As the financial class of bitcoin products trying to take advantage of overtaking the goal is cross-border payments
At the moment, the American media LETV Netflix – in addition to the music as the analog mobile phone, TV and car sales. In announcing international authorities, LETV by American television maker Vizio to enter the American market. Recently, the music that took over the United States “connection” in an interview, in order to realize the internationalization of the policy, they will look into a similar bitcoin product, can quickly and cheaply transfer the money across the border. This is according to LETV financial subsidiary official position for more than a month, this low-key forum for the first time in the market sound.
LETV LETV is a subsidiary of the financial application called Stellar open source protocol construction work skills pay to make across the enterprise and the customer money to entry. Similar to bitcoin, Stellar provides to the center of the network server, or block chain, distributed ledger can record system in every business business. This makes Stellar do not need to go through any regulators can achieve business.
LETV senior financial operations director, LETV financial chain block lab founder high Lin Hui expresses: “our policy is completed book money in low efficiency. In view of our expanding global influence, we need to pay cross-border.”
This year 10 month, LETV CEO Wang Yongli spoke with LETV financial ideas in the financial sector spread over the interface news interview with reporters, said the pay is basic, business focus, information management is biased. The music has not yet got the key to pay business license, so pay cannot follow simple: music is looking to pay financial reform bias, following step and mobile phone TV, unity, at the moment there is no shortcut to increase pay scene, then with the help of the blockchain skills.”
Wang Yongli expresses, because each block chain is in the same line, LETV in advance with the financial authorities in turn overtaking the future of the Internet Financial echelon in it. Block chain could pay for cross-border skills or the existence of a variety of coins, fees and other issues, as well as for online peculiar identity and verification for Small and micro businesses and personal information asymmetry, full credit stress etc..
As far as possible in the blockchain application, as the financial one step ahead, enter the five members of the Ministry of industry of the first unit of the column, but the music is still groping for the financial chain at the lower stage of block.
This skill is supported by San Francisco’s new company Stripe founder JedMcCaleb Stellar, who is one of the earliest use of bitcoin, he believes that now the concept of digital coins in Western Europe have limited appeal because they already have a strong electronic transfer of funds for basic facilities. He believes that the true strength of the blockchain is that it do the transfer of funds in the growth of Chinese and cross-border skills.
Management consultancy, in a recent report shows that the current cross-border capital payment cost is expensive, the average single business cost between $25-35 (about 172-241 yuan / pen), ten times in the territory of pay, while domestic pay way more like than cross-border pay. In multi currency payment, transfers of funds between the banks to support the existing skills vary from country to country. Application programming interface transfer between banks (or API) design is poor, sometimes, the payment is a one-time message or file transfer at. In many cases, because of too many stakeholders, the existing system does not flow.
LETV blockchain laboratory related staff suggested that the Stellar network can be financial institutions, pay system, users of the three contiguous, anyone can quickly calm the remittance, and the cost is nearly zero. But according to the news reporter learned from the interface, he portrayed the scene with other countries also need help can achieve. The operation of a truly global network, these partners need handling remittance centers or nodes on the network”. At present, Stellar said the network business has been designated pay in Europe, Africa and Philippines were connected to the existing funds, including Tempo and Coins in Philippines company.
What the Paris international remittance company Tempo chief technical officer AnthonyBarker engaged in 15 years of foreign exchange business in the National Bank of Canada. He said that the Stellar network may eventually help the remitter to cut costs, but this will only be in the environment to use throughout the protocol. “You need a business partner on the other side of the canoe to become a boat.”
Cross-border pay still face obstacles. Barker said, the authorities have not really recognize the skills to bring about. Earlier this year, Stellar in Nigeria for the construction of a funds transfer network, according to a 2014 report, where only 35% of the population can enjoy the traditional banks. 17 million 500 thousand of adults in Nigeria, there are more than half of the non formal channels of remittance, such as the use of prepaid debit cards and by friends and family from one place to another tourist. Even so, the Central Bank of Nigeria in the summer or intermittent Stellar plan, in addition to the three major companies have been established, overcome all funds designated business planning company