CryptoCurrencyWire
Editorial Coverage: Blockchain technology has the potential to
transform the way the global economy works.
- Blockchain is the basis of the first global currencies.
- It can be used to remove barriers to international trade.
- By keeping all records on a single platform, it speeds up
financial transactions.
- Ten years after their creation, blockchain currencies can be
used on high streets through ATMs and apps.
One of the companies making blockchain payment accessible is
Virtual Crypto Technologies, Inc. (OTCQB: VRCP) (VRCP
Profile), whose ATM and point-of-sale systems are user
friendly and offer distinct advantages over their competitors.
Lending facilitator LendingClub Corporation (NYSE:
LC), which has already helped millions find the financing
they need, is looking at ways to incorporate blockchain into its
systems. Point-of-sale specialist Worldpay Inc. Class A
(NYSE: WP) is also experimenting with the addition of
blockchain to its integrated payment systems. Mobile payment
company Square, Inc. (NYSE: SQ) is testing the
integration of premier blockchain currency bitcoin into its
technology. Broadridge Financial Solutions, Inc. (NYSE:
BR) has followed a successful pilot with the acquisition
of a patent for proxy voting and repurchase agreements based on
blockchain technology.
Blockchain’s Potential for Financial Change
We live in a globalized economy, yet we don’t have the tools for
efficient globalized trade. Fractured information systems create
delays in the completion of transactions. Without transparent,
readily available information on cargoes, national customs barriers
introduce delays to the transfer of goods. Even the currency
historically used as legal tender to buy and sell products is
localized national currency that has to be exchanged for other
currencies as it travels the globe.
Blockchain promises a solution to this. Beneath all the
buzzwords, blockchain is a distributed ledger system that maintains
open records in which every change is visible to all involved. This
transparency provides several benefits, among the most significant
being the ability to provide financial services faster and more
efficiently. Blockchain also provides confirmations of transactions
without the time period required by traditional financial
institutions, creating a pathway to greater global economic growth.
The transparency provided by blockchain also allows information to
be available to everyone involved in a transaction, from the
purchaser to the port authorities. And by creating international
currencies, secured through the transparency of ownership records,
blockchain is creating a new medium through which to trade all
around the world. This could be the answer to the needs of
international commerce.
Overcoming Barriers
The shift towards this better way of doing business is led by
companies such as Virtual Crypto
Technologies Inc. (OTCQB: VRCP). As a technology
company using blockchain to provide payment solutions, Virtual
Crypto’s work is all about smoothing out barriers that stand in the
way of fast, efficient commerce.
For an example of the inefficiencies in traditional financial
systems, look at the lack of
immediacy in settling stock trades. Stock transactions can take
less than a second to complete as people and computers forge
agreements around the world. The prices listed on exchanges rise
and fall in moments thanks to these near-instantaneous
transactions.
But behind the scenes, the completion of such a deal can take
days. For example, a company may initiate a financial transaction
through a bank for payment to a manufacturer in China. Because each
of the parties involved has individual ledgers, the transfer of
funds can take days. Ledgers have to be compared and the ownership
confirmed before anything can be transferred from one company or
individual to another. Because there’s no single shared record,
inefficiencies appear.
The same is true for everyday payments on the high street. As
someone swipes a bank card on a payment machine, it seems as if a
payment is being made instantly. But the bank statement shows that
payments take days to process, as banks check their own records,
compare notes and finally transfer the value.
Virtual Crypto Technologies is removing those inefficiencies.
Blockchain payments can be processed in seconds because its machine
learning algorithm that analyzes all the records are shared on a
distributed ledger. Virtual Crypto’s payment system makes use of
this to allow the reality, not just the appearance, of
near-instantaneous payments.
Global Currency for Global Trade
The need for a global currency is increasingly recognized on a
wide scale, and prominent figures such as the CEO
of Twitter have spoken up for blockchain currencies as the
answer. Though not all countries recognize blockchain
cryptocurrencies, they are being used all over the world. People
can buy and sell globally without having to go through banks. It’s
something that Virtual Crypto wants to make more accessible.
