The idea behind Wall Street Coin is to offer a Peer-to-Peer Blockchain-based Stock selling and investing platform open to everyone. The platform will be based on Blockchain technology and Smart Contracts, functioning as a Decentralized Stock Trading Platform.
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The evolving possibilities of technology have become remarkable, especially in the finance sector is one with significant effect. The Blockchain technology has taken the world by surprise and it has indeed proved its worth in various sectors.
The stock exchange market is the next sector in which the Blockchain technology seeks to invade with unlimited promissory benefits. The stock exchange market or the stock market is where the buying and selling of stocks and other securities occur.
It gives companies the opportunity to sell a part of their company’s ownership to individuals called stakeholders and by doing so they get money in return. In the stock market, there are a lot of intermediaries and middlemen who assist in the seeing of a successful exchange, however, they take a fee or commission.
These individuals are referred to as stock brokers as they are saddled with the responsibility of selling and buying securities for investors. The presence of a middleman in the stock market comes with a lot of disadvantages ranging from huge cost as a result of their commission, security and survival, wrong consultancy prediction etc.
These problems are thus what the Wall Street Coin through the help of the Blockchain technology on which it is built on seeks to correct. The Wall Street Coin is thus dedicated to use the smart contract feature of the Blockchain technology to raise and enhance investors to see the opportunities present in the stock market.
In essence, the Blockchain technology can be utilized to answer issues of interoperability, transparency and trust. The long chain of process involved in having a successful transaction as a result of the numerous intermediaries, trade clearance operations and the regulatory process also is what the Blockchain technology seeks to correct.
With the wide range of benefits available at the disposal of the Blockchain, the stock exchange could be at its best through decentralization and automation, reduction of cost imposed on customers, secured transfer of ownership and much more.
The implementation of the Blockchain is definitely the next reasonable step in the development of the Wall Street Coin platform as it aims to solve many of the problems encountered during exchanges that take place in today’s stock market.