Fintech is on the rise, and the global market is projected to grow from $245 billion to $1.5 trillion by 2030. New technologies make financial services more accessible and customer service better. And one of the driving forces is the introduction of cryptocurrencies and blockchain.
What is this technology based on, and how can it help your business? As a leading banking software developer, S-PRO will help you find the answers.
Let’s figure out three core things your Fintech company will benefit from by leveraging cryptocurrencies.
Decentralization is all about distributing control among the participants of the transaction. Just imagine that each member has a copy of the data. In case of any unauthorized changes or damage, other network members can reject them. Also, it enables peer-to-peer transactions. Cryptocurrencies operate on decentralized networks, bringing all these benefits to your company.
Worried about the security of your financial data? While tokenization replaces it with unique identifiers (tokens), encryption makes it unreadable. Financial companies often use these methods together to provide multiple layers of protection. The great thing is that the data remains secure even if intercepted.
Smart, self-executing contracts have terms written in code. It means that they are automatically activated when pre-set requirements are met. This way, lending, trading, and peer-to-peer transactions become more straightforward. Use your chance to achieve transparent contracts with less effort.
The integration of cryptocurrencies opens up many opportunities:
- Pay less. Banks often charge high fees, especially for international transactions. Operations with cryptocurrencies are much cheaper.
- Work faster. Need quick payments to employees or suppliers? Stop spending days on a transaction. Cryptocurrency operations can be completed in minutes.
- Improve security. Cryptocurrencies use blockchain, which allows you to record each transaction and all associated changes. At the same time, the data is encrypted. Therefore, it is almost impossible to conduct fraudulent activities.
- Get freedom. Cryptocurrencies are decentralized; that is, a government or central authority does not control them. This gives more control over money and eliminates the need for intermediaries. At the same time, you remain anonymous.
- Save your funds. In a situation of instability, looking for alternatives to carry out transactions and store funds is essential. Cryptocurrencies can be a good choice.
- Reach wider audiences. Bring financial services to unbanked and underbanked populations. Also, cryptocurrencies allow individuals in developed countries to make small money transfers to businesses in developing areas.
Want to join progressive financial companies? Contact S-PRO to benefit from new technologies.