When it comes to adopting new technologies for speeding up the growth, the government bodies have remained slow-paced. But in the United Kingdom, the government favors testing new technologies and integrating them for streamlining their processes. Be it 5G technology to blockchain and cryptocurrency adaptation; the UK has always taken a leap to support new initiatives.
As of now, the UK's government is planning to invest ten million pounds in the innovation department to test several blockchain-based applications. The authorities are in full support of making the country future-ready and open for more advancements for its industrial and business sectors. FCA (Financial Conduct Authority) of the UK has recently said in a statement that— 'the nation is fully committed to supporting the development and adoption of new technologies.'
The authorities have said that they plan to leverage their budget of ten million pounds in sandbox testing of blockchain and other futuristic technologies. It simply means that, in the upcoming time, the government will soon roll out futuristic upgrades to strengthen their fundamentals.
This sheer support move of the authorities towards technologies like blockchain is definitely a leaping opportunity for the industries. As the whole world moves towards digitized payment solutions and decentralized finance (DeFi), this is the right time for many companies future-ready regardless of their industries.
Blockchain will play an instrumental role in redefining the numerous legacy systems, including transforming the payment options, voting systems, and bulk data management. This move of the authority is indicating a strong interest in decentralization and advanced payment methods. On this note, let's have a sneak peek into how blockchain-based wallet integration can help UK-based companies to thrive online and make their operations future-proof. We at SevenBits cater to your every business requirement and help you grow with the below advantages.
Transactional cost saving
As the decentralized blockchain-based wallet systems are peer-to-peer, the third-party transaction costs are significantly reduced. It will help companies grow their profitability and give them better control over their transaction activities.
Companies can slash out their existing middleman charges by leveraging cryptocurrency wallets for B2B and B2C transactions. It will help companies to save a significant amount in the charges on an annual basis. Regardless of industries, this robust integration of cryptocurrency wallets in the existing payment systems will attract more business opportunities across the globe. And, as the complete transaction process is transparent and quick, there are no changes of breaches or delays in the processes.
Faster business operations & transactions
SevenBits team can help companies in not just blockchain wallet integration but also transforming the legacy systems. With these advancements, companies can speed up their resource-intensive processes with greater control. As compared to the centralized systems, these advancements are safer and scalable whenever required.
With the integration of smart contracts along with the wallets, the verification work becomes fully automated and delivers zero-error outputs. With traditional payment systems, there is often a higher waiting duration before the payments are cleared. And even if the payment is directly made towards the company's account for certain products or services, it can take days to get credited.
To solve this delay and slow process, blockchain-based wallets are a business-saving option. As there is no delay when using cryptocurrency wallets, the payments can be made in seconds. As the whole system is decentralized and peer-to-peer, there are no hidden charges, and no manipulation is possible.
Worldwide business expansion
One of the most significant advantages of having a blockchain-based decentralized wallet is that business expansion becomes much more comfortable and quicker. Our Blockchain Center of Excellence (CoE) can help your business scale globally by developing a custom DeFi system for business partners and customers.
Unlike traditional payment methods, these distributed ledger platforms don't require authorization from the central authorities. It makes it easier for companies to reach new customers and business partners across countries in less time. With the support of more than six private and public technologies like Bitcoin, EOS; our team assures you rapid business expansion and makes your company thrive online.
Blockchain makes doing business convenient on a global scale. Along with this, it also eliminates the high expenses associated with exchange charges and the necessary waiting duration for processing international payments.
Better end-to-end business & customers privacy
Online business privacy and transaction security are becoming major requirements in the digitized era. Blockchain technology can help companies offer a seamless and secure ecosystem to their customers and business partners.
Be it periodic transactions among multiple entities or sharing business-sensitive data using smart contracts, blockchain tech is the future of transactions. And, as the UK government is also emphasizing more on new technologies to strengthen its foundation, companies can reap benefits from blockchain implementations. From a supply chain industry to a B2C product startup or an insurance company, SevenBits can help in integrating custom decentralized payment & data sharing facilities.
The blockchain-based applications are significantly lower on maintenance and human intervention. It helps companies to save a lot on resources while improving customer privacy and overall experience.
Get started with SevenBits
This decentralized technology is the future of digital transformation, and our team at SevenBits can help you thrive online. We offer advanced blockchain development services to ensure you are not missing out on potential growth opportunities.
Be it Bitcoin, EOS, Ethereum, Hyperledger Fabric, or IBM Blockchain, we have got you covered to provide you custom wallet development services. With years of experience in decentralized development, we can help you migrate your legacy systems by mitigating risks keeping your business data secure.
Along with wallet development, we bring a wide range of services, including smart contract development, crypto exchange services, and ICO & IEO integrations. As more companies and industries are adopting this technology to improve their business processes, SevenBits aids you with custom advancements that help you scale faster.
Want to know more about our blockchain CoE and development services? Get in touch with us at [email protected], and our team will assist you with every business requirement.