Connect with us

Business

The Potential Impact of Blockchain Technology on the Commercial Finance Industry

LilyKing

Published

on

Up until 2008 when the blockchain technology was introduced, banks had the monopoly on all forms of exchange of values. With blockchain technology, decentralized cryptocurrencies like the rapidly growing Bitcoin have been created and are rapidly changing the way business as we know it is conducted.

 

Simply put, blockchain technology is a medium through which you can carry out transactions without having to involve intermediaries. The theoretical idea behind blockchain technology is to eradicate banks’ monopolised power over the control of everything related to fiat currencies, from their creation, to loaning services. With the growing acceptance of blockchain technology, it’s natural to start wondering what impacts it will have on the commercial finance industry.

 

Peer-to-Peer Lending

 

Generally, the commercial finance industry is focused on institutions which offer commercial business loans. Businesses can take up a loan to get started or to boost their production level. To take a loan, businesses and individuals must have assets they can collateralise to lenders. Some small businesses might have to depend on the Small Business Administration (SBA) or other institutions to qualify for some loans.

 

However, with the introduction of blockchain technology, there are now blockchain lending services that allow individuals to access peer-to-peer lending opportunities which are more efficient, more secure and provide better interest rates. This means that as an individual who wants to take out a loan, you do not have to deal with the usual credit service gatekeepers if you want to access really low interest rates. This in itself makes for an enticing prospect and could mean more people leaning towards blockchain technology rather than traditional commercial finance services.

 

When you fill out an application for a loan with a traditional bank or lender, they have to carry out a risk analysis on you in the event that you are unable to pay the money back. This means that they will have to gain access to your credit records which are provided to them by the credit agencies. They use this information to analyse the effects any payment defaults would have on them. This system is centralised and is often hostile to loan consumers. It also means that any material errors in your record could negatively impact your chances of getting your loan, with very little chance of you being able to have the error corrected.

 

On the other hand, because blockchain technology is decentralised, loan seekers have increased chances of securing loans based on a global credit score. In a few years, this will reduce significantly the rate at which consumers turn to traditional commercial finance service providers for loans.

 

For those institutions which don’t embrace blockchain technology, it may well mean extinction because there will no longer be any need for their services. People will choose a medium that offers them easy, secure and convenient transactions, over a system that uses various prohibitive intermediaries in its processes.

 

Blockchain offers a decentralised system that eliminates the need to use gatekeepers and intermediaries. You do not need to have assets that are equivalent in value to the loan in order to be given the loan. Your business simply has to meet a global credit score that is favourable to everyone, particularly small start-up businesses.

 

Some start-up businesses that have been predicted to be successful within a couple of years don’t flourish as expected, meaning they are incapable of meeting the deadline of their loan payment. The lower interest rates provided by blockchain technology make it less likely for businesses to have this problem. Apart from lower interest rates, blockchain technology allows for lenders to take tokens as collaterals and any time the default payment date is missed, the borrower doesn’t have to worry about being foreclosed.

 

Eliminating Fraud

 

Fraud is a big problem for commercial finance companies. However, by adopting blockchain technology, they will have found a means by which they can avoid fraud.

 

The transition of commercial banking to online has resulted in more opportunities for fraud. However, Blockchain ensures that identities can be kept secure and has at its heart a core feature of decentralisation. Because it is not centralised, it does not have a single point of weakness. The majority of fraudulent activities that take place are as a result of various intermediary processes that are involved in transacting with commercial finance institutions. This is missing in Blockchain.

 

Blockchain has the potential to eliminate many common frauds.

 

Will Blockchain Overtake Traditional Commercial Finance?

 

Despite the shortcomings of blockchain technology such as the fact that it is slower to process because there are a limited number of transactions a block can take at once, more and more experts are openly voicing their opinion that blockchain will gradually overtake the commercial finance industry. It has become a widely accepted view across the board that if the commercial finance industry does not begin to embrace and incorporate Blockchain, it will be swallowed by it and cease to be relevant.

 

Frankly, banks and financial institutions who have not found a way to make blockchain technology work for them are going to have to fight to keep standing still in a matter of a few years. Blockchain technology and cryptocurrencies offer people services that are more secure and cheaper than any traditional financial institutions have been able to offer. This makes it an irresistible offer to many.

