Blockchain technology has already revolutionized the world of finance, and payment processing is one of the areas where it has a significant impact. The technology allows for secure and transparent transactions that can be processed quickly and efficiently without intermediaries like banks or payment processors.
In the future, we can expect payment processing through blockchain technology to become even more widespread and mainstream. The Custodiy teams look into revolutionizing payment by using their own easy-to-use technologies. Its mission is to democratize access to innovative and cutting-edge services, thereby contributing to the economy’s growth and making it more inclusive. Through its platform, Custodiy seeks to streamline traditional business practices, improve efficiency, and enhance transparency, ultimately leading to a more seamless and secure business environment.
Custodiy has a team of experienced decentralized finance professionals aiming to simplify economic guarantees through intermediaries. The project started in 2019 with Italian programmers supported by the Canadian company AMCO IT for code programming in the blockchain sector. Since then, the team has expanded, and collaborations with centralized banking institutions have begun.
Their main focus is its WebApp, which provides a simple yet effective way of creating Smart Contracts directly within the blockchain using a Multichain system. The WebApp comprises two primary interfaces: a public one that can be accessed directly at www.custodiy.com and a private one that can only be accessed after registering in the system via 2-factor OTP authentication within the app. The app’s various features and modifications are explained in detail in individual steps.
It is designed for companies and commercial activities that want to implement payments for goods and services that require a guarantee on the presence or absence of liquidity before issuing the good or service. Private individuals can also use the platform for various purposes, such as creating smart contracts for loans between family members, donations or gifts to heirs, or creating sureties against third parties.
One of the most critical aspects of the Custodiy project is the services available for use by payment or collaboration. Several institutes and companies that operate in payment processing have shown interest in the project and want to implement these services immediately. Custodiy is designed on a multichain system that processes “blocks” on several different chains, allowing for easy integration and steps in the chain. Custodiy is a decentralized finance platform that aims to provide an easy and accessible system for creating smart contracts.
The platform is designed on a multichain system that allows for easy integration and steps in the chain. This means the platform can process “blocks” on several chains simultaneously. A blockchain is a decentralized digital ledger that records transactions across a network of computers. Each block in a blockchain contains a list of transactions and a reference to the previous block. By linking blocks together, a chain of blocks is created, hence the name “blockchain.” This system provides a secure and transparent way of recording and verifying transactions. On the other hand, a multichain system is a network of blockchains connected to each other. This allows for easy integration and transfer of data between different chains. In the case of Custodiy, the platform is designed to process blocks on several different chains, which allows for greater flexibility and scalability.
This multichain system enables Custodiy to provide a more efficient and effective way of creating smart contracts. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist on a blockchain network. Using smart contracts on a multichain system means that Custodiy can provide its users with a more secure and transparent way of conducting transactions.
By processing “blocks” on several different chains, Custodiy can provide a seamless experience for users, allowing for easy integration and steps in the chain. This makes it possible for users to create and execute smart contracts more efficiently and streamlined way. Additionally, this system can allow for greater interoperability between different blockchain networks, ultimately leading to greater adoption of blockchain technology in general.
To add on, all Smart Contracts created “On Chain” by Custodiy are standardized and represented effectively by the platform. They are inserted through a service directly correlated via the AWS server to the same Chain. Custodiy meticulously reports individual operations and direct references offered by blockchain, providing a clear and effective way to access them on your profile and on the public WebApp. While users can view the individual contents and details of the people involved in transactions on their personal profiles, the public WebApp only identifies users and contract names with usernames and generic names, ensuring the privacy and security offered by the Blockchain completely and transparently.
The platform aims to offer a series of services that can be transferred to third parties and are already requested by banking institutions that require faster and more transparent payment processes and systems, which only the blockchain can offer at the moment. This will increase the value of the project and the evaluation of its native token, which is the basis of the project. The project aims to provide elaboration and active processing of smart contracts on a global level.
Based on its roadmap, Custodiy intends to expand its offerings by incorporating additional stablecoins and smart contracts and implementing Know Your Customer (KYC) procedures and web app audits for account security. Looking ahead to 2023, the company plans to continue this trajectory by introducing more smart contracts, bank account integrations, and stablecoins to its platform.