I believe blockchain technology has, and will continue to advance financial processes and that, as a society, we will gradually move away from centralized database structures and services. There have been many technological advancements over the past few decades, but the financial sector and the field of money management have experienced very little innovation. Blockchain is changing that. In the future, people will see crypto adoption the same way they saw credit card adoption.

Today’s traditional centralized banking structures, financial services and trade networks are outdated. Each country abides by its own rules and customs. However, in general, whenever you want to move money from one account to another, especially if they are more considerable sums, we are hit with charges or frustrating delays. Depending on the banks involved and their processing times, larger sums could take days to reach the receiver. You might need extra paperwork, signatures… It’s a real fuss and can disrupt essential payments. 

Blockchain railways, on the other hand, strip out all intermediaries as funds are passed directly from one user to another. Funds can take as little as ten minutes to reach the receiver’s account, day or night, seven days a week. The charges are also minimal. Each blockchain manages its own charges, but the processing fee is generally very low, and, at any rate, much lower than the fees charged by centralized banks. Looking ahead to the future, I see blockchain technology transforming how we understand transactions and pay one another.

Blockchains can be used to send, exchange and receive cryptocurrencies; to transact in crypto. Every cryptocurrency transaction that uses blockchain technology is registered on the native blockchain of that currency, which might be Ethereum, Matic, and more. The blockchain therefore acts as a public ledger, and records every detail about the payment, whilst building on and adding to the public history of those specific coins. This process of recording transactions on the blockchain is known as mining, and as soon as a transaction is mined, which, as I mentioned before, could take as little as ten minutes, the funds are registered in the receiver’s account. It’s seamless. 

We want to help to make crypto accessible, and to make it accessible, consumers need to know that they can use their funds to transact with the real world. This is already happening in many nations worldwide such as Argentina, Nigeria and Germany, but it’s not yet mainstream. That’s where ForumPay comes in. We want to make it an acceptable currency for both consumers and merchants, one that increases freedom on both sides of the transaction and opens both communities up to more opportunities, whether that regards spending or earnings. 

ForumPay

We have designed ForumPay to help businesses offer their goods and services to cryptocurrency consumers and accept cryptocurrency as payment while eliminating the risk and the fear of market volatility. There are natural concerns surrounding cryptocurrency transactions such as this volatility, compliance and payouts, for example, but at ForumPay, we have found the formula to ensure that merchants are at no risk of being exposed to market volatility, we are 100% compliant with all standards and can help merchants manage payouts in several ways when customers request refunds.

The ForumPay solution harnesses what we consider the best features of the crypto space, and introduces them to the FIAT world and FIAT payments. These include the speed and efficiency of crypto railways, the blockchain’s security and transparency, and the low payment processing fees. Merged with the FIAT space, these benefits overcome the wait times and inefficiency inherent to traditional payment railways, commissions and fees, and also bypasses unnecessary intermediaries. ForumPay takes the features of crypto and crypto railways to benefit the functions of FIAT currencies today.

The great thing about ForumPay is that it bridges the gap between wealthy crypto consumers who want to spend their funds, and merchants and vendors who are looking to tap into this affluent community. We’re also wallet-agnostic, a pretty unique feature as far as payment gateways go, meaning consumers can send a range of cryptocurrencies from the wallet of their choice. The ForumPay crypto payment solution also instantaneously determines and fixes the crypto price for the consumer, which is equivalent to the FIAT amount charged by the merchant. We own and operate our own cryptocurrency exchange, allowing us to provide the best exchange rate for transactions in real time. The merchant then receives the funds in the FIAT currency of their choice the very next business day. 

Crypto and the future of finance

As I mentioned before, the challenges posed today by traditional transactions and payment railways can be solved to a great extent by the innovative solutions offered by crypto and blockchain technology. International transactions today, for example, can be unreliable, and they are often hindered by hefty fees, long processing times, and even infringements on privacy. These inconveniences are all either greatly mitigated or completely removed from the equation when transacting over crypto railways. Regarding privacy, for example, despite crypto transactions originating from an identifiable wallet, the owner can remain completely anonymous and is free to move their assets autonomously. 

I believe the decentralized nature of blockchain technology will continue to grow as a driving force in democratizing access to financial services around the world. We’re already seeing users and consumers in unstable economies who are fully dependent on crypto and trust in its utility, security and functionality because they do not feel they can rely on their national currency, or their government’s handling of it. Financial inclusion should be a guarantee for all, and I think crypto provides scalable access to a previously elusive financial system for the unbanked population. 

The blockchain ecosystem has also introduced unprecedented transparency to financial transactions and has, therefore, mitigated the risk of fraudulent activity. The immutable, public and decentralized ledger of blockchain will become a cornerstone in securing the integrity of not only transactions, but also of insurance policies and claims thanks to its ability to create smart contracts, which introduces greater automation and tamper-proof audit trails. Overall, I’m optimistic that the future of crypto holds real transformative potential for overcoming the current inconveniences of the financial landscape.

Logically, however, as with any new technology, there has been and is pushback from centralized establishments such as governments and central banks as to the safety and utility of cryptocurrencies and crypto railways. Isolated cases such as the FTX scandal haven’t helped matters and raise questions over the security of the crypto landscape. Sensationalized media narratives create an aura of mistrust and, in turn, a lack of understanding of crypto among the general population. It deters people from exploring the benefits of blockchain when this very technology is the answer to so many problems. Centralized institutions are also hesitant to relinquish financial control and fuel skepticism. We must work to help overcome this resistance to foster a more crypto-literate society that can benefit hugely from decentralized technologies.

There’s no denying that the crypto market is still volatile. But this volatility can be mitigated by cracking down on traders’ excessive use of leverage. But as regulations that encourage responsible trading practices are developed, the stability of cryptocurrencies will become much clearer and a more widely accepted truth. Many cryptocurrencies such as Bitcoin, or our latest venture ProperT 2.0, have a finite supply, which diverges from traditional fiat currency models. This enhances their appeal as a legitimate asset class and their enduring stability, helping people see Bitcoin and, by extension, cryptocurrencies as realistic and functional payment options integrated within the broader financial landscape.

Despite the inherent market volatility, positive awareness about blockchain technology’s benefits and real-world utility, and, by extension, cryptocurrencies, is growing. Widespread acceptance and adoption is inevitable, especially as centralized institutions expand their knowledge of the crypto landscape and develop regulations that help increase the security and stability of digital assets for modern consumers. This increased confidence in crypto will boost adoption and showcase it as the most efficient way to run financial processes in the future.