It sometimes needs to be clarified when we hear that Blockchain technology is increasingly covering more sectors of the economy, commerce, and traditional finance. However, it is also interesting due to the technology; this digital proposal offers by eliminating intermediaries. Currently, the majority of cryptocurrency traders and investors use websites like the Immediate Edge. This platform is one that many investors trust, so you can give it a try as well.
When hearing the term blockchain, many people automatically link it with cryptocurrencies. However, its uses are too diverse, and that is where the merger with Fintech attracts more attention from merchants, individuals and investors.
The Blockchain has a series of essential characteristics, including security in storing data in the blocks and its use in payment clearing processes, without leaving aside the ability to eliminate banking and traditional financial entities, with a reasonably high expansion potential.
Blockchain and Fintech are the perfect unions.
The technology offered by the Blockchain to the various sectors of the world economy is quite attractive since it emerges due to the needs of individuals or corporations to execute certain operations on their own that are under the control of third parties.
The innovation and growth proposed by this platform are evident, and its adoption influences the reduction of costs and risks of leaking private information.
The facilities offered by this technology to its users are a new way of accessing various digital or financial assets without using an entity or third party.
The traditional operation at the time of carrying out any financial or commercial transaction is based on a centralized system where the operations are primarily settled or approved by the financial entities, leaving the user in the background, which makes the processes slow and costly.
With the blockchain platform, transactions are executed directly by the user and the participants without involving an intermediary. It eliminates the collection of commissions and makes the processes more efficient.
Among some of the processes where blockchain technology is used is in international payments, commercial or real estate registries, micro-financial loans, compensation networks, international transfers, and ownership of digital assets, among many more.
On the other hand, we find the perfect complement for the Blockchain. It is known as Fintech, which operates in the market as decentralized finance, in addition to being part of the capital market, banking corporations, big data, cryptocurrencies, and Bitcoin represent.
Using these strategies together has fueled the adoption of emerging technologies and participation in decentralized finance ecosystems.
Thailand and Hungary have a technological and financial alliance
The technological-financial pact between Hungary and Thailand has been established under a bilateral memorandum of understanding, managing to merge these two concepts that, to date, are bringing global benefits to individuals and corporations.
This bilateral agreement will allow the observation, evaluation, and determination of the operation of the Blockchain and Fintech, as well as the sectors with the most significant impact and potential from the economic and financial growth perspective for both nations.
The growth of decentralized finance and digital financial transactions, as well as e-commerce, are acquiring more excellent positioning and support at the international level, which undoubtedly represents a challenge and a possibility to develop collective international cooperation.
For this, it is essential to develop the technology currently handled in each of the countries involved because it is one of the sectors constantly changing worldwide, and the adaptation of resources must be optimal and timely.
Another element that made the possibility of merging both concepts more interesting is that in Thailand, more than 20% of crypto holders are in the world, without leaving aside the fact that according to the cryptocurrency adoption ranking, this country is in eighth place.
Hungarian Blockchain Coalition
The alliance was established when the Central Bank of Thailand participated in the testing process of a platform for the execution of international payments using the digital currencies created by the Central Banks of each Country, where the Blockchain is the protagonist.
We could be facing a scenario of digital financial opening regarding the inclusion and management of financial technologies and the exchange of cryptocurrencies.
Recently, both nations came together to establish specific alliances in terms of technical cooperation and the promotion of Blockchain as a tool for the improvement of the financial industries of these countries.