CREDITS solutions of humans role decrease in the financial sector
With the technology development, an increasing scope of human activity becomes automated, and an increasing number of processes are transferred to a virtual basis. On the one hand, progress may look like a threat to the workplaces of specialists, but there is a back side which opens up new horizons for them. The greater the desire of society to increase turnover, the greater the need for machine-based performance of activities. In this case, the role of a person does not decrease, but simply changes. Cardinally.
While the Internet has already penetrated all spheres of our life, the blockchain technology is gradually picking up the slack. In addition to the obvious interest of people in everything new, the idea of decentralization and transparency covers a wide range of tasks in the economy, finance and related fields. Smart contracts can change the market of legal services. Automation can deprive notaries, registrars, secretaries, drivers, realtors of work, as well as other professionals whose activities are related to mediation. Imagine, you act as guarantor of your transaction, its technical support and storage of information about it.
Despite all the advantages of technology, the introduction of smart contacts requires a person who understands the legal subtleties to competently make up the contract terms. Therefore, blockchain will replace the third party systematically, with a speed proportional to the professional development of specialists, adjusted for new technologies. The giant potential of blockchain in existing implementations is still not used to the maximum. For example, the average transaction time is 10 minutes in Bitcoin, and 5 minutes in the Ethereum network, while credit card transactions take seconds. As of 2017, there is no platforms that completely satisfy the needs of users and businesses.
This is the main problem, which prevents a wide use of blockchain in various branches, financial in particular. And now the team of Credits project is working hard on it. This is a new blockchain generation with technical capabilities of a higher level. The project, in addition to concentrating on the financial industry, offers simultaneous processing of up to 1 million transactions per second, an average operation time of 3 seconds, data compression to 90%, transaction cost of about 0.01%.
Reduced processing time is provided by the transfer of transactions to the main node where they are processed and recorded in the ledger. Each node can be a master or trusted no more than once. To increase data security and other performance indicators, the CREDITS platform uses its own combined consensus protocol, as well as an algorithm of the last stored ledger search, different from the tree-like. The working prototype is already completed which confirms the serious intentions of the project team to make a worthy product for the financial market. Find out more at https://credits.com/.
The project launches ICO in November 2017. The total number of tokens is one billion. The developing market and the lack of working analogues promises great prospects to our development. More and more countries are showing an interest in legalization of cryptocurrencies. This means that the time is near when financial institutions and regulators will have to seriously reconsider and modify their activities. Large-scale retraining of personnel, new professions and new opportunities await us in the future.