Tag Archives: #FinTech

How Blockchain Technology is Revolutionizing the Fintech Industry

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How Blockchain Technology is Revolutionizing the Fintech Industry

Blockchain-based Fintech may be the next step in the financial industry’s evolution, which is likely to remove the middleman, increase transparency, and increase the protection of each transaction. Many industries are looking for ways to incorporate Blockchain into their infrastructures. But what makes this emerging technology the obvious choice for businesses to succeed in the digital age? 

Let us take a closer look at Blockchain technology and see how it can benefit businesses in the Fintech industry: 

Improved Transparency:

The fact that the transaction ledger for public addresses on Blockchain is open to viewing is its most distinguishing feature. This introduces an unparalleled layer of transparency to financial structures and companies, keeping each segment of the company accountable to behave with honesty in the company’s development, culture, and customers.

Improved Security:

Since each new transaction is encrypted and connected to the previous transaction, Blockchain is much safer than other record-keeping systems. As the name implies, Blockchain is created by a network of computers coming together to validate a ‘block,’ which is then added to a ledger, forming a ‘chain’. Blockchain is made up of a complex string of mathematical numbers that cannot be changed once created. The irreversible and incorruptible existence of Blockchain protects it from tampering and hacking. 

Trust through collaboration:

What if there was a way to bind business partners directly, virtually without effort, and with near-complete trust?

Blockchain technology has created a modern business relationship platform that incorporates ease of use, low cost, and high security. It establishes a new foundation of confidence for business transactions, which could lead to significant economic simplification and acceleration. 

E.g.: How many people like paying commission to intermediary parties? None. With a Blockchain-enabled infrastructure financial transactions can be real-time, secure, and at much-much lower fees. 

How is the Financial Ecosystem being transformed by Blockchain?

From cost savings to reducing bureaucracy in conventional banking, Blockchain in Fintech will provide more streamlined and reliable banking services that support both the bank and the clients.

 

To allow Fintech businesses to exchange and move safe and unaltered data via a decentralized network, Blockchain aids in the management of data breaking and other fraudulent operations. It will assist in making data more secure with algorithms, even when encrypted, as well as better tracking, comprehending, and auditing AI decisions, ensuring the degree of accountability needed for people to trust machine-driven intelligence. 

Furthermore, Blockchain technology has the potential to eradicate questionable capital exchange practices like stock tampering, processing time and fees, and all intermediary commissions.

 

Based on the principles of equity and decentralization, Blockchain in the Fintech industry will provide us with a much more seamless and reliable alternative to banking.

We are just scratching the surface of Blockchain’s future applications, but it is obvious that this technology elevates business partnerships to a whole new stage. Here are a few instances that are currently in use or will be soon. 

Music and literature, for example, frequently take a long time to get from the artist to the customer. Countless middlemen, from the label to the salesperson, all want a piece of the action. There are also permits and concessions to consider, as well as the complicated copyright management of online platforms. Direct communication between artist and user is possible with Blockchain. 

Supply chains can go through a plethora of stages from raw materials to finished products in many different parts of the world, making them difficult to track. By checking each move with a block entry, Blockchain helps to make the process transparent. 

How can TraQiQ help?

At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. 

 

For more information regarding our services please contact us

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TraQiQ, Inc. is a Global Technology company with a suite of products designed to identify customers, facilitate payments, and fulfill transactions.

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The Future of Insurance Industry- Digital Customer Engagement

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The Future of Insurance Industry- Digital Customer Engagement

2020 is the new age of digitization and modernization! Through technical advancements, companies across the world have been able to streamline their work processes as a whole and the insurance sector is no exception to that. When it comes to the insurance industry, however, the use of technology has been restricted to the job processes alone, neglecting customer interaction.

Customers go digital through the Smartphone, web, and social media and the insurers are still far behind when it comes to interacting with customers on the digital front or understanding the opportunities these channels give them. 

Such opportunities are best achieved by using powerful analytics and artificial intelligence techniques, as they literally allow insurers to sense consumer needs and address the same needs accordingly, ultimately gaining trust and loyalty. 

Whatever the form of business is, consumers prefer the digital approach to purchase and engaging with one brand over another. The insurance industry is one sector in which consumers often attempt to clear up their questions about new insurance plans or current ones. 

