Tuesday, July 23, 2024

Revolutionizing Global Finance Through Ecosystem for Seamless Transactions: Interview with Chirag Jetani, Founder and COO of Diamante Blockchain

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In an era of rapid digital transformation, the global financial industry grapples with systemic inefficiencies. Cross-border payments often take days to process, while cybercrime costs are projected to reach $10.5 trillion annually by 2025. The World Bank reports that the average cost of sending remittances remains high at 6.4% as of Q4 2023, far above the 3% Sustainable Development Goal target.

Diamante Blockchain offers a comprehensive solution to these challenges, leveraging blockchain and AI to create a more efficient, secure, and inclusive global financial and payment system.

Diamante’s impact extends beyond finance to supply chain management, gaming, healthcare, CBDC, digital assets, NFTs, metaverse, real estate, and more. The ecosystem includes Block Stack for Web 3.0 solutions, MudraCircle for CBDC integration, and MetaCircle for virtual banking experiences. The company’s commitment to security and compliance is evident in its implementation of a Bug Bounty Program and advanced encryption based on Fully Homomorphic Encryption principles, which encourages community engagement in identifying and addressing potential vulnerabilities. With a valuation of $172 million, support from over 500 angel investors, and successful fundraising efforts, Diamante Blockchain demonstrates strong market confidence and is poised for continued growth and innovation in the digital finance landscape.

In this exclusive interview with Chirag Jetani, Founder and COO of Diamante Blockchain, we’ll delve deep into Diamante’s groundbreaking ecosystem, exploring how its suite of innovative products – from the DIAM Coin and DiamCircle platform to Diamante Net and PayCircle – are not just addressing current financial challenges, but potentially redefining the future of digital payments and e-commerce.

  1. Can you start by explaining how Diamante Blockchain’s key components – DIAM Coin, DiamCircle platform, Diamante Net, and PayCircle – address current challenges in the financial industry and contribute to creating a more efficient, secure, and inclusive global financial system?

Sure! Diamante Blockchain‘s key components work together to tackle several challenges across various industries. From digital payments and virtual banking solutions to HRM and CRM tools, we’ve got everything covered. 

First, I’d like to talk about DIAM Coin. It is our native digital currency that facilitates safe and low-cost transactions, especially international ones. It helps users to easily navigate the whole Diamante ecosystem and interact with all services, including the dApps. DIAM will be listed on the leading exchanges very soon.

Next comes the DiamCircle platform, where developers and blockchain enthusiasts can utilize our network, Diamante Net, to easily build dApps. Diamante Net, a layer 1, state-of-the-art, hybrid blockchain, sets up a strong base for all our apps, handling low-latency and scalable transactions. The comprehensive security measures prevent fraud and cyber risks that help use our products & solutions securely.

PayCircle is our flagship payment application. We have streamlined payment processing supporting multi-currency transactions, reducing the costs and time associated with traditional payments. It also integrates seamlessly with businesses, improving overall customer experience. What not? Some of the features that come with it include splitting the payments, payment scheduling, and or recurrent payment options, among others.

Collectively, these components enhance a more effective, safe, and open digital setting to counter many difficulties, including high costs, lack of accessibility, transparency, and security concerns.

  1. Can you elaborate on the functionalities and use cases of the DIAM Coin within the Diamante ecosystem?

Our DIAM coin is designed to facilitate seamless access to the entire Diamante ecosystem. Through DIAM, users can effortlessly utilize our dApps, starting from PayCircle to DIAM Wallet. When it comes to network processing fees within the Diamante ecosystem, DIAM is programmatically burned every time users pursue a transaction. For instance, via our flagship payments app, PayCircle, users can save a lot by utilizing DIAM while pursuing transactions.

Another one that I could mention is ensuring that only verified transactions are pursued within the network. In this way, DIAM plays the role of authentication mechanism. Additionally, leading banks and financial institutions have widely accepted our coin, and a few other applications are gearing up to integrate DIAM into their existing operations.

  1. What types of decentralized applications (dApps) are being developed on the Diamante Net, and how do they contribute to the ecosystem’s overall value proposition?

