Country: United States
Year: 2014

  • HitFin is built on the smart contract concept which leverages the blockchain to allow buyers and sellers to engage in an agreement without the need of an intermediary
  • By using this platform, users from all over the world are able to conduct over-the-counter derivatives trades immediately and securely
  • Companies may be able to leverage this system to reduce fees on transactions and attract more customers

Concept

  • HitFin leverages the blockchain-based smart contract concept to offer a completely decentralized trading platform for over-the-counter derivative settlements
  • Since the platform is decentralized, it allows anyone around the world to instantly trade without the need for a broker, intermediary, or even a bank account as everything is managed similar to Bitcoin transactions
  • Contracts are created between a buyer and a seller, who each put a down payment towards their agreement as a sign of commitment
  • Once the contract terms have been met (such as purchasing date and price), the trade is executed and funds are transferred to the seller’s account

Consumer Benefits

  • Users from all over the world are able to trade over-the-counter derivatives without needing an intermediary or bank account
  • All of the information is securely written into the blockchain
  • Trades take only 15 seconds to execute

How It Works

  • HitFin uses the smart contract concept, which forces a buyer and seller to each put a deposit down before the terms of the contracts are met
  • Once the terms have been met, the seller receives his funds and the buyer’s trade is completed

Illustration

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