They need digital solutions for that, as they don’t want to wait in the physical locations or over the phone calls. They want the insurers to support them round the clock in the form of chat bots, live video and more with the help of technology. 

Besides this, the use of technology helps insurers to follow the right customer personalization approaches, engage with new and existing customers and provide good customer service and seamless experience. 

A successful digital transformation strategy is just as much about changing company behaviors to adapt to customer trends, as it is about a shiny new product that promises to radicalize how an organization conducts business. This is where TraQSuite can help businesses build the right solutions for their customers.

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Making Money with Blockchain

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Making Money with Blockchain

Blockchain technology has been one of the hottest trends in the finance sector, with the potential to completely transform business models in a number of sectors. Blockchain works similarly to a massive digital ledger/spreadsheet, which is shared by all the members of a decentralized network. While blockchain technology is most frequently associated with confirming Bitcoin payments, it has evolved into a complete technology platform based on adapting decentralized ledgers for operations. 

So, how does one make money with this new technology platform? 

Just as many investors have taken advantage of the opportunity to stockpile gold in anticipation of the rising price, other investors are taking advantage of the opportunity to stockpile Bitcoin and a variety of other coins. 

The transparency and security of blockchain technology makes it attractive for use in a variety of different cases far beyond cryptocurrencies. It can be used in everything from stock trading to ride-sharing to data security. 

As we move to the mainstream corporations, global entities continue to embrace the technology underlying bitcoin but that many blockchain projects have moved beyond the theoretical or testing phase, to producing real transactions, costs savings and other benefits. There are multiple opportunities that leverage the core underlying technology platform, the digital currency and the significant productivity and process improvements that are resulting from it. Investing in these companies is likely to produce solid long-term gains. 

The improvements in speed and security could be revolutionary as transaction times and trade costs decrease. You could even use blockchain to track property ownership in less developed nations and prevent concert or sports ticket counterfeiting right here in the United States. 

Specifically, there are the companies that make chips and hardware for crypto mining. There are publicly traded companies that engage in actual cryptocurrency mining. Miners are rewarded with crypto for performing this service and can then sell it on the open market for profit. The gains are then passed on to shareholders. 

Blockchain is based on a decentralized network. As a result, cloud-based technology companies are in an ideal position to take advantage of the growth of blockchain. Cloud-based companies that provide blockchain services will be a strong bet for growth down the road. 

Blockchain is poised to disrupt the payment processing industry. It could cut out middlemen – companies like Visa, Mastercard & AmEx – by processing transactions more efficiently. Look for the older players to either take advantage of blockchain and adapt – or find themselves in big trouble.

There are even penny stocks for cryptocurrency. While Bitcoin is definitely the most well-known digital currency, there are a variety of specialty coins that have emerged over the last 10 years. In addition to investing in coins, there are a number of young companies that are investing in Blockchain and are listed on the junior exchanges. These companies offer exciting opportunities for growth to investors. 

Crowdfunding, Angel funding, and investing in startups is certainly not new concept. There has been a tremendous amount of interest in investing in startups built on blockchain technology. As Bitcoin has become increasingly popular and accepted by more mainstream businesses, the number of entrepreneurs interested in experimenting with the technology behind the cryptocurrency has skyrocketed. Yet, as is the case with any other new venture, such startups need funding. 

Blockchain technology’s cost and speed efficiencies, along with its transparency and security, will likely lead many companies to adopt the technology. Getting in on blockchain stocks now is a great way to be on the ground floor when the technology really takes off. 

TraQiQ has begun the process of moving the core platform for supply chain to Blockchain. As the company moves to leverage the power of transactions on this platform, it is likely that the Digital Currency component will play a significant role in fulfilling these transactions. 

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Will Blockchain Fail?

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Will Blockchain Fail?

Blockchain technology, like other innovative breakthroughs, is continuing to undergo a prototyping, testing and adoption phase. Aside from the attention that Blockchain and Bitcoin have received in recent years, the technology platform offers the potential for radical innovation and solving truly complex global problems. 

