Technological advances have brought a significant revolution to conventional fintech organizations over the last decade. A research survey shows that by 2023, Blockchain in the fintech sector will hit USD 6700.63 million. Blockchain technology is still not recognized by many, but its founding principle lies in the fact that with no need to outsource any third-party service or agent to secure it, it can protect any transfer. While Blockchain Technologies such as Cubix Chain is playing a revolutionary role for fintech organizations. It is a technology that can bridge the gap between the conventional financial sector and digital financing.
Cubix chain is influencing the game. This game-changer technology is changing our way of living, whether it's payment transactions or how money is generated in the economy. There was a period when only experts used words such as digital currency, Blockchain, FinTech. Today, everybody understands these developments, and constructively uses them to reshape our existence. The Blockchain-Powered Cubix Chain system fills all of the gaps left by the web. Nothing seems like a long shot now with this pioneering innovation. The key concept is to make the sectors simultaneously unrestricted and lawful. In almost every global industry field, with technology development, fintech organizations need Cubix Chain to match the global momentum.
The Fintech Ecosphere:
Fintech is a range of technical solutions that formerly started with digital e-commerce services and internet banking but has now been absorbed into almost every finance industry business. In reality, start-ups in FinTech are expanding and are attempting to operate on a range that provides services to all populations worldwide. To support the expansion of the digital and secure ecosystem, Cubix helps its clients future-proof their businesses globally.
Role of Cubix Chain in FinTech Organizations
If you question how the Cubix Chain will make an innovative difference in fintech organizations, a comprehensive answer lies in your few downward scroll. Keep reading to find out.
Digital Customer identification Simplified:
The Cubix Chain makes it easy for users to handle personal identification records, log into electronic systems, securely exchange data with someone, and confirm claims and payments. With one-time authentication, they will execute transfers all over the globe.
Besides, Millions are expended on the Know Your Customer (KYC) process by financial firms. The customer identity process currently entails multiple steps that affect the business of the finance sectors. Via cross-institution client authentication, the Cubix Chain will decrease the cost and commitment needed for KYC verification. It helps the user, via one forum, to check their identity and KYC itself. In the industry, several initiatives aim to be permanent digital identification archives. When a company has established itself, pre-KYC individuals can have an irreversible ledger from which financial institutions can safely access data.
Independent authentication is also supported by Cubix Chain technology. It ensures that other entities can access an individual/customer authenticated by one entity, meaning that KYC does not need to start again.
Distributed Ledger Technology (DLT):
In the Cubix Chain, each node is equal to the transaction ledger. Centered on peer-to-peer infrastructure, all members contribute to the formation and management of the distributed ledger. It brings to any vital data or asset stored in the network the requisite clarity, tracking, and solidity. The Cubix Chain provides immutability and improves security measures. The only way to amend the database is to verify and authorize the activities to be added to the ledger by approval. Secure authentication by encryption and hash and hash pointer of cryptography adds the required tracking trail and protects data saved or shared on the network.
Execution of Smart Contracts:
The Cubix Chain serves as an online archive of all transactions and takes care of contract version control by itself. All in it is executed in an electronic format by the very design of Blockchain. The way chain is suggested to operate is that if the parties involved in a system agree by a consensus, the contract is considered legitimate and stored in a chain of transactions. But still, human interference is required for completion. There will be conditions added to the deal in a smart contract, and the next series of actions would be immediately performed as soon as the conditions are fulfilled.
Cubix Chain is well planned to support hundreds of transactions per second and occasional internet traffic spikes in hybrid and private networks. It will ensure that all operations in the network will reflect the result to all members in real-time.
Control and Auditing at the Highest Level:
The need for regulatory services will not be removed by putting the Cubix Chain at our finance system's core. In essence, because we are striving for a single network open to everyone with an Internet connection, the need to inspect transactions smoothly and efficiently will be at an all-time high. Fortunately, it will encourage other fintech developers to establish top-of-the-line auditing standards by creating applications on top of the Blockchain.
A blockchain-powered Cubix Chain acts as block storage that gives a new record for any new action, but no matter how massive the structure becomes, it never interferes with old ones. It will include all the details available to execute a swift and safe audit process—it precisely shows why clarity is something that analysts herald as the vital advantage of blockchain networks.
Contact is not via a single point but takes place among peer groups directly. Each node stores data and send it to all other nodes with details.
Credit Reports for Organizations and Individuals:
Based on financial history, Cubix Chain financing allows individuals and corporations to use loans. It takes too long to check typical corporate credit records, and they are not open to small businesses. The receivers should make their documents more reliable, transparent, and safely exchanged with the Cubix Chain. Besides, the data would not be transmitted to the central archive.
Cubix Chain holds the potential to revolutionize the financial industry. This revolution has forced to remove the barrier to speed-up financial services. This modern technology will evolve your defense level and act as a shield against digital identity fraud. It will provide users with real-time management of databases, monetary tracking, utilization of funds, and more. Of necessity, banks and Fintech have to modify their traditional infrastructure to incorporate such technologies into the processes. But absolutely guarantee, there are going to be significant gains on these adjustments.
The Cubix Chain is developing at a pace in its infancy that many cannot foresee. The innovation of this modern generation will play a key role in introducing the fourth industrial revolution. While the Fintech community is enthusiastic about the Cubix Chain, our anticipation and expertise suggest that it will take a few years for this technology to become a standard financial model. As for every new technology, Blockchain raises some barriers that need to be tackled to make the best use of its financial services business potential. Besides, to leverage this technology to change our finance systems entirely, you must explore and keep up with the latest technologies.
Top-notch protection, instant fund transactions, straightforward financial monitoring, low transaction costs for dirt, management of sovereign wealth without a crooked broker, all of that, and even more can be taken to the table by Fintech Cubix Chain applications. We are demonstrating a strong ability to change one of the most significant aspects of our everyday lives.
To investigate the possibility of Cubix Chain technology for your company, feel free to contact us.