20.08.2020 published by Freecoins24
4 min read

Blockchain technology has seen raised interest in the past few years. The financial industry was on the path to discovering how to leverage this technology when the pandemic hit. Corona Virus  has changed the way people handle their finances, both literally and investment-wise. The impending worldwide recession has people looking for alternative ways to secure their savings. Furthermore, the fear that physical bills might carry the virus from person to person makes people rely heavily on cashless payments. 

The launch of Apollo’s National Payment Platform is the one-stop solution to all these issues. The fintech company is making history by creating the first blockchain-based National Payment System. 

What Is the National Payment Platform? 

The National Currency System is a technologically advanced cashless system that runs on the Apollo blockchain. It is designed to cater to the central banks through running a Central Bank Digital Currency (CBDC). 

Apollo Fintech is known for providing nations with blockchain-based financial solutions, and this innovation tops the rest. The National Payment Platform is opening up a channel for countries to adopt a sovereign national digital currency. The platform allows countries to transition to performing cashless transactions seamlessly. Together with other Apollo Fintech products, the NPP through Central Banks is targeting the unbanked population. 

A good percent of the world’s population lack banking services or use financial services. The National Currency System hopes to provide this population with a sustainable economic structure to save their income. A collaboration with the country’s central bank will facilitate the circulation of a credited stable coin to their unbanked population. The world’s unbanked is just one of the niche markets Apollo Fintech is looking to offer financial solutions. Through a decentralized blockchain network, the company can win citizens’ trust weary of the government’s interference in their finances. Furthermore, a sovereign national digital currency will offer a universal payment solution for merchants and traders across the country. 

Features of the National Payment Platform 

There are several notable features of the NPP. Apollo Fintech designed the platform with the capacity to power an entire economy. Therefore, large institutions like the central banks can use the platform and allow merchants to conduct peer-to-peer transactions. To cater to everybody’s needs, the company created both online and offline transaction features. The merchants and citizens of a country can use online wallets to store their currency or access their accounts through SMS, offline cards, agents, etc. 

Merchants get to join the platform through online sign-ups. This registration will give them a chance to perform peer to order transactions and use the Blockchain ledgers to do inventory. 

The Apollo blockchain is the world’s fastest and most feature-rich blockchain. Therefore its features like quantum resistance, sub-zero to two seconds block time and has database sharing. Sharding ensures the sustainability of the stable national coin without fear of bloating. 

Benefits of Using Apollo’s National Currency System 

• Financial Services To the Unbanked 

The world’s unbanked is a large population that hasn’t been tapped into by other payment platforms. Apollo Fintech has devised a plan of reaching this population and getting them on the National Currency System. They will provide financial services regardless of bank account ownership status. 

• Increased Adoption of Digital Currency 

Apollo Fintech is providing a solution for CBDC adoption across the world. Governments now have a sustainable and innovative solution for managing their stable sovereign coin. A national payment platform will expose more people to the use of digital currency and encourage mass adoption. 

• Faster Transactions 

Cash transactions through third parties can take days to get approved. The Apollo blockchain cuts this transaction time to almost an instant. Citizens and traders can conduct their transactions in a fast and secure manner. 

• Convenience 

The platform offers several options to conduct transactions, both online and offline. It backs QR codes, web payments, SMS confirmations, desktop apps, mobile verification, and many more. These methods are conveniently placed to benefit any trade or transaction by the citizens. 

• Secure 

The use of blockchain technology not only makes the transactions secure but also prevents manipulation or fraud. The users of the platform are assured their funds are safe and incorruptible. 

• Sustainable 

The Apollo blockchain uses database sharding that makes the NPP a

 sustainable and scalable network. Furthermore, using a cashless system will eliminate the need for physical cash, thus saving the government funds used in printing bills. 

Endnote 

Financial technology is continuously evolving and coming up with better innovations to ease financial management. At the front of these innovations is Apollo Fintech, with groundbreaking financial solutions and blockchain-based products. The company has managed to seamlessly combine the best features of traditional finance and blockchain technology. The development of a cashless system that is sustainable and can manage the finances of a whole government is groundbreaking. The central banks which have been searching for a sustainable way to run their CBDC now have a platform to assist them. The National Payment Platform is making financial technology history. 

• Fair Pricing

In U.A.S.’s model, markets are self-regulating. The forces of demand and supply determine the price. In this way, both parties leave the market satisfied.

• Drawing on Innovation To Catapult Growth

Lighter tax burdens mean that producers can afford funds for research and development. Continued research will result in goods and services of better quality. 

Additionally, the nation will bank on crypto and blockchain to drive commerce. The two means are innovative in themselves. They also inspire additional innovations that will ride on their networks. Consequently, wholesome advancements in the commercial space are realized.

Author’s Note

A nation’s developmental trajectory is a factor of political and economic choices. Each country has to contend with economic paths it will chart. Democracy is invariably synonymous with free-market policy. Alternatively, authoritarian regimes opt for more controlled economies. Others yet choose to adopt different hybrids of the two. The U.A.S. chooses the path of free market and democracy to achieve its agenda.

Free market principles, coupled with the deployment of blockchain tech, integrate well with the nation’s guiding principles: unfettered freedoms, wealth creation, and prosperity. The model will revolutionize commerce, allow greater independence in the production process, and improve the citizens’ economic well being.