As the global economy is inevitably moving towards digital infrastructure, everything is becoming paperless, starting from investments to money transfers.
So to enhance the existing digital systems, blockchain is essential to create an infrastructure that allows users to make crypto transactions among multiple peers within the network by eliminating third parties.
If Blockchain technology is integrated with banks, it eliminates many inefficiencies that hinder the financial system and drastically reduces costs.
How can banks integrate blockchain?
* By partnering with N2 Coin. The N2 Coin fuels the N2 Platform.
* It is a decentralized global financial ecosystem.
* N2 aids banks in improving their existing process to a higher level without interrupting the current system.
What does N2 offer?
* Blockchain technology records all the transactions and stores them in a ledger. Once the data is recorded, it cannot be altered. Thus, it improvises data integrity and trustworthiness.
* With the adoption of the N2 Platform, banks can store all the transaction details, which cannot be tampered with by any unauthorized party.
Low transaction cost:
* Since blockchain eradicates intermediaries and multiple gateways, it allows users to make direct transactions and cut down transaction fees.
* So if a cross-border payment is processed through the N2 Platform, minimum transaction fees are charged when compared to other payment processors.
* The main purpose of blockchain is to allow people to share sensitive data in a tamper-proof manner. This can be achieved through blockchain as it uses cryptography and other advanced software protocols, which can be difficult for hackers to manipulate.
* The N2 Platform offers high security for both banks and their users, such as digital identity protection and distributed data.
* Smart contracts in blockchain exclude intermediates and complete the transactions instantaneously.
* With the N2 Platform, the transaction process is automated and completed instantly. So, the users can encounter faster transactions without the involvement of any third party.
* Since cryptocurrencies are gaining more traction, banks have no other option than embracing them.
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