Imagine a world that is moving fast towards prosperity, where the widening gap between the “haves” and “have-nots” is fast disappearing. The financial institutions that controlled the flow of money and made a few people rich while keeping the majority poor are crumbling. Governmental activities are being performed on “smart contracts” that get automatically enforced. Cryptocurrencies are being used massively as regular money. The world is truly becoming a utopia. Is this even possible?
Cryptocurrencies, backed by the immutable blockchain technology, can decentralize the entire monetary system and along with existing financial institutions can transform it completely to make it better and more efficient. Although this might seem like a fairytale, its possibility cannot be denied.
Putting the future in a frame
The inherent features of cryptocurrencies make them desirable as an ideal medium of exchange – they are very convenient to hold and carry, no settlement risks, minimum transaction fees, no third party involvement, no central control and no delays in clearance. Mass adoption of cryptocurrencies would lead to the creation of a world where currencies are global and accessible to everybody. There is no counterfeiting, payments are more comfortable and faster, and there are no risks of breach of privacy or security hacks.
An analysis by global IT services leader Capgemini and French International Banking Group BNP Paribas finds that global non-cash transactions will reach $433 billion by 2020, out of which emerging economies in Asia will account for a close to 31% growth. The report also notes that to spur this growth, it is important to reduce dependence on cash use and embrace digital currency and FinTech.
Blockchain technology has already demonstrated its robust capabilities in driving key changes in the FinTech sector. By adopting blockchain, the global banking industry could save as much as $20 billion by the year 2022.
Apart from the financial sector, blockchain technology has the power to revolutionize every industry. It can make global supply chains seamless and fast, it can transform healthcare, government and manufacturing, among other sectors. It can bring greater transparency in everything we do. It can enhance traceability, improve speed and security and reduce costs.
Challenges to overcome
While the advantages of cryptocurrencies and blockchain technology can make the world better and all human activities more efficient, there are obvious challenges that we need to address.
The biggest problem of cryptocurrencies is their non-compatibility with fiat money. There are currently no tools that can seamlessly blur the lines between crypto and fiat to create a consistent monetary system. As a result it is difficult to make payments in cryptocurrencies for products and services. Whatever platforms do exist act outside the ambit of traditional financial institutions. Such solutions cannot promise seamless efficiency or even continued operation. Speculative volatility of cryptocurrencies is another major reason why they cannot be mass adopted.
Even though all of these challenges are present, a comprehensive platform can create an opportunity to harness the potential of blockchain technology and cryptocurrencies.
WCDC and the realization of the future of crypto
To achieve such a future for blockchain and cryptocurrencies, WCDC proposes a platform where a combination of virtual cryptocurrency with a physical card would be possible. This would allow the creation of a payment system that would connect fiat money with cryptocurrencies.
Using the proprietary e-wallet technology, WCDC project is developing the world’s first BR Card for its robust financial ecosystem that includes a multi-card operation system that connects real money with cryptocurrencies. Through all this, WCDC aims to make transactions more comfortable, efficient and more accessible globally. It would thus evolve as a user-centered, convenient, safe, transparent global cryptocurrency payment platform that can be used and adopted across the world.
WCDC project seeks to connect with governments and also create a vast network of financial institutions that will help it truly integrate its vision of making crypto and fiat compatible. The platform will also help ease transactions for all kinds of businesses and cross border payments for commerce, personal or charities.
The WCDC aims to be an intuitive and user-centric global cryptocurrency that, while having all the advantages of digital currencies, will overcome the disadvantages of payment methods.
The coexistence of fiat money and cryptocurrencies would eventually lead to a future where trust is built on crypto and blockchain. Where they are less volatile and accepted by the masses without apprehensions.
Blockchain pioneers in the FinTech space are already working to bring this into reality. WCDC is among those trailblazers who are working passionately using technological innovations to create a system that will alleviate the inconvenience of all financial consumers.
WCDC is creating an ecosystem that harnesses the advantages of cryptocurrencies with the vast network of the traditional financial institutions to create an efficient, fast and secure monetary system. The project aspires to bring to fruition a future that is run on the unfettered capabilities of blockchain technology to create a productive and capable infrastructure that can run almost all aspects of human endeavor. With WCDC, such a future seems possible.
About the project:
World Credit Diamond Coin (WCDC) combines technology and experience to enable the next generation of e-payments that creates compatibility between fiat and crypto. The platform will allow users to open and manage electronic banking accounts and avail and financial services. It also has a customer loyalty and incentive program that rewards users for their transactions. Finally, it helps to ease the acceptance of crypto payments by businesses. With all these features WCDC endeavors to create a robust financial ecosystem powered by cutting edge infrastructure that will allow the use of cryptocurrency as an everyday medium of exchange.