London, England – Qi Blockchain announces to become the most efficient payment rail in the world. Imagine if every payment in the world was as fast, cheap, and global as sending an email. Banking has driven the world for finance for long, but there was a longstanding demand for a complete revamp to better serve the public, given the increased number of transactions and the average value for each. Simply put, banks can no longer offer the same service, and even if they could, it’s no match for the new-age technologies, particularly blockchain. Blockchain, though new, has captured the market and captivated millions with its enhanced reach, easy-to-use features, privacy, security, and user-centric approach. And it’s almost time blockchain will redefine banking, making it accessible to millions more worldwide. And Qi blockchain is leading on this front.
It’s not like there’s a shortage of available options. A quick search and one would come across hundreds of blockchains and thousands of cryptocurrencies across the globe. But not all offer the same benefits. Inexperienced young chaps create most with no fundamental understanding of the market intricacies, patterns, and relations. The Qi blockchain stands apart in this aspect, given the vast array of market-friendly options, the ability to take high returns, and the strictly enforced advanced security protocols.
To understand why the world needs to transition towards blockchain-based options, let’s take the case of Credit Suisse, one of the leading private banking solutions and a popular choice across the globe until recently. After years of dominating the market, Credit Suisse underwent a rough phase leading to its collapse and was sold to UBS for roughly $3.3 billion. This paints a clear picture of the banking solutions worldwide and how all these are prone to fall due to the slightest variations in the market. And new-age users have identified this and are looking for reliable alternatives.
Some key inefficiencies of current cross-border payments:
- Legacy technology – most banks still use old Cobol-based mainframe computers from the 1970s and have not adopted a flexible type open banking API approach with cloud computing. A single server also increases hacking risk as opposed to a distributed network of servers.
- Broken data formats and being error-prone – 35% of all payments sent by banks result in payment routing errors, and 20-25% of all card transactions fail. Some of these errors are identified only upon a complaint from a beneficiary demonstrating a clear lack of traceability.
- High operational costs of banks with skyscraper physical branches and being overstaffed.
- Long transaction chains and disparate – a bank does not have a bank account or direct relationship in every country and requires what is called correspondent banks to help execute transactions across borders. If there are different currencies in the transaction in question this can become even more complicated. Blockchain technology can remove the need for correspondent banks for faster settlement.
- Limited operational hours – banks typically are open only from 9 to 5 and closed on weekends. The USA operates in a different time zone than China, causing even more delays.
- High funding cost – liquidity is required at the end destination of the transaction with compliance check complexities, etc.
Qi blockchain to fill in the glaring loopholes
Banks, or traditional payment platforms, don’t serve users’ needs. Massive loopholes are yet to be addressed, let alone resolved. The industry has grown dormant over time, and though the number of players has increased, people are yet to witness a user-centric approach. And this growing concern is what’s driving users towards blockchain-based solutions, especially the Qi blockchain, which is emerging as the one-stop solution to all requirements.
Here are some of the aspects that concern users and how the Qi blockchain manages to address them:
- Reliable: What everyone saw with Credit Suisse wasn’t a one-off instance, but there have been several similar cases recently, this just being the most prominent one. Hundreds of banks across the globe have ceased to operate or were forced to merge in a bid to save them. What’s the guarantee that yours isn’t next in line? None, to be honest. But with the Qi blockchain, one can be sure of that. It has managed to create a storm in a short while and is currently one of the top-ranked options in terms of user-centric features. Besides, compared to other blockchains, Qi can process up to 2000 transactions per second (tps), and it will soon hit 10,000 after the planned upgrades. Blockchain can remove the need for intermediaries like correspondent banks and enable direct settlement between parties involved.
- Secure and Transparent: A simple fact about blockchain, anything on it cannot generally be tampered with, no matter the amount of effort or resources put in, given its style of functioning. And with the Qie wallet, all information is stored on the Qi blockchain, providing complete security to the end user in all aspects. The security protocols enforced are top-notch and the latest in the market to ensure an unmatched experience with highly secure cryptographic algorithms. Increased transparency will improve compliance by enabling banks to easily track and monitor transactions, which can help prevent fraud and money laundering.
- Smart contracts: Blockchain technology enables the use of smart contracts, self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts can automate compliance tasks such as KYC (know your customer) and AML (anti-money laundering) checks, reducing the risk of human error and increasing efficiency. Furthermore, smart contracts can be used to automate various aspects of banking infrastructure, such as loan origination, trade finance, and insurance for faster settlements and lower costs.
- Pocket-friendly: Conventional banking solutions usually charge a high transaction fee, especially for cross-border transactions. But that changes with blockchain-based payment rails, one where the geographical location of the sending and receiving parties isn’t much of a factor, and the gas fee (or transaction fee) is minimal. With Qi, it’s less than 0.001%. So, why shell an additional amount with the traditional banking partner when a futuristic option charges much less?
- Available 24×7: One of the significant drawbacks with banks is the periodic downtime to aid upgrades and the weekly shutdown (typically on weekends) of most banking processes. It presents a major hurdle to users and is almost the same everywhere. But with the Qi blockchain, one can transfer funds 24×7.
The world of finance is changing, and users must transition for a more secure and reliable experience. Money plays a vital role in lives and should be kept where it’s safe and free of third-party interference, presently offered only by blockchain-based solutions. And the Qi blockchain is at the forefront of leading this change.
To find out more about the Qi blockchain, visit the official website:https://qiblockchain.online/.
Also, follow it on all social channels to stay updated with the latest developments in the space:
Twitter: https://twitter.com/qiblockchain
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Media Contact:
Contact Person: QIE Marketing Team
Company: QIE Blockchain
Email: info@qiblockchain.online
Website: https://qiblockchain.online/
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