Absolutely! Presently, there are several innovative platforms that are yet to go to beta stage, and some of them are in the alpha stage.

For instance, Mintify is an interesting tool for creating and managing NFTs and royalties, simplifying the process for digital creators. Another platform worth to mention is, ChainX. It is a secure crypto exchange with a focus on fast and safe digital asset trading. Speaking of the application area in HR, NodeHRM provides a polished approach to the improved employee’ management within the company as for HR responsibilities such as recruitment and payroll. ChainCRM is gearing up to enhance business-customer relationships by offering tools to increase sales and leads. 

If you’re looking for crypto-collateralized loans, then we have CreditCircle. It provides instant loans secured against cryptocurrencies, offering quick access to funds. For secure cryptocurrency transactions, DIAM Wallet allows users to send, receive, and store various cryptocurrencies, integrating advanced encryption and cloud backups. 

MetaCircle is transforming virtual banking with immersive and personalized experiences, incorporating virtual assistants and AI-driven chatbots for a modern user experience. Lastly, MudraCircle is developing solutions for Central Bank Digital Currencies (CBDCs), helping banks and financial institutions transition to digital currency systems.

I would recommend interested folks visit our Explorer for more information on our upcoming applications.

  1. How does Diamante Net’s infrastructure of 125 nodes contribute to high-speed, low-cost transactions and cross-chain compatibility?

Let us start with numbers: Our network handles 7,500 transactions per second (TPA) and 10 million transactions in less than 3-5 seconds. These are our network’s abilities!

Diamante Net’s transaction times generally do not increase with more nodes. Diamante Net operates on a consensus algorithm based on federated consensus mechanism, designed to maintain fast transaction times regardless of the number of nodes participating in the network.

Here’s why transaction times remain stable or even improve with more nodes:

Quorum Slice: Diamante consensus requires each node to maintain a list of other nodes it trusts, known as a quorum slice. This helps in achieving consensus quickly and efficiently through quorum intersection.

Asynchronous Processing: Our network allows transactions to be processed asynchronously, meaning that the network does not have to wait for all nodes to agree simultaneously. This contributes to faster transaction times.

Decentralisation and Redundancy: Adding more nodes typically increases the overall decentralisation and redundancy of the network, which can enhance security and resilience but does not necessarily slow down transaction processing.

Diamante Net seamlessly integrates with other major blockchain networks, such as Hyperledger Fabric and Binance Greenchain. The interoperability expands and enhances fluidity, offering a robust and flexible platform.

  1. What specific features of PayCircle make it revolutionary in payment processing and remittance services?  

As mentioned earlier, PayCircle stands out as our flagship global payments dApp built on top of our network, Diamante Net. What it does? Users can send, receive, and hold multicurrency, offering flexibility and convenience.

Unlike other apps, PayCircle is designed to facilitate smooth transactions, not just for individuals but also for businesses and merchants. Users can manage multiple wallets via one dashboard – no more chasing around multiple applications. It employs advanced encryption mechanisms and multi-factor authentication, ensuring user accounts are protected with an extra layer of security.

The application also utilizes AI technology to offer personalized AI-curated rewards to users. It could be cashbacks, DIAM coins and more. It also offers FDIC insurance for USD custody. Users may enjoy these features while paying up to minimal or almost zero hidden costs on transactions.

It is available on both the Play Store and the App Store, making it easily accessible for users to download and use.

In essence, PayCircle’s comprehensive features and robust security measures make it a revolutionary tool in the realm of payment processing and remittance services.

  1. How is Diamante Blockchain extending its impact to sectors like supply chain management, healthcare, and real estate through its various components?

We’re diverse! When it comes to offering solutions, we do not just offer them but make an impression and bring an impact to various sectors like supply chain management, healthcare, gaming, creator economy, perhaps, real estate through our technological innovations.

In supply chain management, our network offers a secure and transparent ledger for tracking goods, enhancing visibility and reducing fraud. It automates processes such as order fulfilment, payments and delivery verification, increasing efficiency and accuracy.

