The Contribution of Algorand Blockchain in the New Payment Report of DMI

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Are you familiar with the future payment industry thru the collaboration of Official Monetary & Financial Institutions Forum and Digital Monetary Institute? If not then let me discuss to you some important details and the contribution that the Algorand will do to the Newly Introduced Payment Report.

Last December 16, 2020 the Algorand create a blog that tackles about the “Future of Payment” that is known as the landmark report for OMFIF, coming at the end of a year they launched their Digital Monetary Institute (DMI). The Digital Monetary Institute (DMI) is made to be bring together the policy-makers, technologist, financiers and regulators to explore the opportunities of digital finance. The Future Payment Reports shows how the payments can be integral to all our lives and also the area of financial services that is mostly ready for transformation. The blog also highlighted that “The Future Payment is here” that made all of us aware that the Algorand is one of growing and well establish blockchain this year.

Creating a Future Payment means a lot to many people since new technology affects the payments that is resulting to be extensively transformed payments. Various kinds of disposition appeared especially on how we will compensate for the goods and services that is progressively evolving over the past 50 years. Many service providers like Visa and Mastercard became the accent of our daily life. The Algorand discover the PayPal, Apple Pay and Alipay, and they also determine that mobile phones are really relevant to use in many shops. Since the standard mode of payment is rapidly changing, all of the infrastructures will also need to adapted and developed around it.

About Contribution of Algorand

The Algorand contribute multiple tactic that made the “Future Payment Report” to be successful it is when the legacy financial system lacks the tool to advance global payments. The Chief Executive Officer of Algorand Blockchain, Mr. Steve Kokinos resolve the certain problem.

Since the economy is functioning on a more complex systems that might be one of the certain challenges and yet opportunities when it comes to payment services for the consumers, businesses, governments and financial markets. Legacy financial systems do not have the efficiency, trust or accessibility needed to advance global payments.

The Algorand solve this by bringing trust to diversely deceiving systems and just to guaranty that the public blockchains will operate as a reliable, programmable systems, the blockchain will require transparency, compliance and security. First the consumers must be able to instantly see transaction settlement, businesses need to view records and calculate figures easily, and lastly the regulators needs to offer compliance measures. The advanced capabilities must allow the producer to directly include third-party regulators in their compliance operations without demanding them to be engage into the general management of issued assets. Also the blockchains needs to provide the highest degree of security through programmable consumer that controls to protect the users and secure a decentralized network of nodes.

To be certainly scalable, secure and support a billions of users, a foundational blockchain protocol needs to prepare all forms of exchange running at the full speed of the network. This will be critical for global payments as well as to the creation of complex financial products. To make this possible an application of Layer-1 or core technology is a must rather than something built on top of it. In short  Algorand enables the development of a wide range of scalable, secure and compliant applicationsthat will result to power frictionless financial exchange. The advanced smart contracts like for those available on Algorand can enable programmable money by automatically executing transactions using code stored on the blockchain when agreement terms is happening. As an essential blockchain functionality that allows frictionless transaction methods, smart contracts wil give its end-users more control with fewer intermediaries. This new way of handling payments and sophisticated transactions paves the way for truly peer-to-peer transactions and more financial inclusion. It will eliminate the friction from financial exchange, providing more efficient and accessible ways of transacting between any party. Blockchain offers a completely different way to organize and manage payment systems. It provides real-time, cross-border payments worldwide and even new ways to store value. A platform like Algorand that is paired with fintech’s latest developments and simplified developer toolkits has the potential to take the lead in the race for payments innovation. You can read the whole  statement into the downloadable report that is placed within their blog.

About OMFIF

Official Monetary and Financial Institutions Forum(OMFIF) is an independent think tank for central banking, economic policy and public investment, providing a neutral platform for public and private sector engagement worldwide.  With teams in London, Singapore and the US, OMFIF focuses on global policy and investment themes relating to central banks, sovereign funds, pension funds, regulators and treasuries.

About DMI

Digital Monetary Institute (DMI) is a high-level community which convenes policy-makers, technologists, financiers and regulators to explore the challenges and opportunities of digital finance. The principal focus is on payments instruments in wholesale and retail markets, with central bank digital currency being of particular interest. This builds on OMFIF research in the field, including a major survey on trust in monetary institutions which found that central banks were the most trusted institutions to issue digital currency.

About Algorand

Algorand Blockchain built the world's first open-source and pure proof-of-stake blockchain protocol for the next generation of financial products. Algorand is dedicated to remove the friction from financial exchange, powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain, and providing responsible privacy models. Algorand was once again proposed an upgrade major protocol which leads to significantly expands the range of decentralized applications (dApps). That certain DeFi solutions and processes can be built on the Algorand platform. The entire new suite of features that is built directly into Layer-1, enterprise-scale distributed apps can be created without sacrificing performance or security. If you want to know more go to Algorand.






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