It is no secret that distributed ledger technology will make a major splash in the financial ecosystem over the next few years. Other than speeding up transactions and reducing fees associated with transferring value, distributed ledgers also create a global form of finance that was previously impossible. DH Corporation has applied blockchain technology to its global payment services offerings already, and became the frontrunner in the financial industry to do so.
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Blockchain Technology Makes DH Corporation A Frontrunner
People residing in Canada will have probably heard of DH Corporation by now, as their bread and butter is bringing technology solutions to financial institutions around the world. To take things to a global level, the existing legacy system has proven to be insufficient time and time again. Distributed ledgers, on the other hand, are the solution moving forward.
Up until this point, it remained unclear as to how the blockchain would make its way to global payment services. While the advantages are clear for everyone to see, integrating this concept into a system that has seen little to no innovation for several decades is not as easy as people would like it to be.
While DH Corporation claims to have integrated distributed ledger technology into their offerings, they are still in talks with various banks to bring such a solution to the mainstream. This may strike some people as odd, as blockchain technology is designed to operate outside of the control by banks, begging the question why bank participation would be required in the first place.
As one would come to expect, details on the technology side of things are very hard to come by at the moment. What we do know is how DH Corporation used the blockchain to extend their Global PAYPlus solution. Furthermore, this solution is designed to manage different payment types and currencies in one system, offer financial services in a borderless fashion.
Focusing On Peer-to-peer Finance
IBS Intelligence reports how DH Corporation has allegedly partnered with Ripple Labs to bring distributed ledger technology to Global PayPlus. As a result, the entire blockchain solution operates as a “closed loop“, connecting different bank networks together. This distributed ledger technology implementation makes real-time peer-to-peer payments become a reality,
Peer-to-peer payments are evolving, and distributed ledger technology will help bring this concept to consumers all over the world. But there is more to the blockchain that just that, as this innovative solution offers unprecedented financial security. Faster settlement of payments around the world is a major step forward for the financial system as we know it today.
At the time of publication, NewsBTC was still awaiting an official response from DH Corporation regarding their blockchain implementation.