Blockchain technology has the potential to universally reshape the way business transacts across nearly every industry in the global economy.
The key benefits of blockchain technology are the distributed infrastructure’s ability to share secure information and provide for the unalterable transfer of data– ensuring data integrity. This makes the technology an important tool in building trust among business and consumers. Both can provide and access accurate data about transactions across nearly every financial service industry from retail banking to insurance to investment banking.
As Bitcoin and other cryptocurrencies soar to $190 billion in value this month, the challenge remains whether blockchain has an even a bigger future and can ultimately be applied to mainstream markets such as the financial technology sector, or FinTech.
As the key mechanism for digital cash transactions, blockchain technologies are reshaping the financial services landscape. Existing inefficient business models and profit pools are beginning to face the risk of complete disruption by the upstart, highly efficient blockchain-based financial platforms.
Substantial benefits are to be gained from using blockchain technologies, especially in back-office operations, as the distributed ledger works to improve transparency and security. This is very favorable from an auditing and regulatory perspective. Those harnessing these advancements early on are set to have key competitive advantages in the financial services industry for years to come.
In this perspective, VirSymCoin is a ﬁnancial platform built on the blockchain empowered by smart contracts. It not only acts as a bank by offering traditional banking services such as deposits, lending services, cross-border payments and ATM facility/convenient withdrawals but more importantly as a cryptocurrency exchange for the business and consumer world.
The cryptocurrency platform was unveiled at Bahamas’ ﬁrst ever Blockchain Conference in July 2018. With the introduction of VirSymCoin, the VSC team aims to reduce the risks associated with ﬁnancial fraud and thus eliminates the need for a middleman.
Modern consumers want to have maximum control over their finances. They demand fast and transparent financial services. Meeting this need has become the primary goal of the team.
They remove the need for trust and allows for faster transactions because all transactions are made entirely on the blockchain. As it is decentralized in an open ledger, every detail of all the transactions is stored in the blockchain, and it acts as a transparent and public ledger.
These kinds of models are designed to be a threat to, challenge, and eventually, usurp entrenched traditional financial services providers by providing faster and better financial services. It also completely eliminates the need for a middleman, which means that there is no need for a central institution to validate transactions.
Date: July 03, 2019