In healthcare, we are poised to develop secure storage and sharing of patient records, ensuring privacy and compliance with regulations. Diamante Net provides a tamper-proof system for tracking pharmaceuticals, reducing the risk of counterfeit drugs.

Okay, now, when it comes real estate, blockchain technology is set to streamline property transactions by automating the transfer of ownership and funds, reducing the need for intermediaries. Facilitates secure and transparent record-keeping for property titles, preventing disputes and fraud. 

By leveraging its blockchain technology and platforms, Diamante Blockchain is creating more efficient, secure, and transparent systems across these diverse industries.

  1. Can you explain the role of Block Stack in providing Web 3.0 solutions within the Diamante ecosystem?

Block Stack, our Indian entity, delivers Web 3.0 solutions to enterprises by offering a decentralized and secure infrastructure that enhances business operations and services. We provide a range of decentralized solutions, including blockchain, AI, IoT, security and smart contract audits, as well as metaverse, CBDC, and DeFi solutions.

Additionally, we offer consulting and blockchain advisory services. Businesses can also integrate our products, such as PayCircle, into their operations for enhanced functionality.

  1. What specific functionalities does MudraCircle offer for CBDC integration, and how does it differ from traditional digital payment systems?

MudraCircle offers several specific functionalities for CBDC (Central Bank Digital Currency) integration that set it apart from traditional digital payment systems. MudraCircle allows both private and public banks to enable direct transactions using CBDCs, providing a seamless way for users to send and receive digital currencies issued by central banks. This reduces the reliance on intermediaries, leading to faster and more efficient transactions, seamless cross-border transactions and integration of smart contracts that allow for automated execution of contractual terms, such as payments or transfers, based on predefined conditions. These specific features are generally not available in traditional payment systems. Transparency, traceability, and interoperability are other key functionalities offered through MudraCircle.

The solutions utilize advanced encryption and blockchain technology to ensure the security and integrity of transactions. This makes it more secure compared to traditional digital payment systems, which may be more vulnerable to fraud and cyberattacks.

  1. How does MetaCircle create value through metaverse experiences, and what role does it play in Diamante’s overall ecosystem?

MetaCircle creates value through metaverse experiences by offering immersive, interactive, and personalized virtual banking solutions. Here’s how it adds value and its role in the Diamante ecosystem. Firstly, it offers an immersive banking experience with virtual assistants and AI-driven chatbots. Enhanced customer convenience with 24/7 instant query resolutions, reducing wait times.

The application built on our network, Diamante Net, offers account management, loan applications, and investment tracking, all within the metaverse. This broadens the scope of services available to customers and makes banking more efficient.

Additionally, the metaverse environment allows for the creation of new and innovative financial products that are not possible in traditional banking. This includes virtual real estate investments, metaverse-based loans, and digital asset management.

  1. Can you provide more details on the future plans of Diamante Blockchain?

We have big things lined up.

We aim to expand our ecosystem to the Middle East and build population-scale solutions utilizing blockchain and AI technologies. We’re constantly expanding our operations into new geographies, attending global events in Vietnam, the Middle East, Japan, Korea, and South America in the coming months.

Recently, we have partnered with ABGA, a major gaming alliance focused on Web3 games. Through this partnership, we aim to foster the gaming industry and support ambitious projects by providing Diamante Grant. Our tech team is working to develop platforms supporting play-to-ear models where crypto enthusiasts can participate and earn rewards. Ultimately, we want to empower gamers and creators by creating open and decentralized marketplaces.

We also want to support and encourage new talents and innovative projects, so we are hosting hackathons worldwide. We’re the title sponsors of upcoming hackathons such as the Peak Hackathon and the Hacker House Goa.

Alongside this, we are working with legal entities to expand the blockchain ecosystem and increase the adoption of the technology.

 











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Muhammad Burhan (Admin)https://essaymerrily.com
Hi, I'm Muhammad Burhan. I'm a tech blogger and content writer who is here to help you stay up to date with the latest advancements in technology. We cover everything from the newest gadgets, software trends, and even industry news! Our unique approach combines user-friendly explanations of complex topics with concise summaries that make it easy for you to understand how technologies can help improve your life.

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