Blockchain services provided by Revinfotech transforms the way of lending landscapes using the various method of smart contracts, token development process, ICO and robust Lending Platforms over Web and Apps.
In 2009 Satoshi Nakamoto is the name who designed bitcoin and created its original reference implementation. As part of the implementation, he also devised the first blockchain database. As of 2017 cryptocurrency making the remarkable changes in cryptocurrency market.
At present digitization running fast to make industries independent of their manual process that could be highly variable. The traditional financial organization often faces significant challenges adapting to changing landscapes.
The Challenges comes in traditional forms of collateral can increase costs to borrowers, decrease liquidity flow in the economy which directly constrain the consumer in income based evaluation.
There are various challenges:
However, cryptocurrency will change the way of lending money. There are various challenges, while a borrower lending money from the lender.
The intrinsic benefit of this new technology has led to explosive growth in blockchain based assets, which exist within a highly secure digital infrastructure.
Holders of digital assets have limited liquidity options in today’s cash-based digital economy. Bitcoin was the first peer-to-peer electronic cash system enabling trustless transfer.
Solutions: Blockchain is changing the way of digitization
Resolving liquidity challenges is important because spending drives growth in economics and is based on the summation of money and credit available. Bitcoin and its associated blockchain technology created an efficient trustless cash network free from expropriation through unknown inflation.
Qualified members of these lending processes may select the size, type, and term length of the loan they wish to obtain depending upon the options. The long benefit will be that the loan applications are then automatically matched with qualified lender capital.
Reliance on intermediaries that introduce counterparty and settlement risk, in the context of blockchain assets, has been replaced by trustless, open-value networks which operate without the constraints of geographical borders or market hours.
Cryptocurrency is transforming transactions. It’s set to expand its reach outside niche online transactions as it continues to highlight inefficiencies of traditional fiat currency. With Bitcoin, an open source, decentralized currency powered by Blockchain technology, we have the ability to exchange electronic cash in a peer-to-peer fashion.
3. The future aspects
This technology has the ability to make the organizations that use it transparent, democratic, decentralized, efficient, and secure. It will likely to disrupt many industries in the coming 5 to 10 years. These are some of the industries it’s already disrupting.
Future is waiting for Blockchain
Following are the fields which are up to make changes in it with blockchain.
Many governments around the world are implementing isolationist policies which restrict remittances made from other countries or vice versa either by making the charges too high or by writing new regulations. This fear of not being able to send money to family members and others is driving more people towards digital Cryptocurrency, chief amongst them being Bitcoin. Bitcoin allows anyone to send money across borders almost instantly and with relatively low fees. Abra is one startup that is working on a bitcoin-based remittance service.
Various banks like Barclays are also working on adopting blockchain technology to make their business operations faster, more efficient and secure. Banks are also increasingly investing in blockchain startups and projects. IBM predicts that 15% of banks will be using the blockchain by the end of 2017.
Another industry that relies on many legacy systems and is ripe for disruption in healthcare. One of the challenges hospitals face is the lack of a secure platform to store and share data, and they are often victims of hacking because of outdated infrastructure. Blockchain technology can allow hospitals to safely store data like medical records and share it with authorized professionals or patients. This can improve data security and can even help with accuracy and speed of diagnosis. Gem and Tierion are two companies that are working on disrupting the current healthcare data space.
The global insurance market is based on trust management. The blockchain is a new way of managing trust and can be used to verify many types of data in insurance contracts, such as the insured person’s identity. So-called oracles can be used to integrate real-world data with blockchain smart contracts. This technology is very useful for any type of insurance that relies on real-world data, for example, crop insurance. Aeternity is one blockchain project that is building tools that are useful in the insurance industry.
Some of the issues in buying and selling real estate are bureaucracy, lack of transparency, fraud, and mistakes in public records. Using blockchain technology can speed up transactions by reducing the need for paper-based record keeping. It can also help with tracking, verifying ownership, ensuring the accuracy of documents, and transferring property deeds. Ubitquity, is a blockchain-secured platform for real estate record-keeping that is an alternative for legacy paper-based systems.
Networking and the Internet of Things
Samsung and IBM are using blockchain technology for a new concept called ADEPT, which will create a decentralized network of IoT devices.1 Operating like a public ledger for a large number of devices, it would eliminate the need for a central location to handle communications between them. The devices would be able to communicate to each other directly to update software, manage bugs, and monitor energy usage.
Although the blockchain ledger is public, the data is verified and encrypted using advanced cryptography. This way the data is less prone to being hacked or changed without authorization.
That said, the applications build on the blockchain are still young and there have been several hacks in recent months. This is something future applications will need to grow up to.
Energy management has been a highly centralized industry for a long time. Energy producers and users cannot buy it directly from each other and have to go through the public grid or a trusted private intermediary. TransactiveGrid is a startup using Ethereum that allows customers to buy and sell energy from each other in a peer-to-peer way.
Private Transport and Ride Sharing
The blockchain can be used to create decentralized versions of peer-to-peer ridesharing apps, allowing both car owners and users to arrange terms and conditions in a secure way without third-party providers. Startups working in this area include Arcade City and La’Zooz.
The use of built-in e-wallets can allow car owners to automatically pay for parking, highway tolls, and electricity top-ups for their vehicle. UBS, ZF, and Innogy are some of the companies developing blockchain based e-wallets.