(Forbes) The financial market has been going through significant changes in the last couple of years due to blockchain becoming more involved in the industry. So many financial firms have turned to cryptocurrency for the sake of providing a better service to their customers.
The lending market has been stuck in a whirlpool of challenges for years. The slow transaction times and the downsides of traditional banking and financing have brought significant burdens to customers, including expensive fees and lengthy clarification periods.
A decentralized system based on blockchain and cryptocurrency seems to be an effective solution for these issues. With the use of blockchain-based platforms, users don’t have to depend on intermediaries or wait for days to have their transaction clarified.
They decided to address the common issues caused by the traditional lending system including the need for guarantees and intermediaries and the involvement of third parties. They offered a blockchain-based platform that provides loan requirements for enterprises and individuals.
They mention that blockchain is used in three main areas of their work; Private sector for loans of one to six months, public sector for loans of three to six months and hybrid loans of one to six months
The use of smart contracts has allowed them to automate time-consuming processes as well as reduce decision times. Thus, they have accepted blockchain as a fast and transparent solution for their services.
There is no doubt that blockchain technology can push the financial market to a whole new level. Trustless lending will bring countless benefits to borrowers who are counting on faster transaction times and wider access to financial services.
Overall, cryptocurrency and decentralization are in high demand lately due to the need for faster and more reliable transactions. The blockchain technology could open the door of a new financial world where intermediaries and lengthy waiting periods won’t be a problem.
