five-advantages-of-blockchain

Five advantages of blockchain

Nowadays, there are no payment systems that do not use blockchain in their technology. Central and commercial banks are interested in blockchain technology and apply it in transfers. Why is this solution so effective? Check out 5 advantages of blockchain!

five-advantages-of-blockchain
How does blockchain work? Source: https://pwc.pl

A blockchain is a modern form of database building, that stores information about transactions, authenticity, and correctness of the process. The system contains all information regarding blockchain. You cannot modify them and delete them. Information entered once duplicates, and the database is stored in numerous copies on all devices in a given network.

Five advantages of blockchain

Fewer intermediaries

The payment services industry is very large. Most payment transactions take place through several major players who are not in a hurry to make improvements. Therefore, a lot of intermediaries participate in the payment process: buyer – payment gateway – exchange system – bank of the cardholder. Brokers store information about the transfer of money, terms of their activities, charge for the process and extend it, making it less secure. Blockchain can confirm integrity without the presence of intermediaries. Together with the buyer, sellers transfer money with peer-to-peer payment, and the system saves data on the subject. As a result, the transfer process is short, transparent, cheap and simple.

Fast transactions

Although private sector transactions are quite fast, we can’t say it about cross-national transactions. This process often takes several days, due to the need for cooperating with intermediaries to minimize an occurrence of fraud. Transactions involving blockchain allow cashing flow in a maximum few hours. Furthermore, operations do not require any intermediary, and at the same time, it is 100% safe.

Lower costs

The cost of bank transactions in a specific country is up to 3% of its size. In the case of payment transactions, it is up to 0.5%, cross-border – up to 10%. In the blockchain payment system number of intermediaries is very low. Transaction costs decreased to a maximum 0.1 of its size.

Anonymity

If the system does not have adequate protection, users’ data may fall to an unauthorized person. Moreover, governments use also private information to track citizens. Blockchain technology can introduce a sense of anonymity and security. Also, the system does not need a third party to confirm and verify transactions.

Security level

Not so long ago, in 2016 there was a break-in to Central Bank accounts in Bangladesh. This history confirms that even heavily protected systems can break. This situation influenced the decline of confidence in bank institutions. The blockchain-based platform can help banks to protect transaction information and works quickly – hackers would have less time to act. Each transaction entry is fixed, and its copy goes to each user of the network. Also, blockchain secures two keys – open and private, which is necessary for the transaction. The user account number is associated with the key. Moreover, you can use it only once. It protects against unauthorized transactions.

If you want to know something more about blockchain and cryptocurrency – check out Blockchain in Know Your Customer technology or another of our articles.

FuturoCoin update

coverFTO

Dear users!

Technical work for FTO site is already done. A Website and an Explorer are again available to use.

We apologize for such a long time of waiting for the site to come back. Thank you for your patience and enjoy!

FuturoCoin Official site: www.futurocoin.com

Explorer FTO: https://explorer.futurocoin.com

blockchain in know your customer technology

Blockchain in Know Your Customer technology

Blockchain is an excellent tool to protect information on the Internet – it allows to store them in open databases in the cloud, while providing guarantees of authenticity and security. It is also possible solution to the “Know Your Client” – known as “KYC” procedure. In this article you will look how blockchain in Know Your Customer technology may change clients, business and government. Continue reading

blockchain in insurance industry

Blockchain in insurance industry. Is it possible to make it better?

The insurance industry, despite paying huge premiums, experience big problems with high financial losses. Poor data quality, low efficiency of business processes and multitude of scams are one of the biggest difficulties. Access to blockchain technology will help to eliminate some of problems and slightly modernize the industry. How? Through decentralization, transparency and increase of security, reducing transaction costs and time of its duration. Continue reading

blockchain in agriculture

Advantages of blockchain in agriculture

One of the largest and, unfortunately, most inefficient branches of the world economy is agriculture. Long supply chains, old accounting system and bureaucracy are just some of the problems that affect the industry. Blockchain in agriculture is one of the solutions for unfavorable situation. Continue reading

Future of cryptocurrencies and blockchain

Future of cryptos and blockchain technology

The financial future will certainly be dominated by blockchain technology. An efficient infrastructure of cryptocurrencies will contribute to cost reduction for market participants. Furthermore, it will revolutionize global banking. It will increase efficiency of operations by simplifying settlement of transactions with help of scattered accounting books. Continue reading

Save your retirement capital in cryptocurrency!

Unfortunately, few young people who has just started their professional career or have been working for several years think about the distant future. However, it is worth considering a little earlier to save money for retirement. Pension systems in most countries helps to save money for the future, but they do not fully fulfill its function. To improve the quality of your life at later date, it is good to save on your own account. One of the ideas for an effective investment is retirement capital in cryptocurrency and blockchain technology. Continue reading

mining

Advantages of blockchain in finance

Blockchain technology develops very fast. Although new solutions arouse reluctance and lack of trust very often, it is worth to take a look at the next raised actions and see all benefits of using them. Check out what advantages brings blockchain in finance! Continue reading

Cryptocurrency and blockchain development

Blockchain development has an increasing impact on industrial progress. More and more people notice the possibilities that it brings. Blockchain is not just a decentralized system or a secure register. It also means secure user identification, secure storage and intelligent contracts. This technology, through saving specific resources, has contributed to the development of companies and global GDP growth. Continue reading

MAJOR ANNOUNCEMENT! Fake news!

Some fake news and information regarding FuturoCoin have appeared on the Internet recently. One of our biggest and the most important plans for the future is the FTO hard fork. Preparations for this event are still going on. Works on hard fork are still in progress. We haven’t disclosed its exact date to public information yet. In all unauthorized sources there is an information about the performed hard fork and the creation of a new cryptocurrency. We warn you that this information is not true! Continue reading