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The most common use case for blockchain and cryptocurrencies revolves around payments. As with Bitcoin, cryptocurrencies were originally conceived as a decentralized payment solution. While it is still the most commonly used and widely held cryptocurrency, the high transaction fees and block times (10 minutes on average) make Bitcoin slightly less amenable for industrial use cases. Other cryptocurrency networks can achieve faster financial transactions at much lower costs than wire transfers, which makes cryptocurrency attractive for financial institutions. Most major banks, such as J.P. Morgan, are experimenting with blockchain technology in one way or another regarding its potential ability to allow faster and cheaper transactions. All in all, blockchain technology can make it easier for established and emerging companies to move into the banking and financial sector. Current financial services that are offered using blockchain technology are: - Stablecoins - cryptocurrencies pegged to fiat such as the US Dollar for easy payments; - Payment networks - allowing fast transfers across the globe 24/7; - Crypto-backed debit cards - enabling consumers to own their bank account and make payments seamlessly. In many cases, these debit cards have a loyalty system that rewards users with bonus tokens. These tokens can either be sold on the secondhand market for a cashback reward or kept in order to unlock a higher membership tier. Ontology’s blockchain solution is also built to empower decentralized finance.
RailOne is a leading fintech enterprise, aiming to facilitate payment services with a multi-layered platform powered by our global partners. Their service provides a series of solutions, including card issuing and global payments, for 30,000+ freelancers as well as cross-border e-commerce SMBs. RailOne offers multiple services that enable clients to issue crypto-based cards for their customers and make payments seamlessly. These cards generally have a loyalty system that rewards users with bonus tokens.
Clients can connect to local vendors to offer multiple routes including SWIFT, SEPA, ACH, third-party transfer, or direct banking transfer. Every transaction would be settled on-chain with a stablecoin (OEP-4 standard). Using OEP-4, an open token standard, we have the ability for near-instantaneous settlement with low risk. By using the cryptographically secure Ontology blockchain, in combination with distributed data storage systems like InterPlanetary File System (IPFS) or OrbitDB, it’s possible to displace the existing centralized data storage systems while still upholding the highest standards of trust and data integrity.
|-||5,000+ transactions per second|
|-||Fastest consensus mechanism confirms a transaction in less than 1 second|
|-||State-of-the-art technology: DDXF ensures efficiency|
|-||Multiple languages supported including, Python, Java, JS, Golang, and C++|
|-||Easily invokable “Add-on” protocol|
|-||MainNet running smoothly since launch|
|-||Supporting 300+ dApps|
|-||Distinguished DID protocol – ONT ID used by 280,000+ individuals|
|-||Fastest WASM virtual machines: Ontology WASM-JIT|
|-||Cross-chain functionality ready to use|
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