Qi Blockchain aims to become the most efficient payment rail in the world

London, England – Qi Blockchain Announces to Become the Most Efficient Payment Lane in the World. Imagine if all payments in the world were as fast, cheap and global as sending an email. Banking has long driven the world after finance, but there has been a long-standing need for a complete overhaul to better serve the public, given the increased number of transactions and the average value of each. Simply put, banks can no longer offer the same service, and even if they could, it is no match for new age technologies, especially blockchain. Blockchain, though new, has captured the market and captivated millions with its enhanced reach, user-friendly features, privacy, security and user-centric approach. And it’s almost time for blockchain to redefine banking, making it accessible to millions around the world. And the Qi blockchain is a leader on this front.

It is not that there is a lack of available options. A quick search and one would come across hundreds of blockchains and thousands of cryptocurrencies across the globe. But not all offer the same benefits. Inexperienced young guys create most things without a basic understanding of the market’s intricacies, patterns and relationships. The Qi blockchain stands out in this aspect, given the wide range of market-friendly options, the ability to take high returns, and the strictly enforced advanced security protocols.

To understand why the world needs to move to blockchain-based alternatives, let’s take the case of Credit Suisse, one of the leading private banking solutions and a popular choice worldwide until recently. After years of dominating the market, Credit Suisse went through a difficult phase that led to its collapse and was sold to UBS for approximately $3.3 billion. This gives a clear picture of the banking solutions all over the world and how all of these are exposed to fall due to the smallest variations in the market. And new users have identified this and are looking for reliable alternatives.

Some key inefficiencies of current cross-border payments:

• Legacy technology – most banks are still using old Cobol-based mainframes from the 1970s and have not adopted a flexible type of open banking API approach with cloud computing. A single server also increases the hacking risk as opposed to a distributed network of servers.

• Broken data formats and being prone to errors – 35% of all payments sent by banks result in payment routing errors, and 20-25% of all card transactions fail. Some of these errors are only identified after a complaint from a recipient showing a clear lack of traceability.
• High operating costs for banks with skyscraper physical branches and overstaffing.
• Long transaction chains and different – a bank does not have a bank account or direct relationship in every country and requires what are called correspondent banks to help carry out transactions across national borders. If there are different currencies in the relevant transaction, this can become even more complicated. Blockchain technology can remove the need for correspondent banks for faster settlement.
• Limited opening hours – banks are usually only open from 9 to 5 and closed on weekends. The US operates in a different time zone than China, causing even more delays.
• High cost of funding – liquidity is required at the final destination of the transaction with complexity control etc.

Qi blockchain to fill in the glaring loopholes

Banks, or traditional payment platforms, do not meet users’ needs. Massive loopholes have yet to be addressed, let alone fixed. The industry has grown dormant over time and even though the number of players has increased, people are yet to witness a user-centric approach. And this growing concern is what is driving users towards blockchain-based solutions, especially the Qi blockchain, which is emerging as the one-stop solution for all requirements.

Here are some of the aspects that concern users and how the Qi blockchain manages to address them:

• Reliable: What everyone saw with Credit Suisse was not a one-off, but there have been several similar cases recently, this is just the most prominent. Hundreds of banks around the world have ceased operations or were forced to merge in an attempt to save them. What is the guarantee that yours is not next in line? None, to be honest. But with the Qi blockchain, one can be sure of that. It has managed to create a storm in a short span of time and is currently one of the top-rated options when it comes to user-centric features. Also, compared to other blockchains, Qi can process up to 2,000 transactions per second (tps), and it will soon reach 10,000 after the planned upgrades. Blockchain can remove the need for intermediaries such as correspondent banks and enable direct settlements between the parties involved.
• Safe and transparent: A simple fact about blockchain, something on it generally cannot be tampered with, no matter how much effort or resources are put into it, given the style of functionality. And with the Qie wallet, all information is stored on the Qi blockchain, providing full security to the end user in all aspects. The security protocols enforced are top-notch and the latest in the market to ensure an unmatched experience with highly secure cryptographic algorithms. Increased transparency will improve compliance by enabling banks to easily track and monitor transactions, which can help prevent fraud and money laundering.
• Smart contracts: Blockchain technology enables the use of smart contracts, self-executing contracts with the terms of the agreement between buyer and seller written directly into lines of code. Smart contracts can automate compliance tasks such as KYC (know your customer) and AML (anti-money laundering) checks, reducing the risk of human error and increasing efficiency. Furthermore, smart contracts can be used to automate various aspects of banking infrastructure, such as loan origination, trade finance and insurance for faster settlement and lower costs.
• Pocket friendly: Conventional banking solutions usually require a high transaction fee, especially for cross-border transactions. But that changes with blockchain-based payment rails, one where the geographic location of sending and receiving parties is not much of a factor, and the gas fee (or transaction fee) is minimal. With Qi it is less than 0.001%. So why pay an extra amount with the traditional banking partner when a futuristic alternative costs much less?
• Available 24×7: One of the significant disadvantages of banks is the periodic downtime to assist upgrades and the weekly shutdown (usually on weekends) of most banking processes. It poses a major hurdle for users and is almost the same everywhere. But with the Qi blockchain, one can transfer funds 24×7.

The world of finance is changing, and users need to transition for a safer and more reliable experience. Money plays an important role in life and should be kept where it is safe and free from third-party interference, which is currently only offered by blockchain-based solutions. And the Qi blockchain is at the forefront of leading this change.

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Contact person: QIE Marketing Team

Company: QIE Blockchain

Email: [email protected]

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