 

Blockchain technology alongside the cryptocurrencies it has given birth to are still in their infancy and may not have much of an obvious wider effect for now.  However, the interoperation of both traditional commercial finance and blockchain technology will result in them becoming beneficial to both.

 

Banks will better be able to fix their shortcomings. The banks in turn will undoubtedly go on to develop a means to eradicate the shortcomings of the blockchain technology that currently exist so they can effectively harvest and maximise its benefits. The potential impacts of blockchain will be felt for many years to come.

Hi. I am Muhammad Mubeen. I am SEO Expat and Wordpress Websites Developer &  Blogger. 27 years old. I help entrepreneurs become go-to in their industry. And, I like helping the next one in line. You can follow my journey on my blog, All Note AbleB2B Guru PlanCross ArticleDj Soft WorldFinance PressHufforbesLife Health Press BusinessStrong ArticleThe Top StoriesUS Update ZoneBusiness TodayScience NewsEssay Writing AcademicElite Guide Health If you need any post so you can email me on my this Email: [email protected]  

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Checklist for Printing Custom Chinese Takeout Boxes

LilyKing

Published

on

Chinese cuisine is avidly eaten worldwide with variations of recipes and ingredients. Businesses associated with Chinese food include restaurants, takeaway places, and stalls. Handing over and delivering food to customers requires hygienic and durable packaging. If you have a Chinese takeaway spot, just having scrumptious dishes isn’t enough to get you more sales and customer loyalty. The food that gets picked up and delivered needs to stay warm, fresh and delectable for a long time. It should be easy for the customers to store the boxes. There are a number of factors that need to be considered while getting your custom Chinese takeout boxes printed.

Use Resilient Stock for Chinese Takeout Boxes

The first and foremost factor that should be considered while getting your takeout boxes printed is the quality of material to be used. Don’t go for cheap and light stocks; look out for printing material that is long lasting, durable and hygienic as well. Kraft is widely used for food packaging by manufacturers and suppliers because of its recyclable value. You can have kraftChinese takeout boxes for your products, these don’t have any harmful chemicals as kraft paper is grown on trees and it can be recycled easily.

Prefer Boxes with Handle

While choosing the box style, look out for options that are convenient to carry, store and handle. Any packaging style that is too fancy would make it difficult for the consumers to open up the boxes and eat, think about customer convenience. A box with handle, much like a gable box would be easier for the customers to carry food and eat it with ease. It would be convenient for the delivery team as well to safely transport ordered items that are packaged in boxes with handle.

Details on your Chinese Takeout Packaging

Food packaging ought to have the necessary details to save the customers from the hassle. There should be a list of possible allergens, as many people are allergic to nuts, fish and other ingredients. Make sure that the date of preparation and expiry are also mentioned vividly on the packaging boxes. Don’t miss out essential information like packaging storage instructions on your custom printed Chinese takeout boxes.

Don’t Miss out on your Branding Info

You would want your customers to order from you again. So don’t miss out your contact details like phone, website, app, email and social media information on the packaging. However, make sure that information is shared in fewer words and is printed prominently. The logo and tagline should be visible on a Chinese takeout box even from a distance.

Choose the Right Printer

A likable design for your product boxes and quality stock/finishing depends on the kind of printer you choose. Take your time to compare various printing companies, especially when you intend to pick an online one. Read reviews and have a detailed look at genuine customer testimonials.

The most important elements of the service like printing/shipping time, customer/design support should be gauged thoroughly. Don’t fall for the exaggerated or too good to be true claims of a printing service provider. Talk to a sales representative to know more and better about a company before locking your final option.

Make sure that you choose the services of a credible printer for your Chinese takeout boxes printing.

Continue Reading

Business

The office stationery you have to have in your new start up

LilyKing

Published

on

Building a business from scratch is challenging. As such, new business owners often have limited resources in the beginning. You may be having to budget your labour, money, and time to expand the business. You may have to juggle many responsibilities. If you are embarking on a small startup, then for sure, it’s an uphill battle in the beginning.
But it should be exciting too! Now that you have a small business that’s big enough to be positioned in an actual office space, it’s time to shop for stationery, office supplies, furniture and storage solutions. And then it’s time to celebrate!
Office stationery is a necessity when it comes to keeping yourself and your business organised, and your processes running smoothly. Documents also need to be managed through information technology. So get kitted out with these new start-up office management essentials!

