The blockchain technology focuses on not only being highly secure, but also preventing fraud, double-spending, and price gouging. Transactions must be recorded for on a tamper-proof distributed ledger block by block.
Blockchain changes the world of mobile payments
By using blockchain technology payments will be instantly available in a safe environment. Money can be sent to anybody worldwide and in just some seconds people can access these funds on their smartphone.
Peer-to-peer lending is one of the the fastest growing fintech industry. Low interest rates for borrowers and a solid return of invest for lenders. By using blockchain technology borrowers can use their mobile devices to secure a loan directly from a lender.
Cost of remittance across the world with traditional banks and financial institutions are high. By bypassing these institutions blockchain could allow mobile users to transfer money to anyone in the world and avoid expensive service and transaction fees.
Cash, checks and even plastic are becoming a thing of the past. Using mobile wallets is much more convenient and contemporary and blockchain technology will make using mobile wallets even more secure by providing special signature features to verify a purchase.
Mobile phones have already proven to be an efficient platform for offering and managing reward programs. The blockchain has the potential to take this to next level. Since all transactions are recorded in the distributed ledger it is much more transparent how reward points are traded. This gives providers the opportunity to even better tailor their programs to the customer.
Access to bank accounts remains a major concern for millions of people in third countries. Individuals with a smartphone who currently do not have a bank account can use the blockchain technology. This enables them to participate in global eCommerce, securing loans or transferring money to friends or family securely and without expensive fees.
Upco International Inc.
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Upco Systems Inc.
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