Using old-fashioned fiat currencies can be messy when payments
need to cross international borders. The range of currencies and
their fluctuating exchange rates make it hard to be sure what a
deal will be worth when it closes. The process of exchanging
currencies incurs fees and delays, both for individuals and for
businesses.
Blockchain currencies such as bitcoin offer an alternative. They
are international rather than national currencies, developed for a
globalized market.
Virtual Crypto provides customers with easy access to
cryptocurrency, and thereby, to a world of international currency.
Using the company’s technology, ordinary people and businesses can
obtain bitcoin or turn it into their local currency.
At present, trading in and out of cryptocurrency still involves
the market fluctuations that create uncertainty in traditional
currency transactions. To mitigate this, Virtual Crypto’s system
finds the best exchange rate at the time, reducing users’ costs.
Currency bought in this way can then be used anywhere crypto is
accepted, including as purchases from international vendors and in
online gaming platforms.
Increasing Blockchain’s Accessibility
For crypto to be more widely usable, it needs to become part of
everyday life; the biggest hindrance to the broader adoption of
blockchain finance is accessibility. In the 10 years since they
were first created, cryptocurrencies have mostly been limited to
online transactions. Now Virtual Crypto is bringing it to the high
street.
Virtual Crypto is making this possible through crypto ATMs and tablet-based payment systems. These
allow customers to easily obtain cryptocurrency and then use it in
participating stores. These formats also allow stores to accept
instant, secure payments without the delays incurred by working
through banking systems.
The global market for cryptocurrency ATMs is currently worth $14
million, but it is expected to pass $285 million in
the next seven years. That staggering growth will be driven by
the desire of consumers to use these new currencies. Virtual Crypto
is poised to step in early and profit from that growth.
The company’s NetoBit ATM, recently demonstrated at the
TechCrunch Tel Aviv event, is one of the most customer-friendly
crypto ATMs. Many systems only use a single currency exchange, but
NetoBit uses a wide range, providing customers with the best value
for their money. The transaction is almost instantaneous, removing
the delays in approval that often occur in crypto purchases.
And unlike many of its competitors, the NetoBit ATM lets users
convert their cryptocurrency back into local currency, not just the
other way around. By making it easier for people to obtain and use
cryptocurrency, and for shops to take payments, Virtual Crypto is
making a global currency solution accessible to all.
Bringing Forward Blockchain
The growing recognition of the power of blockchain has led a
number of companies to explore its potential. Not all the companies
using blockchain started out with this technology. Financial
technology company LendingClub Corporation (NYSE:
LC) was founded in 2007, a year before blockchain was
announced. It aims to create financial opportunities for people
across America by bringing together lenders and investors. Its
innovative approach to finance has helped millions to grow small
businesses and take control of their debts. The company is now
looking to
create a new wave of innovation, using blockchain to increase
liquidity and better pair borrowers with the investment they
need.
Worldpay Inc. Class A (NYSE: WP) is committed
to creating simple payments through better point-of-sale solutions.
This includes credit card processing, online payments and in-store
payments. The company is looking to add
blockchain to the payment types it supports in order to create
another option for its seamless payment systems.
As a mobile payment provider, Square, Inc. (NYSE:
SQ) is already at the forefront of flexible, accessible
payment systems. Its sophisticated hardware and software allow
merchants to turn their existing devices, including computers and
phones, into point-of-sale tools. These merchants can take cashless
payments without the need for tills or other specialist equipment.
The company is now testing the
integration of bitcoin into its systems, which led the
company’s stock to soar after the news gained wide traction.
A financial technology firm with over $8 billion of market
capitalization, Broadridge Financial Solutions, Inc. (NYSE:
BR) is already a power player in the world of financial
services. Now it is expanding its potential through the exploration
of blockchain. Following a successful pilot in using blockchain,
the company has acquired a
patent for technology that will use blockchain in proxy voting
and repurchase agreements. Blockchain’s use in smart contracts and
instant payment processing makes it ideal for this sort of work,
reducing risk, improving efficiency, and providing a better audit
trail.
Across the world of finance, companies such Virtual Crypto
Technologies and others, are leaping to embrace blockchain.
For more information on Virtual Crypto Technologies, please
visit Virtual Crypto
Technologies (OTCQB: VRCP)
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