Amid the pandemic, the Canadian government is planning to strengthen its digital payment ecosystem. The government is planning to speed up Canada’s central bank digital currency (CBDC) launch before the due date. After evaluating the current scenario of unacceptance of physical cash due to hygiene issues, authorities have taken this decision. And, as more people are coming online and using digital payment platforms, cashless transitions are here to stay.
Deputy governor of the Bank of Canada and head of research at the bank’s fintech and crypto department, Timothy Lane, has recently opened up about the same. He stated that digital transactions had paced exponentially, and the figures are beyond the central bank's expectations.
According to Timothy Lane, the decline in physical cash transactions and slower online transfers will lead to the new transaction approach. He stressed over the need for faster, transparent, and more secure payment platforms to make the nation's finance foundation stronger.
He further conveyed that central banks are closely working towards the research for central bank digital currency implementations. It will help the government and the industrial sector of the country to expand at a greater scale.
To uplift the industrial sector, CBDC and other decentralized payment platforms will play a pivotal role in the upcoming time. As more people are coming online, the adoption of modern financial systems will make the government and industrial domain future-ready.
As of now, the officials are working towards the scope and methods to integrate the new digital platforms with their existing systems. Timothy Lane has said that this integration will make the complete finance system more robust.
Why Should Canadian Companies Adopt New Digital Payment Platforms?
The world is moving towards digital transformation and relying on traditional frameworks and systems is not enough. To gain an edge over the competition and provide a better customer experience, upgradation is instrumental. Blockchain is a futuristic platform that assures faster, reliable, and transparent data and financial transactions.
As it's a decentralized and peer-to-peer platform, it helps companies upgrade their working efficiency and improve their online journey. With the government's involvement in digital payment systems, it's the right time for industries to make themselves future-ready.
With the evolution of modernized systems, companies, regardless of their industries, need a robust and sustainable platform. Blockchain brings in all the necessary upgrades that help organizations to thrive online.
This transformation from the government will change how the traditional processes used to take place. Data transfer to financial transactions will aid companies and customers in operating on higher security standards with faster executions.
Customers & business partners seek a higher level of transparency and security on every touchpoint, and blockchain is the way to achieve it. This technology helps in eliminating third-party dependencies and gain trust in less turnaround.
Many organizations and startups are still leveraging older implementations that are not enough for tomorrow's market demand. To keep moving ahead and stay relevant in the business, firms need to adopt these advanced technologies like blockchain.
How Can SevenBits Help Companies Thrive Online Leveraging Blockchain?
SevenBits is an experienced blockchain development company that has been working closely with it for many years now. Our Blockchain Center of Excellence (CoE) understands your core business functionalities and helps with necessary transformations.
Be it legacy systems migrations to integrating a new decentralized wallet to the existing system; our experts get you going. Our team is highly expertise in eight-plus blockchain technologies, including Bitcoin, EOS, Ethereum, Hyperledger Fabric, and IBM Blockchain. On this note, have a look at the key offerings that help your company grow substantially in the era of digital transformation.
Smart Contract Development Services
Smart contracts are the future of safer and reliable data transactions. It aids in maintaining higher transparency among customers and associated business partners. Be it reducing third-party intervention and eliminating human errors; smart contracts streamline complex business processes.
It is more efficient when it comes to managing large data sets and customer database. From insurance companies to corporate firms, these contracts are boon for catering to growing privacy demands. We at SevenBits create bespoke smart contracts to make sure your business runs at optimum efficiency.
Crypto Exchange Services
For growing the business globally, traditional transaction services are not fully optimized. Companies end up paying higher transaction fees while doing business across the globe. But, blockchain-based crypto exchange integrations waive those charges from its peer-to-peer transfer architecture.
Our team implements robust KYC (Know Your Customer) and AML (Anti-money laundering) to ensure a top-notch secure ecosystem for your firm. With custom crypto exchange services, business owners and customers can have better control over their transactions. With peer-to-peer blockchain-based wallet integration, businesses can achieve higher agility in terms of flexibility and convenience.
Get started with this advanced technology and take a leap
Blockchain is the future of creating a more robust and more accessible business ecosystem. As customers' demands are ever-evolving, it becomes critical to offer them a better experience. It improves both the customer retention rate and service satisfaction of an organization.
As the government is also working towards these digital adaptations, it's the right time to advance your business processes. We at SevenBits offer profit-driven blockchain development services in Canada and other places to keep you going in this digital era. Learn more about our blockchain services by contacting us at [email protected], and our team will walk you through our services.