Financial Technology & E-Commerce
The greatest impact of blockchain will be seen in the financial service industry.In today’s digital age, and with significant demographic shifts in the population, people are seeking easy access, convenience, efficiency, and speed. People want to conduct transactions via mobile technology platforms and applications, and such activities include managing their financial lives, whether that is tracking their overall spending, applying for a loan, or optimizing their investment strategies. Many people prefer to use online apps or sites for finances. On average, between 1 and 3 apps are used by people to manage their financial lives.
Financial technology (FinTech) innovations provide both individuals and businesses with more scalable tools. Products and services within the categories of lending, personal finance, retail and institutional investments, equity financing, consumer banking, and several others are no longer exclusive to traditional banking and financial institutions.
Our objective as a company is to get involved in the blockchain technology with a focus on financial technology (aka FinTech) where consumer-to-consumer, business-to-consumer, and business-to-business transactions can be conducted via cryptocurrency, a decentralized monetary medium. A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. The first cryptocurrency to be created was Bitcoin back in 2009. Today there are hundreds of other cryptocurrencies, often referred to as Altcoins.
Cryptocurrencies make it easier to transfer funds between two parties in a transaction; these transfers are facilitated through the use of public and private keys for security purposes. These fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers.
We strongly believe fintech innovations will reshape the commerce world with cryptocurrency as the foundation in the coming years. Going forward, we’ll focus on coming up with products and services as alternative banking solutions for the unbanked, underbanked, and developing economies.