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Lenders' use of block chains - FinTech Frautures However, this cutting edge technological development has the capacity to substitute and interfere with our legacy banking system and to borrow and lend as we know it. Although we may still be a few years away from mainstreaming Beckchain, we are looking at how some lenders will use Beckchain to run their businesses in new and enhanced ways.

Using block-chain technologies should enable much more rapid approvals for loan requests and credits which is currently lengthy and expensive for creditors. In a similar way to more rapid authorisation, we should ensure that clients receive their payment much more quickly than before. Whereas businesses like My Jar and Wonga are currently at the top of the business, financing credits within 15 mins, blocking chains could make cash transfers possible immediately.

Credit institutions using block chains will be able to overcome the central banks' legacy barriers and immediately deliver financing after approvals. Meanwhile, the threats of cyber attacks and on-line scams are increasing from year to year, so the concept of a block chain and a new bank system in respect of on-line safety is very encouraging.

The block chain acts as a transaction book that keeps all traces of bit coin activities on the machines of many Bit coin players, making hacking virtually unfeasible. Now that GDPR regulations have been introduced in May and there is a need to protect client information more thoroughly, the block chain provides a possible way to protect client information more efficiently.

Better protect creditors from the risk of cyber attacks and scams by protecting their credit application and information. Providing a clean and secure enviroment for on-line creditors can put more trust in their clients and enhance things like loyality and user trust. In the absence of decentralized banking, we could see creditors granting loans to clients in several jurisdictions, and not just to clients who fall within their remit.

There is no need in a block-chain setting for a UK creditor to be able to offer credit to anyone on the other side of the globe. This way we could see that our clients have a broader choice of product from all over the globe, provided this is made possible by the block chain.

Looking to the far distance, we may see that crypto currencies are the standard and both creditors and clients use Bitcoin, Ethereum and other currencies as the preferred currencies. A credit provider that already offers this is the U.S.-based company that offers credit protected against a person's crypto values, named AALT. If you have a portofolio or a crypto coin library, for example, your loan will be hedged against its value.

We take possession of your cryptographic equipment and release it after repayment of your interest and loans. Thus, while block chains have the capacity to interfere with the overall functioning of lenders, make choices and provide funds, immediate use is still a gray area. Currently, there is no ordinance on cryptographic currencies and block chains, and it needs to be widely accepted by the consumer in everyday life to really take off.

But there are still businessmen, investmentbanks and businesses like SALT that invest large amounts of money in block-chain technologies, so it won't be long before lenders use them efficiently.

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