FessChain is a decentralized platform that solves the shortcomings of the current electronic settlement system. FESS introduces a safer and faster way to transact within an electronic environment via the application of cutting-edge technology.
Over the past decades, technology had a significant impact on society’s economic and social aspects. The birth of technologies like the Internet of Things, machine learning, and artificial intelligence have escalated the ease with which organizations work at a micro and macro level. The blockchain technology burst onto the scene roughly a decade ago. Researchers worldwide have been trying to implement various technologies in different spheres, having the blockchain as the pivot. Distributed Ledger Technology or blockchain has an immense potential to optimize the way businesses operate. That said, blockchain has a robust and flexible technical architecture making it suited for every mainstream activity apart from business operations.
People are familiar with the Barter System, but it is important to have a better way of transacting with each other regardless of the distance between entities or individuals. Electronic transactions have become customary since the full-fledged application of the internet. Visa, Mastercard, and Netscape have been working to create the best electronic settlement system. Visa and Mastercard are currently the most prevalent. However, a closer look at these mechanisms will help in understanding that transactions are processed in a centralized fashion, reducing people’s control over their data. Moreover, it poses transactional security risks because of the high level of dependency on third parties to perform transactions.
The blockchain technology is decentralized with the underlying features of security, trust, and transparency, and can optimize the mechanism of electronic settlements and transactions. FessChain is designed for that purpose apart from several other sectors in which the application of blockchain technology can instill a culture of greater security.