When you are trusting your data or transactions to a third party, sometimes you can get burned, blockchain is on the rise and it’s time to meet some of the facilitators of this to make an informed decision. Finterra aims to give you the financial freedom and transparency with their world first, cloud-based financial services platform and create The Social Solution to Blockchain.

Let’s look at Finterra in more detail, as well as how their vision is creating a new, accessible world for Blockchain.

What is Finterra?

Underneath everything else, Finterra is a Blockchain ecosystem. Using a cloud-based platform which was founded on an intelligence-based passion and the aim to inspire and empower individuals to take control of their financial destinies, together as a community.

What does this look like?

The base blockchain, also known as The Finterra Hub has the role of being an accountant and facilitating the transactions between all of the other products and services. On top of the blockchain platform, Finterra hopes people will join the ecosystem to build their own products and services.

To really show what they can do, Finterra is releasing three products of their own:

1. Endowment Chain (EC) — Focused on non-profit organizations and asset owners with the aim to provide access to beneficial funding opportunities for the community. The tokens in the endowment chain are transferable, inheritable and can earn dividends because they are backed by real assets.

2. Open Source Development Community — Promoting community innovation and collaboration and bring power back to the users.

3. Loyalty Point Exchange (PE) — For large scale usability, loyalty points can be exchanged for FIN at any outlet so that it can be spent on the platform. This provides a larger value for money and rewards your loyalty.

What is a FIN?

This is the unique token system used on the Finterra eCommerce platform which can be used in activities like making utility payments, flight and hotel bookings and telco top-up purchases at a discounted rate.

Why Finterra?

The big question is, why them? As a bank or online merchant, the Finterra Blockchain is highly evolved to support ledgers and Smart Contracts leading to benefits including:

Reduced Costs — With less infrastructure or transaction costs that are associated with traditional contracting, you can reduce your overheads and focus on your business needs.

Real-Time Tracking — With the ability to trace the audit trail and real-time tracking, it removes error handling and reconciliation.

Automation — Settlement is automatic and you can run incorruptible business rules to dictate transactions without the need of a human element.

Eliminates Third Party Validation — Assets are tied to the owner identity in the cloud, rather than institutional custodians which means they are democratic and don’t need third-party validation.

Secured Ledgers — The secure distributed ledgers are shared throughout the network, meaning data cannot be lost and the information is tamper-proof on the financial database.

For consumers, the big wins are:

Transparency and Neutrality — At any given time, the FIN money supply can be verified and used in real-time by anybody because it is readily available on the Blockchain. However, no-one else can individually manipulate or control it because it’s secured cryptographically regardless of whether they are an individual or organization.

International Compliance — Finterra provides security with backup and encryption compliance to ISO standards.

Freedom of Spending — FIN is not restricted in the same way as physical currency. You don’t have to wait for banks to open on the holidays, there are no borders to transactions and no bureaucracy to deal with.

Where Is Finterra?

Currently, Finterra is headquartered in Hong Kong but also have a presence in Singapore and Malaysia with the Geneva foundation being set up in the April of this year and more expansions planned for the future.

Accolades

Finterra was recognized in 2017 as the winner of the Fintech Social Media Excellence Award at Malaysia’s Social Media Week for their accessibility and unique social media messages. Its ability to drive brand engagement in an industry that many are still afraid of is impressive and shows what we can expect going forward as they create this social solution.

What Does The Future Hold?

With scheduled expansions in New York, Dubai, Geneva and Abu Dhabi, Finterra is aiming to promote community growth and development, bridging the gap between consumers and providers with their ecosystem. Their roadmap showcases that by March this year, they will be listing on the global exchange with their blockchain scheduled to go live in May.

It’s an exciting time for blockchain technology and Finterra’s approach will offer mainstream accessibility while promoting community for users. Being used by consumers and providers alike, this borderless, blockchain driven, zero fee cloud-based platform is just what we need to trust in the Blockchain technology moving forward.