For example, suppose new technology has been developed that allows many parties to conduct real estate transactions. The parties will meet to complete the details on timing, particular circumstances, and funding. How do these parties know they can trust each other? You’ll need to confirm agreements with third parties like banks, legal teams, and government registrations. This puts them back in place when it comes to saving money using technology.
In the next phase, a third party participates in a real estate transaction and is asked to provide input as the transaction is created in real time. This significantly reduces the role of the intermediary. If the transaction is so transparent, the intermediary can even be eliminated. Lawyers are there to prevent misunderstandings and litigation. Announcing the terms in advance will greatly reduce these risks. If the financing arrangement is secured in advance, it is known in advance that the transaction will be paid for and the parties will respect the payment.
This brings you to the final stage of the example. How is the transaction paid for once the terms and conditions and agreements are in place? The unit of measure is the currency issued by the central bank, that is, the resumption of business with the bank. In this case, the bank will not allow these transactions to be carried out without care, which means costs and delays. Is there any technology that can help improve efficiency so far? It’s unlikely.
What is the solution? Not only is it as transparent as the transaction itself, but it also creates a digital currency that is part of the terms of the transaction. If that currency is compatible with the currency issued by the central bank, the only remaining requirement is to convert the digital currency to a known currency such as Canadian dollars or US dollars. You can do this anytime with trade cryptos.
The technology implied in this example is blockchain technology. Trade is the backbone of the economy. The main reason money exists is for trading purposes. Trade makes up the bulk of the activity, production and taxes in different regions. Worldwide savings in this area are very important. Take the idea of earning money with Bitcoin Cash Price.
Before free trade, countries imported and exported with other countries, but there was a tax system that imposed import taxes to limit the impact of foreign products on the region. After free trade, these taxes were abolished and more goods were produced. Even the slightest change in trading rules had a significant impact on global trade. The term trade can be broken down into more specific areas such as shipping, real estate, imports and exports, and infrastructure. It is clear how profitable a blockchain can be when you can save a small percentage of the costs in these areas.