How blockchain technology is shaping the way we conduct financial transactions

By @chelean on
The rise of blockchain technology has contributed much to modern times, but is it actually innovative enough to permanently disrupt the current transaction system? Creative Commons

The advent of “blockchain” has brought about a dramatic and drastic change in the financial industry, fully complementing the fast-paced lifestyles of both individuals and established investors. 

In today’s day and age, people would often require instantaneous transactions and exchanges and immediate replies to inquiries. We live in a fast-paced world that it’s not surprising how we want technology to adapt and evolve with us, or at least, in the way we conduct things. Blockchain technology has offered a solution especially when it comes to our financing needs, capable of cutting out any middlemen and providing services that are both quick and more secure than your average platform.

The technology was originally invented back in 2008 by Satoshi Nakamoto as a public transaction ledger for the cryptocurrency bitcoin. A few short years later and the technology has been picked up by various industries, most especially in the financial sector, which found great use for the technology’s capabilities.

This adoption of the technology also saw some technological innovations get introduced to help ease the processes and speed of making financial transactions. However, while these technologies have come and gone, blockchain has stood the test of time, and is still one of the most unorthodox technologies being utilised today.

But how exactly is it instrumental in reshaping the financial sector? And how did it do it?

There are numerous answers to this as blockchain has numerous uses, but as already mentioned above, blockchain’s capability of providing faster transactions with better security is perhaps the start of its technological show.

The current structure of inter-bank transactions essentially relies on third parties to act and maintain a central ledger. This also acts as a record of authority. And while it works, this system simply can’t keep up with the pace of the modern times. Processes take quite a while to be completed, and transactions are never smooth.

Blockchain technology effectively disrupted the system by removing any middleman in the equation, therefore providing one straight road that goes both ways, paving the way for faster and smoother transactions.

Disrupting the current system

This led to blockchain being used as a payment processor, with various companies developing their technology around it.

For instance, Clic Technology (OTCMKTS:CLCI), a publicly traded financial technology company focused on utilising the blockchain space to develop programs and apps that are designed to meet the future demands of e-commerce.

Based in Aventura, Florida, the company was founded less than half a decade ago and is currently lead by its CEO, Roman Bond. Backed by a team of industry professionals and blockchain experts, CLCI is the mastermind behind the cryptocurrency payment platform iSwipe, which perhaps best represents the company’s current direction. With iSwipe and its innovative platform, CLCI is able to provide a one-size-fits-all payment processor that takes the hassle and trouble out of any transaction you make.

The platform does this by simply converting the crypto funds you used into fiat currency. A common problem that payment processors usually face is that the type of currency a merchant prefers may not be the same you’re using, and so iSwipe stepped in with its simple but brilliant idea and decided to do all of the converting for all of its users.

iSwipe is also compatible with millions of merchant websites, giving you the power to make any purchase and pay using your cryptocurrency funds. Furthermore, the platform itself is specially designed so that merchants can easily take advantage of its efficient system. This can be done by installing a simple widget in your browser. In addition, CLCI also offer other services such as a cryptocurrency wallet that hosts a variety of easy-to-use features.

Through this platform, CLCI aims to disrupt the current outdated transaction system, replacing it with a faster and more secure solution that hopes to smoothen out the edges of the entire process. Bridging the gap between crypto and fiat currency may be a simple solution, but it’s also a brilliant one, opening up various possibilities as to how transactions between buyer and merchant can be done moving forward.

Wallet Through iSwipe, buyers can easily buy any product from any merchant website using their crypto funds.  Creative Commons

Blockchain technology has made an enormous leap in terms of accessibility and popularity throughout the years, gaining notoriety as one technology that everyone should watch out for. With the ICO boom and companies like CLCI contributing to the fact that an increasing number of companies and financial institutions are slowly recognising its true potential, then it’s safe to say that blockchain is definitely here to stay.

IBT Australia does not endorse any product or practice mentioned here. The article is based on press releases sent for consideration.