Transforming the Global Finance (GloFi) Industry with Blockchain | N2 Coin — Steemit
Blockchain technology and Cryptocurrencies are the new normal terms of 2021. Despite the speculations regarding both, many enterprises and businesses are adopting blockchain technology & shifting to crypto-based services.
Even banks of various countries and other financial institutions are racing to implement blockchain to streamline their operations and make crypto transactions feasible. However, not all organizations have access to reliable blockchain solutions.
In order to help banks integrate blockchain quickly, N2Group, a multinational conglomerate, has introduced the N2 blockchain banking platform. This platform is a part of the company’s GloFi project — N2 Coin.
About N2 Coin
N2 Coin is a multi-purpose cryptocurrency, and it fuels the N2 ecosystem. The ecosystem provides banking and crypto services to all users. The concept of N2 Coin is to provide a universal account to users to perform various activities on the N2 platform.
Do you want to be an early investor of N2 Coins?
Visit n2coin.io to participate in the pre-sale ICO to buy your N2C.
How does the N2 Blockchain Banking Platform help Banks
Faster Payments:
One of the key attributes of blockchain is to eliminate third-party intermediaries from the play. Banks and financial organizations implementing blockchain can cut down the need for verification by intermediaries (and their processing costs).
By adopting the N2 banking platform, banks can facilitate quick payment processing, lower transaction costs (domestic & international), bring in more payment opportunities and offer increased security levels.
Clearance & Settlements:
In current systems, a bank transfer takes more than two days to settle. This is because of the logistical challenge and limitations in our financial infrastructure. Transactions need to be processed by intermediaries (custodial services) before reaching the destination.
The N2 blockchain platform helps banks to record all the transactions and keep them transparent & secure. The need for third-party processors is rendered obsolete, and banks can settle the transactions on the blockchain directly.
Loans & Credits:
“Credit reporting” plays an important role in the current loan-issuance system. Banks and financial institutions connect with credit agencies to get the credit report of users. The major drawbacks of this system include false information by the agency, long verification processes, and unnecessary disclosure of data to third parties.
The N2 platform offers a streamlined, secure, and quick way to process and disburse loans. Moreover, there is no need for a third-party processor since everything is regulated through the application of smart contracts. With this system, banks can approve and disburse loans to all valid users within a day.
Trade Finance:
Trade Finance (international transactions and other cross-border financial activities) is a crucial industry that needs an immediate upgrade. Even with a wide range of digital adoptions available, a major part of this industry still relies on paperwork.
The N2 blockchain banking platform streamlines the trading processes by eliminating the time-consuming documentation processes and human errors. In this platform, the data are digitized and updated regularly. All the authorized network participants can access the data anytime and anywhere.
Securities Management:
Asset management and other related activities are organized with the help of authorized third parties — exchanges, brokers, security depositories, clearinghouses, and custodian banks. This requires a lot of paperwork and infrastructure costs, and it is also easily hackable.
With the aid of blockchain, the N2 platform removes mediators’ involvement in asset rights transfers, lowers the asset exchange fees, and reduces the instabilities in the current system. This could also save billions of dollars spent on global trade processing costs.
Accounts Management & Audit:
Data integrity and Validity are the two driving factors of account management. The system of “bookkeeping” helps to store transaction receipts, entries, and other data separately. And auditing a particular ledger takes nearly 3 days to complete.
The N2 banking platform paves the way to store all the records in a single ledger, which is distributed across the network. The ledger remains highly secure and transparent only to the authorized parties. Blockchain-based smart contracts also play a significant role in auditing the records.
Conclusion
The features list does not end here. The N2 blockchain banking platform offers more systemic ways for banks to upgrade their business processes and cope with digital transformation.
Learn more about N2 Coin and N2 Ecosystem at www.n2coin.io
Originally published at https://steemit.com on February 18, 2021.
