Role of Blockchain Stellar in Transaction Transparency

Blockchain

Could you ever imagine that you can store the data on each money transaction? With blockchain technology it has become possible. 

Blockchain is a public ledger that is designed to store information which cannot be altered without recording the changes made. It was popularized as a tool for crypto transactions but has since been used in several business pursuits to promote transparency. Here it comes to Stellar.

What is Blockchain Stellar?

Stellar as a trademark of decentralized protocol of open payment system

Stellar is a blockchain platform that is geared towards banking and cross-border financial transactions. It intends to address issues with remittances, mobile payments, and micropayment. A big objective of Stellar network is to provide affordable financial services at a lightning pace. A block (Stellar Ledger) consists of transactions. This is a constant that closes with a constant period of time (every 5-6 seconds) regardless of the operations performed. For a Stellar transaction, you must have two Stellar accounts. Verification is based on the blockchain base itself. Transactions can go in the equivalent of 1 to billions of monetary units.

Main goal of Stellar

Stellar’s main goal is to become the world’s digital payment rail by connecting people, banks and payment systems. It allows you to transfer money to anyone, anywhere, quickly and securely with a transaction cost of less than a penny.

The advantages of Stellar usage

The main benefits of Stellar come from its low transaction costs, almost instantaneous transaction speed for cross border transfers and high security. Furthermore, Stellar is not centralized, and it is a non-profit company with altruistic instead of profit-making goals. Moreover, there are other advantages of Blockchain Stellar:

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1. Quick money transactions in any currency.

2. No governmental taxes: Stellar aims to be a platform which provides access to financial services to everyone all over the world, including services for the underbanked.

Thanks to all these features the demand for Stellar is becoming higher.

Technorely’s case

System that allows to make settlements under agreeements between two parties

DeLezo is a system that provides an opportunity to make settlements under contracts between customers (government authorities and enterprises), performers and their employees. Thanks to DeLezo it has become possible to supply transparency in money transactions so that each token has its own detailed history from deposit to withdrawal. This allows to track the owner of the coin everytime everywhere.

Client’s aim and Technorely’s solution

The main goal of DeLezo is to minimize corruption. The entire financial history is stored in the blockchain itself, and it is open. Technorely combined Stellar with our calculations, which allows us to track each token. Every token is unique as it carries its own story (transfers and owner). If you know the history of the owner, you can find out the history of translations. We know the transparency of cash transactions, so the entire history of the transfer of funds is visible. This allows you to minimize corruption, because it is clearly visible from whom and to whom a certain amount of money was transferred.

The system operates according to the requirements

The operation of the system satisfies all the expected results, and the main task is completed. Currently, the project is working in test mode on the stage of final testing. This project is going to be very useful for developing countries.

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Conclusions and suggestions

To put it very simply, Stellar enables a future where everyday people can send money anywhere affordably and quickly. That’s what Stellar is for, and that’s what Stellar is going to do.  If you find this article interesting, please rate it with the stars below.

We in Technorely have our future plans to continue working with Blockchain Stellar system in the future. There are many advantages of using the blockchain in various technologies and industries, where history and security are required in terms of the likelihood of data (avoiding falsification), for example, finances, identity, etc. Security and transparency are the main features of this method.

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