Blockchain gained significant momentum as a technology solution for decentralized and democratized transactions. IDC suggests that Blockchain spending will grow to #12.4 billion in 2022. The technology is clearly maturing, and a lot of real-world applications are in production, including at companies like Uber. 

There are also tremendous opportunities in the world of real estate. In cities like Paris and Manhattan, where condos cost several million dollars, there are tokenization projects that run into the hundreds of millions of dollars. This allows someone with a few dollars to own a small piece of Manhattan. This has implications for the entire asset management industry. 

So, why would blockchain fail? 

Blockchain projects are not really failing. Progress is slower than many other technological innovations. There is a significant lack of technical training. There are also issues with the general lack of cyber hygiene. 

In most technology organizations, a successful Blockchain deployment needs substantial change in the legacy systems. The classic architecture models won’t necessarily work. The way Blockchain succeeds is in redefining some of the relationships between the stakeholders. This lack of vision and understanding plagues many blockchain projects. 

For this, a clear organizational vision and deep technical and strategic understanding of where blockchain is fit for purpose can go a long way. 

The billions lost in cryptocurrency due to deliberate, inadvertent or fraudulent loss of private keys is another example of this problem. 

For now, Blockchain needs to move to the background. As the shine wears off, it is likely that the true power of the platform will emerge. We will see path-breaking and disruptive use cases – most that have not been created yet. They will need to plug into or bring along the legacy systems, especially in larger companies where there is a significant investment in legacy systems. 

TraQiQ has begun the process of moving the core platform for supply chain to Blockchain. As the company moves to leverage the power of transactions on this platform, it is likely that the Digital Currency component will play a significant role in fulfilling these transactions. 

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Blockchain: Foundation for the Future

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Blockchain: Foundation for the Future

Is it possible to connect 8 billion people across the world and enable them to do 1:1 transaction in a scalable, secure and convenient way? 

Well, yes… in due course. 

We live in a world of small transactions. We get a car via Uber. We rent a room or an apartment via Airbnb. However, if you really think about it, the transaction is between 2 individuals – one who needs a car and one who has a car. 

Big economy companies like Uber and Airbnb have heralded a new era of transactions and commerce. The current generation of users lead a slightly different life than the previous generation – they ride with Uber, pay with Venmo, and have food delivered by Grubhub. If you really think about all these small transactions that they are conducting, a few thoughts come to mind – 

  • A lot of these transactions are on mobile devices.
  • There is money involved in most of these transactions.
  • Most of these transactions are between 2 individuals (P2P) or businesses.
  • Users are fickle and tend to change preferences rapidly.

So, why do we need companies to facilitate these transactions? Do they really deserve 30-40% of the transaction value? 

Visa and Mastercard have earned billions of dollars by taking a small percentage of transaction value for decades. 

Exploring Blockchain provides some key answers. 

  • The platform is secure, extensible and global.
  • It allows for a 1:1 relationship – right from when the contract is “signed” to ensuring that funds are transferred when the “work”/ “task” is completed. Also, in a perfect world, the people/individuals would be exchanging Bitcoin (or some other suitable Coins as currency). We get to move away from the bloated world of the banking system.

There is a maturation process for Blockchain. There are issues…. 

As technology matures and there is widespread adoption, there will be tremendous growth, as everyone on the planet becomes a node and transacts with other nodes. There will be contracts, payments and relationships. Why does a user need to rely on AmEx membership points? Why not use the Blockchain model to build a model for loyalty points? 

So, will companies like Airbnb and Uber go away? No, they play a vital role in our ecosystem. They help facilitate the transaction. They recruit drivers and homeowners, certify them and make sure that suitable security elements are in place. They also have technology that works globally. They will stay – however, as individuals start acting as Blockchain nodes, it is likely that they will not want to pay that 30+% for these facilitators. Perhaps a one-time charge of a few hundred to get certified.

Blockchain offers us a lot of potentials – starting with decentralized apps. We have seen innovative solutions in 1:1 transactions in the supply chain. However, Blockchains are limited in their ability to scale today. But there is a tremendous amount of innovation that we are yet to see. 

TraQiQ has begun the process of moving the core platform for supply chain to Blockchain. As the company moves to leverage the power of transactions on this platform, it is likely that the Digital Currency component will play a significant role in fulfilling these transactions. 

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