Ethersmart is currently being evaluated as one of the unicorn startups in the financial and blockchain market. Launched in early 2020 under the permission and protection of the government of Dubai. Head office and first in Dubai, just in a short time, Ethersmart has grown enormously and presented in 5 continents. Their leap forward is the gathering of successes from the applications of the Ethersmart ecosystem.
Today, let’s also learn about the Ethersmart Cryptocurrency Exchange, how it works, and why it makes Ethersmart superior to existing platforms in the market.
Blockchain technology has been shaping the financial services industry for the past 10 years, providing a distributed database system (known as a ledger) that can be used across a range of applications. The technology can ensure safe and fraud-free financial transactions and contracts using cryptography.
As well as being transparent, fast, cheap and secure, blockchain transactions do not require the involvement of a third party or trusted intermediary. This limits the number of external factors that could have an impact on transactions and stored capital. If a bank was involved, for example, another banking crisis would affect the blockchain. International wire transfers usually use old systems such as SWIFT, which can take four to seven days to complete. Blockchain transactions, on the other hand, can be processed and settled almost instantaneously. Transactions are also made publicly; senders, recipients and interested third parties can monitor transactions using the ledger.
This is why blockchain is becoming the # 1 standard for online exchanges.
Early realizing the potential of blockchain technology and exchanges, Ethersmart soon adopted decentralized blockchain technology for the Ethersmart Cryptocurrency Exchange. In addition to delivering great benefits to individual customers, this innovation also brings clear benefits to corporate customers.
Ethersmart Cryptocurrency Exchange offering a solution to the issue of trust in financial transactions, it has circumnavigated the need for Know Your Customer processes. This will likely contribute to the future ‘tokenization’ of personal identification media, such as ID cards, passports, social security numbers and utility bills, which could lead to consumers holding a single digital ID, or a universal token, that can be accepted globally. Moreover, the use of cryptography makes blockchain networks less vulnerable to financial fraud and document forgery. This is both because of the enormous quantity of changing numbers involved and the universal ledger that makes hacking such networks unfeasible.
Blockchain technology can also be used to create smart contracts. These have terms and conditions written into their code, meaning parties are held accountable to the terms of their contracts without the need for trusted intermediaries, such as brokers or notaries, for execution and enforcement. Smart contracts are irreversible, self-executable and self-enforceable. They cannot be tampered with or forged, ensuring that the seller and buyer can trust each other to meet their obligations.
The majority of loyalty programs reward habits and transactions rather than true loyalty, which means most customers are not emotionally attached to the brands they use. As a result, 54 percent of memberships in the US were inactive in 2016, according to the 2017 COLLOQUY Loyalty Census. The census also found that 28 percent of Americans abandoned loyalty programs before redeeming any rewards.
Ethersmart Cryptocurrency Exchange, on the other hand, has been designed to help brands increase loyalty penetration by rewarding consumers qualitatively at every step of their experience. This approach aims to create emotional loyalty based on reciprocal appreciation. What’s more, as a user-centric platform, Ethersmart Cryptocurrency Exchange can create a value continuum for brands and businesses by providing a single universal program, removing the need to join multiple loyalty programs.
Unlike transactions and habitual loyalty systems where consumers are rewarded upon completing an exchange, Ethersmart Cryptocurrency Exchange’s loyalty scheme rewards customers for every effort made towards an exchange – even if the effort does not result in an actual exchange. Using such approaches, blockchain doesn’t have to be limited to just cryptocurrencies: it can be used to push the entire financial services industry into the next era of payment processing.