Blockchain and smart contracts are today a component of the Fintech sector. While Fintech does not necessarily refer to cryptocurrency, the term is commonly utilized by financial institutions and banks to enable efficient operations for businesses as well as consumers. If Fintech as well as blockchain technologies go in tandem, they basically create an extremely secure platform to transfer funds via different platforms.
These days, companies that are engaged in fundraising are using applications based on the principles of Fintech with the intention of keeping track of donations. You can also look for the best smart contract development company.
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Furthermore, platforms that allow crowdfunding provides an additional layer of protection due to the integration of Fintech with blockchain technology. Also, blockchain technology successfully gets rid of all middlemen/intermediaries making it easier for businesses to provide peer-to-peer transactions.
Blockchain is mostly remaking the world, making it easier for consumers who use mobile apps to pay for a variety of goods and services. These transactions are totally secure and reliable. Blockchain-powered FinTech creates a global market much smaller and is also rehabilitating the entire world.
Distributed Knowledge Sharing
Blockchain technology has created the first-ever encyclopedia in the world called 'Everpedia' which is built on blockchain technology. Expedia recently made an announcement to announce it was making progress towards establishing an open-source network that will remove the centralization of Wikipedia knowledge. This would allow all editors to join the network.