Blockchain Firms Partner to Disrupt Fintech Industry
Two blockchain-focused companies have partnered to create an infrastructure that would disrupt the fintech industry.
Blockchain infrastructure project Aerum has teamed up with Veracity Protocol, a decentralized infrastructure platform for the lifecycle of physical items (LoT), to disrupt the fintech industry by utilizing a next-generation blockchain for programmable P2P finance.
In a blog post, Aerum said it would provide its technology to hasten the millions of blockchain transactions that Veracity Protocol targets to generate through its platform over the next few months.
“The Aerum team looks forward to working in partnership with Veracity, "the company said in the blog and described Veracity as "designed to secure end-to-end traceability, data veracity, and resource efficiency in supply chain networks.”
It said Veracity’s infrastructure makes it easy for users to integrate or apply technologies “in a modular way,” and at the same time offer their respective technologies and applications while participating in its overall development. What makes Veracity Protocol unique is its technology applies to both decentralized and centralized solutions.
In a separate blog posted by Nik Page to discuss the mass adoption of cryptocurrencies, he said that the Aerum infrastructure project is capable of solving the issue of transaction fees by “hiding them from the end user.”
Page said this is an important feature saying this is an enormous step in the right direction because the infrastructure “allows business designers to create actual mass market focused business offerings and that is deeply cool.” He added, “It’s why I joined the team there.”
Accordingly, Aerum will disrupt the financial technology space by introducing free, real-time transactions, optimized for tokenization highly scalable smart contract protocol, and trustless financial operations, with its unique next-generation blockchain for programmable peer-to-peer (P2P) finance.
Its unlimited scalability will allow the mass adoption of blockchain technology, the company said.
The company added that its goal is not to compete with Ethereum, but rather to supplement it as a high-performance dApp platform with decentralized governance, as opposed to a single-operator Plasma side-chain. With its full compatibility, Aerum will still enjoy the high security provided by Ethereum and its hash rate to secure Aerum’s consensus and staking mechanisms.
Last month, the managing partner of crypto exchange International Digital Currency Markets (IDCM) Andrew Wong, predicted that mass adoption of digital assets is still a decade away with cryptocurrencies enjoying in a “stage of major growth” for five years.
He said Bitcoin and Ethereum are going to be around for the foreseeable future until market-leading tokens emerge.