The $16 trillion international trade finance market is anticipating a healthy growth rate that will cross 4.21% over the forecast period 2018-2025. This expansion and its sustenance can be attributed to the development of cutting edge technology that has strengthened financial mechanisms. Of these, blockchain stands out as the innovation revolutionizing the infrastructure the most in the sector. In the wake of this change, HashCash Consultants, a prominent California-based software development company, has reported a surge in demand of its line of blockchain services and products. Driven by its success with leading enterprises in the US, Australia, and Dubai, HashCash is set to make ripples in the trade finance market in South East Asia and Europe in 2019.
HC NET – The blockchain network by HashCash Consultants:
At the core of the line of services and products offered by HashCash Consultants is its top of the line blockchain network,HC NET. It enables enterprises to transfer assets and settle payments across borders in real-time using HCX – the native digital asset on HC NET. It acts as a secure vehicle of remittance used by banks for its time-efficiency and low cost, that without the need of pre-funded Nostro accounts.
HCX enhances the efficiency of liquidity management and discovers new remittance corridors. It also enables wallet providers to draw on any bank or liquidity provider on the network for settlements. PSPs too can operate on HC NET without the need for an acquiring bank.
ChoosingHCXfor business transactions is especially beneficial to e-commerce merchants as it gives them the opportunity to bring down the cost of and time take taken for receiving payments. The primary products offered by HashCash to their clientele are HC Corporate Payments, HC Remit as well as HC Market Maker and HC Commerce. HCX can be readily purchased on PayBito – the leading global cryptocurrency exchange by HashCash.
Other benefits of HC Net that have made it an obvious pick are the elimination of expensive messages, management of merchant accounts, and instant reconciliation.
How is blockchain changing the trade finance landscape?
Trade finance is made up of a multitude of complex processes and entailing paperwork such as issuing letters of Credit (LC), lending, the export-credit services, and insurance services. Implementation of blockchain has resulted in the digitization of trade documentation, encompassing purchase orders, invoices, and bills of lading. This has significantly reduced processing time which had held the industry from pushing the limits of its yield potential. The transparency and accountability incumbent to the distributed decentralized ledger also mitigates the risks associated with the transactions process, streamlining risk management approaches that aid in the growth of the trade finance market.
Raj Chowdhury, MD of HashCash Consultants, explains the allure of another feature of blockchain- smart contracts. “The introduction of ‘smart contracts’ is another feature that has allowed businesses to automatically initiate commercial actions in accordance with predefined criteria. Once again, this will ease streamlining processes, reducing the time and the cost of transacting.”
Blockchain has presented the trade finance with an indelible audit trail. Sophisticated programs automate the verification of assets for authenticity, run AML activities, and provide a real-time view of essential documents. In addition to the benefits common to most high-efficiency blockchain networks, the expert team behind HashCash Consultants makes the implementation of HC NET has resulted in increased collaboration, automation, and oversight in trade transactions. For this ambitious blockchain company, 2019 appears to hold a promising way ahead.
About HashCash Consultants:
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins.
HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.