches in the verificationā¦
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Smart Contracts Bring Transparency and Security to the Lending Market
Access to financing for individuals and businesses alike can be quite the uphill battle. For existing businesses, the outrageous interest rates for loans are often a deterrent. Organizations offering lending services can also experience difficulties due to loan defaults, bogus identities and claims, hitches in the verification and more. At the same time, there are only some limited options available when it comes to verifying the credentials of the unbanked population, who are looking for financial support due to the absence of a credit record. To put this challenge into perspective, the unbanked population across the world currently stands at around 2 billion.
Most of these problems can be attributed to tedious paperwork, red tape and human elements in the chain, take for example a vending machine dispenses an order so long as the terms of engagement are met ā electricity and input. However, a human vendor has too many variables ranging from attention span to memory, temperature, emotion and communication barriers.
Smart contracts are perceived to be the automatons of trust; making them the ideal instruments for brokering business relationships within a trustless environment. They are programmable to execute within an environment of strict adherence to stipulated terms and conditions within a decentralized system as contained in the contract.
The financial and economic system have taken to this phenomenon with serious intent. In industries where trust currently plays a crucial role, this innovative approach can bring greater efficiency, while eliminating the need for a trusted intermediary. Most notably, smart contract protocols make it possible for lending services to achieve their target objectives.
In a lending environment, trust is a crucial element alongside guarantees to security, rights, and claims. For any business venture operating a lending service, the importance of a seamless and efficient means of establishing business transactions cannot be undermined.
The financial "enabling" environment of the lending market has proven to be a formidable ally to many business enterprises (including small and medium scaled) through the smart contract protocol operated on the Ethereum blockchain.
In simple terms, the smart contract is a document resembling the traditional legal languages printed on paper and enforced by the law; only in this case, these documents are lines of computer codes decentralized across a global network and capable of automatically executing itself once the parameters set to initiate the program have been actioned, without the need for a third party, that constitutes the business arrangement. When a particular event code within the contract is executed, a transaction is facilitated between the addresses of those involved.
Worthy of note are the advantages these smart contracts confer to the lending business:
Firstly, transparency is a major challenge in terms of financial capitalization between vendors and clients who use lending services. The blockchain, the platform on which smart contracts find expression is essentially a peer-to-peer, decentralized accounting book system capable of registering information in an immutable fashion. Consequently, the blockchain is dependable with regards to the information stored within its blocks. More so, the procedure for writing information onto the decentralized system makes it impervious to alteration. As an added advantage, the ledger is made public and accessible globally providing copies to the entire public ensuring its transparent history and public scrutiny.
However, the blockchain can also be private ā in other words, sensitive data around the privacy of financial information can still be maintained. Secondly, using two sets of encrypted keys, a public and a private key to validate transactions provides the security needed to ensure the smooth transition of business transactions.
Smart contract powered loans are becoming increasingly popular in the peer-to-peer lending markets, as it eliminates third-party interferences and provides a trustless ecosystem for financial services. As every vendor now appreciates the ease through which distributed ledgers promote their services and keeps them ahead of the game compared to those using traditional contracts to execute financial tradeoffs. Ā
The CEO of Etherecash, Jacky Thanh Ly believes that the smart contract technology simplifies the entire financial industry. He said,
āI particularly like smart contracts due to their intrinsic logic. Once the conditions and actions are set they are immutable and they require no external intervention. If these conditions are met they will do whatever was set to do. There are no misinterpretations, no misunderstandings, no changes in between. They are clear and under the same events they will have the same results. Isnāt it safer than traditional contracts, always subject to interpretation, exceptions and that sense of uncertainty? Of course they are, and they can be used to protect all parties involved.
Now, if we go for a practical case like P2P lending, there is no interpretation. Both parties are assured of how it will turn out. The conditions are set and thereās nothing that will change the outcome for each combination of different inputs. Both the lender and the borrower know from the very first moment what and how it will happen. It will self-execute in a predefined way. Now, thatās what traditional contracts are supposed to do, but they donāt do it, and smart contracts deliver the expected result.ā
The peer-to-peer financial services platform, Etherecash is working on a blockchain initiative to bring some much-needed transparency to the financial sector. With the ICO recently completed, the platform under development, those interested in being part of the revolution should keep a close eye for more opportunities to be a part of Etherecash. Visit Etherecash.io
How Europe Is Taking Positive Steps to Support Blockchain Adoption
Leveraging the blockchain dynamics has become a viable economic interest in our era of information technology, leading to an unexpected but positive feedback from developed societies. In recent days, the European Union has refused to sit on the sidelines; as before now, they have always had positive but reserved notions toward the development of a decentralized public and private ledgerā¦
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How Europe Is Taking Positive Steps to Support Blockchain Adoption
Get Winning Soccer Predictions from Betting Websites to Get Sure Return for Your Money
There is a huge difference between a soccer prediction and tip and the difference will decide what you are going to return at the end of the day. Predicting on soccer match is not new as it has been in vogue for ages and people still flock to reliable sources to get them so they can win some money out of their bets. A soccer prediction is arrived after analyzing soccer statistics, playerā¦
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