Office Stationery

● Desk Supplies

Begin with the real basics of the office. Items such as paper clips, rubbish bins, pens, tape, and highlighters. These items should not be taken for granted. They are considered essential items for a reason! They will help you take notes, keep tidy records, be creative, and organise your systems and your daily business schedule. Having the right office supplies enhances productivity.

● Apps and Software

Irrespective of your device, you’ll need software and a few apps to assist you in managing your new business. Such tasks may include making payments, invoicing clients, scheduling appointments, and maintaining your blog or website. It may also involve monitoring your social media presence. One of these apps is GoCo. For small business owners, human resources may be a terrifying mystery. There’s so much to get right and learn. If you are running your first startup, it may be difficult to devote the personnel that is needed to handle all the office work. GoCo will help you with your office management. It is also a platform to support with your human resources. It helps with time-tracking, document management, and payroll management.

● Printing Supplies
Now that you have the technology you need for your startup, you need the supplies as well. If you have an office printer, then you should keep spare cartridges, toners, and ribbons handy at all time. There’s nothing worse than realising in the middle of a vital print job that you have run out of printer ink. Also, CDs and tapes will come in handy if there is a need to record work.

● Files and Folders

You need files as well as folders on your desk too. You should store documents such as licenses, certificates, sanctions, and others carefully. Files are a vital part of the office supplies. They speak volumes to your customers about how seriously you take and how disciplined you are regarding organisation.

● Writing Tools

You should store plenty of writing tools in your office. These should include pencils, erasers, and rulers. These are the basics. Have adequate supplies of various types of devices used for writing for multiple purposes. If the startup needs you to draw sketches or business plans, have pencils and brushes available too.

● Mailing Supplies

When it comes to distributing emails, invoices, paychecks, and other vital documents, you’ll require something to send it in. You should stock envelopes and postage materials.

● Planning- Time Tracking

The busier you become in the new business, the more vital time management becomes. You may have a calendar on your phone. It may also be synched with the official calendar. But, it’s crucial to view things in relation to other aspects such as the possibility of holding a meeting. That’s why you should purchase a planner and hang it on the wall to track your appointments. Sometimes it’s just vital to see something on paper.
● Rubbish Bins

Your office can’t do without a rubbish can and waste paper bins. Keep one of each next to every work station. You should also keep one near the coffee machine. You’ll also need bags to put the rubbish in.

● Scissors

Cutting tools are a necessity in the office. Scissors, as well as paper cutters come in handy, especially with the inbound letters and parcels. You’ll be amazed by how many pairs of scissors get lost, so have plenty around!

● Office Machinery

Having the right electricals in your small business is essential. Having the wrong equipment may set you back. It may prevent you from reaching your potential. The necessary hardware in your office should encompass computers as well as a proper networking system. They include a photocopier as well as a telephone. Without basic machines, the business may struggle to access better communication channels and reach clients.

● Office Comfort Equipment

It’s important to create an environment in which employees feel comfortable, valued and energised when they are working. This will play a key role in reducing injury, stress, work tensions and lack of motivation. Invest in good, high quality office chairs. To do anything else is a false economy as it will only result in injuries. They should be ergonomic to help reduce neck pain. They can also alleviate back pain. Other methods that can help reduce muscle pain include purchasing wrist rests and footrests. You may also consider buying laptop stands.

Starting up a small business you will need office stationery, supplies, and equipment. Buying items such as printers, fax machines, and computers will be the most significant expense of your startup. But, if you plan well, you’ll be able to control office start up expenditures by purchasing the right items that last a long time. It may also be beneficial to purchase heaters and air conditioners, and don’t forget that other essential… the coffee machine! The right basics can transform your office space into a great success story and a motivating force for your employees and your business.

Continue Reading

Business

You can actually make your will online – here’s how

LilyKing

Published

on

Understanding The Elements of a Will

When making a will, it’s crucial to have a clear understanding of the different elements and legal terms which go together to make a will legally valid.

A will refers to a legal document in which an individual, otherwise known as a Testator, expresses his or her wishes regarding how they want their assets to be distributed when they die. Assets just means everything you own which will need to be redistributed when you die. It could mean money and land and houses, but also your smaller items of property such as books, jewellery and even photos and diaries.

Usually, the subject names one or more individuals as the Executor of the will. The executor refers to the person (or persons) who are responsible for ensuring the testator’s wishes are carried out after their death.  It’ll be up to the individual you’ve appointed to follow your instructions to the letter.

