Blockchain Finance Unleashes the Power of Global Markets Through Worldwide Currencies - Seite 2

Overcoming Barriers

The shift towards this better way of doing business is led by companies such as Virtual Crypto Technologies Inc. (OTCQB:VRCP). As a technology company using blockchain to provide payment solutions, Virtual Crypto's work is all about smoothing out barriers that stand in the way of fast, efficient commerce.

For an example of the inefficiencies in traditional financial systems, look at the lack of immediacy in settling stock trades. Stock transactions can take less than a second to complete as people and computers forge agreements around the world. The prices listed on exchanges rise and fall in moments thanks to these near-instantaneous transactions.

But behind the scenes, the completion of such a deal can take days. For example, a company may initiate a financial transaction through a bank for payment to a manufacturer in China. Because each of the parties involved has individual ledgers, the transfer of funds can take days. Ledgers have to be compared and the ownership confirmed before anything can be transferred from one company or individual to another. Because there's no single shared record, inefficiencies appear.

The same is true for everyday payments on the high street. As someone swipes a bank card on a payment machine, it seems as if a payment is being made instantly. But the bank statement shows that payments take days to process, as banks check their own records, compare notes and finally transfer the value.

Virtual Crypto Technologies is removing those inefficiencies. Blockchain payments can be processed in seconds because its machine learning algorithm that analyzes all the records are shared on a distributed ledger. Virtual Crypto's payment system makes use of this to allow the reality, not just the appearance, of near-instantaneous payments.

Global Currency for Global Trade

The need for a global currency is increasingly recognized on a wide scale, and prominent figures such as the CEO of Twitter have spoken up for blockchain currencies as the answer. Though not all countries recognize blockchain cryptocurrencies, they are being used all over the world. People can buy and sell globally without having to go through banks. It's something that Virtual Crypto wants to make more accessible.