Blockchain Technology Solutions by Xtrictech 3PL

The Client’s business is dependent on reliable and transparent financial information. Our Blockchain experts devised faster and more accurate information handling and delivery methods through immutable ledgers (with limited access). With our timely Blockchain interventions, it was possible for the Client to:

• Track payments, orders, production, accounts, and transactions (with full details) to enjoy new opportunities and efficiencies.
• Lower the fees of electronic payments and streamline the entire transfer process.
• Gain real-time and accurate information on payment status and their reversibility options to prevent scams.
• Bring in desired changes to enable efficient use of mobile devices and secure digital identity while delivering its financial services.
• Execute enhanced digital currency transactions with Blockchain-enabled cryptocurrency solutions.
• Reduce the costs of bookkeeping, commissions to intermediaries, purchase of central databases and their maintenance, database security, and value transfer systems.
• Enable peer-to-peer (P2P) transactions with every stakeholder as a node.
• Reduce credit and fund management risks with smart contracts, instant payment settlements, and more reliable data immutability tools.
• Settle transactions near instantly and remove the risks that barred counter parties from meeting their obligations, thereby reducing bank expenses substantially.
• Increase the options for financial services solutions in the time crises with digital/crypto or tokens or currencies.

The solutions and networks introduced by Spearhead set the stage for instant settlements, reduced costs, higher transparency and security, effective risk controls, and more impactful audits. Our comprehensive assessment of blockchain requirements was based on multiple qualitative and quantitative criteria to generate the desired results.

Blockchain Benefits

Blockchain technology, oft-referred to as a universal currency used by the global financial sector, can replace paperwork and processes with new-age speed and innovation. In addition, the highly secure and transparent collective trust built with Blockchain capabilities creates better solutions to guarantee tangible business outcomes and benefits.

• Simplified operations with muti-party, real-time tracking systems.
• Superior handling of letters of credit and bank guarantees.
• Faster, more accurate recording and reporting with automated compliance processes.
• Integration of immutable data records for frictionless, accelerated, and point-to-point fund transfers across financial organizations.
• Innovative service models with high scalability and security measures to ensure lower-cost, error-free settlements.
• Unique digital representations of financial assets for trading all types of assets with higher speed and liquidity.

Our Blockchain-aided trade and financial solutions created better trade experiences for the Client. With reduced operational costs and risks, guarantees and credits were processed quickly and with deeper insights into the financial positions of different parties. Furthermore, with risk-mitigated, standardized, and transparent trade (credit, finance and insurance) solutions, new revenue opportunities emerged readily.

The Blockchain technology solutions implemented by Spearhead fostered higher transparency and security in cross-border trading. We also integrated new trade networks and trading hubs to reinvent the complex trade processes of the Client. Our experiences in rapid product development, networking, strategy building, governance and compliance building could unlock blockchain value. Overall, we provided a whole stack of innovative tools to foster a sharp, competitive edge for the Client’s financial services business.

Problem: Technology Gaps for Digital Currency Usage

The Client transacted with decentralized digital currencies, including Bitcoin, Ethereum, and other types of cryptocurrencies. Centralized governmental oversights did not regulate the alternative currencies in use. With its decentralized transaction ledgers spread across multiple peer-to-peer (P2P) networks, the Client confirmed transactions without any interventions from any central clearing authority.

It was critical to integrate advanced blockchain technology solutions to:

• Journalize exchange transactions in a more organized and transparent way.
• Secure monetary supplies and fund transfers with the latest blockchain encryptions.
• Create more nodes to broadcast the excessive load of digital currency transactions to existing or new P2P networks.
• Construct more stringent nodes to validate user identity and ongoing transactions.
• Add new data blocks to handle multiple transactions and leverage the superior benefits of Blockchain-enabled digital currency.

The difficulties of implementing blockchain and related resources prevented end-to-end adaption of blockchain-enabled digital currency. Our Blockchain teams, specifically those dealing with digital currency, assessed the existing IT infrastructure and found gaps in tracking accuracy, recorded transactions, and cost controls.

The Spearhead Blockchain Technology Advantage

The crypto risk managers and blockchain experts at Spearhead joined hands to address the Client’s complex digital currency risk management concerns. The end-to-end blockchain solutions:

• Paved the path for positive business results with the timely handling of cryptocurrency regulations, valuation, and modeling.
• Deployed scalable Blockchain-aided cryptocurrency ecosystems to assure accurate client holdings and transactions.
• Traced and reported real-time frauds with the help of advanced blockchain analytics tools and statistical models.
• Mitigated the AML risks of critical financial transactions through advanced analytics and anti- money laundering tracking systems.
• Integrated Anti Money Laundering (AML) compliance nodes to handle regulatory issues and frauds faced by the Client’s global financial institution.

Overall, our efforts to include the best digital currency security practices, transaction wallets, and digital currency exchange models brought many positive changes to the Client’s cryptocurrency landscape.

Benefits of Using Blockchain Technology in Digital Currency Management

After filling the technology issues faced by the Client, it was easy to introduce its digital currency teams to the most significant benefits of using Blockchain technology.

• Securely locked cryptographic codes and systems to guarantee successful transactions.
• Steady increase in ROI with high-powered digital currency aided by chained blocks broadcasted across network nodes.
• Singular, centralized platform to schedule investments and buys.
• Use of Blockchain databases and ledgers to conduct well-informed trade.
• Lightning-fast, transparent, and reliable digital currency transaction capabilities to enable secure trade on all cryptocurrency exchanges.

The Client started using our latest blockchain technology solutions to verify and trace its numerous transactions. Resultantly, there was a marked decrease in compliance costs. In addition, more secure digital currency transactions, combined with speedier data transfer processes, helped the Client deliver more impactful financial services.

Spearhead was instrumental in stacking the Client’s digital assets in robust and offline storage systems. Furthermore, our crypto insurance products were helpful in safeguarding these digital assets at cost-effective prices. In addition, the inclusion of globally accepted practices, backed by our blockchain capabilities, assured the Client of safer transactions of all tradable forms of digital currencies.