Blockchain technology has seen a surge in recognition since its introduction to the market. Applications of blockchain in finance like cryptocurrency were among the first uses of this technology. As the world becomes more global and the need for payments across borders grows companies will be pushing for the development of blockchain-based payments.
Our belief is the Stellar Core is one of the most significant distributed technology that permits anyone to build affordable and rapid financial solutions. Our experts in blockchain have been involved in a number of PoCs and have seen the possibilities through Stellar Core.
What is Stellar Blockchain?
The goal for Stellar as well as the group responsible for developing it is to let users transfer money across borders safely and quickly , for fractions of a cent. Stellar connects payment systems with banks, users, and payment systems and enables the transfer of money for free.
With the help of apps or software developed upon Stellar Blockchain, mobile money apps are able to be interoperable , resulting in lower costs for smaller transactions, and increased efficiency.
Stellar Blockchain Stellar Blockchain has an open and decentralized database which allows it to have a verification time of just 3-5 seconds. Since the Stellar blockchain is not written in the Turing full language and therefore, the rate of transactions per second is also very high. Let’s look at an example of how the Stellar blockchain is used to facilitate transactions that cross borders.
For example, you wish to transfer a certain dollar amount to someone (John) who you conduct business with. That person is located in Europe and will be receiving cash in EUR. John’s bank and yours are both connected with Stellar. Stellar network. When you attempt to send cash to John in USD to John the transfer request will be sent out to John’s banks in order to determine whether John is in compliance or not. When you receive the green signal by John’s European bank, the money is taken out of the account of the bank and sent into Stellar. Stellar network in the form of Lumens. When Stellar Lumens are sent to the network, the funds is sent to John’s account and transferred to his bank account.
What kind of products are possible to create with Stellar Blockchain?
- Peer-to peer payment application You can create a Peer-to-Peer payments application on Stellar Blockchain. Stellar Blockchain that requires minimal charges for transactions and can be faster. By using Stellar Blockchain as the Stellar Platform as your foundational technology, you can allow transactions that are cross-border and low-cost with minimal wait time and with minimal overhead cost.
- Asset Digitization Digitization of assets is among of the main applications of Stellar blockchain. It assists in digitizing tangible and non-tangible assets that are on Stellar blockchain. Stellar blockchain.
- Decentralized Exchange Stellar’s blockchain protocol assists in the creation of decentralized exchanges due to the fact that the security of the network is enhanced by having independent servers that have fault tolerance systems are part of the network. The major distinction in Stellar DEX as well as other central and decentralized exchanges, is the fact that it is your responsibility to manage your own funds. Your private keys are in your hands and is only. Contrary to centralized exchanges, in which they store your private keys in central servers or Ethereum exchanges, which are based on Ethereum, and which store them in smart contracts and Stellar DEX allows you to have full control to control your funds. That means that nothing you do, whether hacking into central servers or manipulating smart contracts can cause you to lose your money.
- Sharing Economy Say that you create an online platform that lets a person who uses mobile data when traveling allows others to use it through hotspots. Since we’re the inventors and advocates of technology, let’s suppose that matchmaking, metering, the rest will go smoothly. But how can the person who shares their mobile information with other people receive a payment for it? This is where blockchain technology comes in , as you are able to develop payment systems using it.
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