Blockchain Finance Unleashes the Power of Global Markets Through Worldwide Currencies

NEW YORK, July 11, 2018 /PRNewswire/ --

NetworkNewsWire Presents CryptoCurrencyWire Commentary 

Blockchain technology has the potential to transform the way the global economy works.

• Blockchain is the basis of the first global currencies.
• It can be used to remove barriers to international trade.
• By keeping all records on a single platform, it speeds up financial transactions.
• Ten years after their creation, blockchain currencies can be used on high streets through ATMs and apps.

One of the companies making blockchain payment accessible is Virtual Crypto Technologies, Inc. (OTC: VRCP) (VRCP Profile), whose ATM and point-of-sale systems are user friendly and offer distinct advantages over their competitors. Lending facilitator LendingClub Corporation (NYSE: LC), which has already helped millions find the financing they need, is looking at ways to incorporate blockchain into its systems. Point-of-sale specialist Worldpay Inc. Class A (NYSE: WP) is also experimenting with the addition of blockchain to its integrated payment systems. Mobile payment company Square, Inc. (NYSE: SQ) is testing the integration of premier blockchain currency bitcoin into its technology. Broadridge Financial Solutions, Inc. (NYSE: BR) has followed a successful pilot with the acquisition of a patent for proxy voting and repurchase agreements based on blockchain technology.

Blockchain's Potential for Financial Change

We live in a globalized economy, yet we don't have the tools for efficient globalized trade. Fractured information systems create delays in the completion of transactions. Without transparent, readily available information on cargoes, national customs barriers introduce delays to the transfer of goods. Even the currency historically used as legal tender to buy and sell products is localized national currency that has to be exchanged for other currencies as it travels the globe.

Blockchain promises a solution to this. Beneath all the buzzwords, blockchain is a distributed ledger system that maintains open records in which every change is visible to all involved. This transparency provides several benefits, among the most significant being the ability to provide financial services faster and more efficiently. Blockchain also provides confirmations of transactions without the time period required by traditional financial institutions, creating a pathway to greater global economic growth. The transparency provided by blockchain also allows information to be available to everyone involved in a transaction, from the purchaser to the port authorities. And by creating international currencies, secured through the transparency of ownership records, blockchain is creating a new medium through which to trade all around the world. This could be the answer to the needs of international commerce.