The people of the world have always dreamed for greater financial freedom. Economists have selected different ways in order to influence the economic landscape of the world. The popular historical tools to claim a better living had been pen; the ballot box and sometimes the sword that guided the way to true financial freedom. But a relatively new technology called Blockchain has potential to outreach any of the technical implementations put into practice so far. It promises to serve mankind in eradicating the fundamental problems related to banking. This technology procreates an opportunity for economic growth.
“The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, authors Blockchain a Revolution.
Many Blockchain enterprises are illuminating the lives of people who are completely in dark about the kind of control they can have on their wealthy possessions. Financial independence of the people can become a reality with decentralized Blockchain ethos. LALA World is trying to build a financial ecosystem that can help over 2 billion unbanked and underserved families pursue financial freedom, financial happiness, and financial accessibility.
The achievement was also covered by DealStreetAsia: https://www.dealstreetasia.com/stories/singapore-blockchain-solutions-firm-lala-world-85317/
Acquiring financial freedom is an intricate task. With Blockchain technology, we can eradicate fraud, automate manual processes, and control issues of authentication & trust. Blockchain can enable humans to restructure legacy architectures of governance and law, reinvigorating lost factors of true democracy and meritocracy. Here is how LALA World helps individual gain financial freedom:
Global Financial Identity for Availing Financial Services across Borders ensures Financial Freedom:
Once the personal details along with the KYC is completed, it gets stored on LALA ID’s decentralized network. Banks give rounds of paperwork to be filled and submitted repetitively. It takes a lot of time and energy before one starts enjoying the privileges of the banks. Today, transactions involve many players. E.g. a 3D Secure authentication offered for Credit/Debit card payments involving the issuing bank acquiring bank, payment schemes, ACS (Access Control Server) or a clearinghouse. Blockchain applications could replace these centralized systems with decentralized ones, where verification comes from a consensus of multiple users.
An individual who has full access to all the stages of the transactions feels confident about having control over his/her money. LALA ID Credit score process is transparent and detailed with efficient rating model based on completion of KYC documentation. Anybody can open a LALA Wallet account. Whereas in commercial banking, the processes are not transparent and account owners are blindsided to the developments in a transactional cycle of his own money. Owners don’t have visibility on their own possession in banks. This immutable ID can be utilized anywhere in the world to avail financial services.
Read more about it: how lala world is going to solve the age old micro lending problems
Quick and Secure Global Transfers with Lesser Transaction Fees:
In commercial banking payments, settlement takes time as it depends on business day cycles. The crypto payments systems like LALA Transfer allow rapid and instant transfer of funds. Remittance is a pain today. Traditional banks have strict regulations, high fees, high exchange rates etc. On Blockchain platform, the cross-border transactions attract lesser transaction fees as it eliminates intermediaries. Local and global remittance costs very less with the cross-border remittance service by LALA World.
We all have read headlines about the data breach in banks, PNB Havoc and other stories that make us insecure. Currently, enterprises are prone to massive risk by storing their information in a central location. Centralized systems, by nature, are often subject to bias and unfairness. Let’s be honest, today, none of the individuals are satisfied with the way government bodies are managing their personal details and securing nation’s wealth. Decentralized networks, however, distribute and mitigate the risk, such that no single party can make alterations to the single source of truth without the permission from the other parties. LALA World ensures secure peer to peer transaction:
Read more about it: digital economy impact blockchain
“A big part of financial freedom is having your heart & mind. Free from worry about the Whats-Ifs of life.” -Suze Orman
Innovation in Blockchain technology is endless. It has already produced immense noise at the economic forums of the world by making few people rich at a very short span of time. LALA World has definite plans to encourage financial independence in developing countries so that they can evolve together with the entire world. It is bringing a whole new global financial ecosystem which can lead to true financial freedom for the migrants & unbanked.