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“DISRUPTING ECOMMERCE WITH BLOCKCHAIN” |
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Telidyne Inc., provides
technologies and platforms to companies that are generating Mobile Apps
services and operating systems to
disrupt the ecommerce with Blockchain technology. A blockchain is a
distributed ledger and all the transactions that ever occurred on that
blockchain are recorded and stored in a block of data. Once stored they can
never be removed, and so the chain of blocks becomes longer with every
transaction. All the data entered into the distributed ledger is protected by
complex cryptography, which can easily be unwrapped when you have the key,
but impossible to crack when you don’t have it. Smart Contract Telidyne develops
platforms for Global Smart Contracts. A Smart Contract utilizes blockchain
technology and is essentially a digital agreement between two parties that
automatically execute itself. Payments using Cryptocurrencies is already a
great disruption of the current established financial banking system. Smart
contracts can be of any variety between two or more parties such as (i) amounts to be paid, (ii) the transfer of documents
(iii) the selling of a product and (iv) the consumption of a commodity such
as power. In ecommerce such smart contracts allow direct transactions between
sellers and buyers without the need for a middle man. International Payments International
transactions currently are very cumbersome and have high cost associated with
them. Most cross-border payments are still routed via bilateral correspondent
banking relationships, a network of banks that use the SWIFT messaging
protocol to execute transactions. In
2016, cross-border payment flows totaled more than $180 trillion. Most of
this volume was consumer driven, but the value was largely generated by
businesses. In this same period, the banking industry earned over $200
billion in revenue from services provided to payers and payees. So it is quite
clear that the current system generates attractive returns for participating
banks. Network users suffer on three accounts. Additionally every person must
have a bank account to make such international transfers. Telidyne
is changing all that with its new platform designed to provide easy and
automated methods for international payment transfers, borrowing funds,
lending money and invoice payments. By
using blockchain technology, Telidyne’s platform is disrupting the industry
for financial transactions by providing high security standards, low costs
for executing transactions and a satisfying, easy user-experience. Because of
the security that both the network and the cryptography provide, blockchain
technology provides a secure system through which individuals and businesses
can directly interact and transact with each other without the need for an
intermediary. The only minor fees that will be paid are for the network
behind the blockchain for validating transactions and securing the network. Both buyer and seller pay no fees to a marketplace company, because technically, there is no company. The activity of verifying transactions is kept profitable by the use of an associated currency, normally referred to as a cryptocurrency. Every blockchain must have a currency associated with it. Transaction fees (in that currency) are attached to every transactions. Those fees are collected by the network of verifiers. Since the process is entirely automatized, the fees are extremely low compared to banking standards. Some blockchain's associated currency are meant to be used for real-world spending such as Bitcoin. However, some other blockchain's associated currency are solely meant as a way to power the verification network. Ethereum, the second most valued blockchain currency, is a prime example of that. |
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