FinTech blockchain development company
Unicsoft helps FinTech businesses and startups get turn-key blockchain solutions. This includes extensible microservice architecture and third-party integrations.
There are four persisting problems with traditional online finance. They are:
Blockchain technology is famous for the bold benefits it “promises”:
- Increased efficiency and reduced costs due to the exclusion of intermediaries
- Durability, reliability, and lack of centralization, the failure of which leads to the failure of the entire system
- Transparency, immutability, and reliability of data recorded in the system
- Simplification of the project’s platform - all data is entered into one database
Contact us for digital banking, transaction platforms, and web and mobile apps.
Let’s talk about blockchain risks.
Performance
Smart contracts are fault-sensitive. They place strict requirements on a blockchain system’s initial coding and QA testing.
In blockchain systems, when major financial institutions act as complete nodes, there's a risk that the distributed ledger size may become unmanageable.
Blockchain apps designed for sophisticated multi-jurisdictional use cases may not be scalable, optimally functional, secure, and cost-effective.
Сompatibility
Using different blockchains requires cross-chain capabilities. Though, the data exchange formats are not developed enough. Competing blockchain technologies can undermine system interoperability.
Difficulties in using wallet software with separate distributed ledgers can surface. Currently, most ledgers have their own wallet software. Creating a multi-currency wallet for multiple distributed ledgers is challenging.
Industry standards
Consent on practical worldwide standards and versions of a blockchain is lacking. There is a disagreement between innumerable approaches, including private blockchains and public blockchains (e.g., Ethereum).
A shared distributed ledger and network protocols are lacking. Business entities currently utilize unique combinations of technology and back-office system stacks. That is the key reason behind most scalability and integration challenges.
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