Could Blockchain put banks out of business?

At Rand, our mission is to disrupt traditional banking and build a new financial system to change how you build your financial wealth. Let’s look at how blockchain is changing finance and why it could make banks redundant.

DeFi removes the need for trusted intermediaries and banks by executing transactions automatically using smart contracts. Smart contracts are electronic financial contracts that execute transactions automatically based on coded instructions. These are written to carry out any coded contract, trade, payment, or settlement for any financial transaction such as borrowing, lending, futures, or derivatives; the list is endless, and the best part: anyone can participate.

These transactions are recorded on a blockchain protocol using digital financial ledger technology, and their validity is verified through consensus. Once the transaction has been recorded, it is a permanent record on the blockchain and cannot be changed. Web3 is built around decentralization, transparency, and immutability. It could not only make banks obsolete by doing away with centralized verification but also change the way we think about digital money, trade, and financial prosperity.

For payments or money market transactions, digital assets (Bitcoin, Ether, USDC, USDT) debit from one account and are paid into another via the consensus mechanism, just like in CeFi, but this happens instantly instead of in 3 to 5 business days as in banking. DeFi is not controlled by any one corporation, institution, or government regulation but by the participants within the network working together. Smart contract architecture is the building block of DeFi.

DeFi (think Aave, Circle, Compound, Acala) is built on top of blockchains (such as Ethereum, Solana, Polkadot) using smart contracts to connect and execute transactions between parties and to build marketplaces that replicate traditional financial products without high fee structures or market entry barriers found in CeFi. If you missed our interview with Rand’s Founder and CEO, Pol Martin, and Acala Network, watch the full interview here:

Rand’s Pol Martin explains Rand’s history, private and public vaults, and integration with aUSD

Smart contracts allow anyone to build Layer 2 applications on top of blockchain to create an open, transparent, and equitable financial system.

So where can Rand take you? Take your place in the league of risk-takers, world-changers, move-makers, and system-breakers to start creating the world around you the way you want it to be.

Rand provides the tools — you set the limits. Join Rand’s revolution today.

About Rand

Rand is not a bank. It’s better. Rand is a simple digital wallet and debit card that reimagines the way you save, spend, send and earn money. Simply open an account, and earn up to 10% interest on the savings you move into your Rand Private Accounts. Or achieve your financial goals faster by moving your savings into Prize Accounts where you can win big every week without risking your money. If you don’t win, your initial investment stays put or can be withdrawn whenever suits you. It is that simple.

Rand Network is a new and exciting project that solves one of the most significant sources of stress for young adults and professionals, how to obtain a return on their capital. Rand was born from the passion and drive of CEO and founder, Pol Martin, to help his peers with the difficult financial circumstances faced by young adults. As a Generation Z, he has witnessed first-hand how some of his closest friends struggle to safely generate passive income or returns on their savings without extensive knowledge of financial instruments or markets. Rand is the result of his desire to offer young adults a chance to complement their financial savings, and to enhance their financial wealth.

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