It goes without saying that blockchain technology has the potential to fundamentally transform the finance industry. Such opportunities go far beyond cryptocurrency, as they include cross-border payments, financial record-keeping, smart contract billing, and lending platforms.
Consider the changes that blockchain can bring to current cross-border payment operations. At present, individuals typically rely on banks to conduct cross-border payment transactions, a slow and expensive process. However, the blockchain can serve as a quick and inexpensive alternative. Rather than a 5-20% remittance fee, the blockchain requires a mere 2-3% fee and can deliver payment within minutes.
The blockchain promises to transform financial record-keeping as well. As might be guessed, the key here is the immutable nature of the blockchain. That’s because immutability serves to prove the integrity of electronic files. With XTRABYTES, the capability to provide conditional access to certain financial records can come into play as well.
Smart contracts can help speed complex contractual processes. For example, a blockchain-based smart contract can be used to ensure that all invoice conditions have been met and that the invoice is subsequently paid. Likewise, these same smart contracts can be used to create similar enforcement mechanisms with lenders and borrowers.
Finally, the capability to pay by cryptocurrency is also relevant. As with most cryptocurrencies, XTRABYTES™ provides a 'trustless trust' for all involved parties (meaning that no trust is required for any transaction to occur). In effect, this allows investors to conduct online financial transactions without disclosing their personal identity.
However, XTRABYTES goes one step further, as It enables transaction recipients to accept or reject payments. Likewise, senders will have the capability to recall a transaction request, particularly in case of an error (wrong address, wrong amount, etc.). Thus, cryptocurrency tokens may have multiple different states, such as available for spending (confirmed), waiting for validation (reserved) and waiting for confirmation (pending).