All of us are using banks and finance organizations for solving financial needs. However, as most of these organizations are using centralized ledger systems in which all of the financial information are gathered and controlled exclusively by central system, fundamental problems are inevitable in managing costs such as information security cost, hardware purchasing costs, branches and manpower costs, etc.
Under this circumstance, financial organizations are imposing more and more fees on users. In addition to transfer fees and exchange fees, some banks not only impose fees on opening new accounts but also require deposit as security.
These problems on banking and financial systems cause users increase of financial expenses. As the result, 40% of adult population in world became financial exclusion who can not open any bank account. There have been aggressive efforts to create ecosystems utilizing existing Blockchains and Cryptocurrencies. However, it is still not easy to apply Blockchain into and to use Cryptocurrencies in everyday life It is because Cryptocurrency itself is an evolving new industry and more importantly because most Blockchain and Cryptocurrency technologies have two defects that don’t fit into daily life.
Real-time high transmission speed is critical in order to use Cryptocurrencies as payment means, however there are big inconveniences because it takes at least 10 up to 30 minutes in using representative Cryptocurrencies such as Bitcoin and Ethereum for paying in shops or for transmitting between users.