The will should have a record of every detail regarding how you want your property to be shared among your beneficiaries. Beneficiaries are simply those people who will benefit from your will in some way or other. You can name whomever you wish to be your beneficiaries. Most people pass their assets to their spouse, children and other close family, but some people choose others including charities and organisations to benefit from their will.

Why Write a Will

Most people – two thirds of people in the UK in fact – don’t have a will. Perhaps they consider it complicated to arrange, or they don’t feel they have assets worth enough to make a will necessary. More often than not, people put off writing a will because they worry about the costs involved. All of those fears are in fact unfounded.

Writing a will – no matter how small or large your assets are – is one of the most important jobs you will do in your lifetime. Think of how much peace of mind it would give you to know that your loved ones will be well taken care of after your death and that your assets will be going to those whom you know will appreciate them and understand how loved it meant they were by you.

Creating a will has become far easier with the advent of technology and the use of online will writing services. You can now create legal documents promptly and easily, and without any of the expense that used to be involved in paying a solicitor to write your will for you.

Are Online Wills Legal?

Absolutely. It is perfectly legal to take advantage of the many services that help you create a will online. Such websites provide an online will maker who can guide the user to a tailored, finished product, by asking questions and presenting the various options available. The answers to these questions are keyed into a template and enable the will writer to ensure your will is written in the legal way and with your wishes at its heart. Some websites provide forms and step-by-step guidelines so that you can fill out your will on your own, without input from anyone else. Others offer a DIY template which can be downloaded to your computer.

Are Such Wills Different from the Conventional Ones?

Only in the sense of how they have been made. An online will has the same content and legal weight as a will written in a solicitor’s office with you present. This is as long as the will you’ve created complies with the law and is signed and witnessed in the correct way.

Breaking Down the Process of Creating A Will Online

  • Step 1

Create and write the introduction to your will. You should begin with the sentence “This is the Last Will and Testament of….”,  followed by your full name as well as the address you’re currently using. You also need to testify that you’re of age and are of sound mind. It’s crucial to state that you’re not making the will under any duress. At the end of the first step, you should state that it’s your last will and that it revokes any will that was previously made. If you’re using software, the program will generate the introductory section for you.

  • Step 2

As earlier discussed, you will need an Executor. This person will oversee the implementation of your will. It could be a close friend or a trusted family member. Meet this individual and discuss their willingness to be responsible for execution when you die however, before naming them. Then, if they agree, name them as such in your will. It’s important to select an alternate executor too, in case your first choice is unwilling and unable to perform their duties when the time comes.

  • Step 3

In this step, you should identify your Beneficiaries. This could be your spouse, children, or life partner. You can make additional provisions for other individuals. Ensure you identify these people clearly with their full names so that there is no confusion regarding their identities. The names of the beneficiaries must appear on your online portal.

  • Step 4

In this step, you should name a guardian for your minor children, if you have any. If you have young children who still need guardianship, choose someone who you feel will be able to take good care of all the children’s needs and is close in terms of beliefs, philosophy and attitude to yourself. Discuss the responsibility of the role with those you wish to nominate before naming them.

  • Step 5

Even though you’re creating your will online, you need to have all the details ready thought-out and prepared. As such, you should assess the value of your property and divide it. List all your assets including bank accounts, stocks, tangible assets, bonds, and real estate. Then decide how you wish to split them amongst your beneficiaries. For instance, you can allocate 50 percent to your spouse and 25 percent each to your children. Or you may also make individual gifts of different properties to be allocated to your beneficiaries. The choice is entirely yours but again, it is advisable to discuss your decisions with your beneficiaries if you think any of your decisions may cause confusion or distress after your death.

  • Step 6

Have your will witnessed. This is very important or your will won’t be legally valid and could be challenged or nullified after your death. The online will service will have a signing portal. You will be required to have at least two witnesses sign the will, and witness each other sign it. Usually, they should not be the beneficiaries of the will.

In summary, online will making is a great idea for individuals whose properties are below the estate tax limits. It is also great for individuals who have a straightforward estate. If you have an estate that could be subject to large amounts of tax however, or complicated family arrangements, you should consult a lawyer. Otherwise, take advantage of the online will services that are available and give yourself peace of mind knowing that this important task is taken care of.

Continue Reading

Trending

Copyright ©2018. All rights reserved. Mini Paris News