Fintech

Financial technology or fintech is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. Most fintech projects will be built predominantly on blockchain or heavily using that within the next 10 years.

A blockchain is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data . This technology enables everyone involved in a transaction to know with certainty what happened, when it happened, and confirm other parties are seeing the same thing without the need for an intermediary providing assurance, and without a need to reconcile data afterwards.

Blockchain technology can be applied into multiple areas. The primary use of blockchains today is as a distributed ledger for cryptocurrencies, most notably bitcoin. Businesses have been thus far reluctant to place blockchain at the core of the business structure, but it is predicted to be the future of Fintech.

Advantages of Blockchain Technology:

Shared ledger : Instead of having a separate ledger , participants share a single ledger and once the transaction is validated, the record is permanent, secure and immutable.

Efficient : In normal transactions intermediaries are needed for validation In Blockchain hashes or cryptographic codes created by special algorithms, running on top of a blockchain that contains a set of rules under which the parties mutually agree, a smart contract, eliminates the need for third parties. It means the owner of the transaction has the power to move anything of value freely and instantly without intermediaries.

Almost paperless processes : speeds up transaction times and increases efficiencies and transparency in compare to paper-based transactions which require data to be stored locally by each party and causes frequent delays & losses .

Our service:

In Dorphatec we are concentrating on the applications of blockchain technology in the industries , either a chemical plant or an agricultural processing unit. Our primary role is as consultant to companies which are willing to apply this technology through existing platforms such as Amazon Blockchain Network and R3 Corda and compatibility of these platforms with the company ERP system ( Enterprise Resource Planning).

When you are looking for financing of goods to overcome working capital shortage , or need data transparency & integrity Blockchain Technology is a solution.

By creating a digital proof of existence or consumption detection by sensors in a silo for example, your assets are verifiable for trade finance applications through financing partners. This helps to solve liquidity issues and increasing efficiency of the entire supply chain.