Introduction

As a fully decentralized, secure, and direct method for trading and exchanging information, blockchain technology seamlessly integrates into the global financial system. The invention and adoption of blockchain were driven by the numerous flaws inherent in the existing financial systems.

Before the advent of blockchain, the global financial ecosystem was burdened by overwhelming bureaucracy, a lack of privacy protections, and, in some cases, exorbitant costs. International transactions were the greatest victims of this complex financial system. Without blockchain, a simple international payment would take at least five working days to complete all reviews and obtain confirmations.

Such simple remittances would incur substantial fees, and some financial entities would monitor and analyze your transactions, making privacy and anonymity impossible. This simplified example highlights how troublesome the global financial system had become in the 21st century. Financial companies around the world had to navigate this intricate ecosystem to operate internationally, leading to unnecessarily complex financial practices.

The burden on global traders, investors, and businesses due to these complexities became increasingly heavy, driving the momentum for blockchain technology and cryptocurrencies in the late 2010s. Blockchain's innovative approach has fundamentally restructured financial operations and their execution.

The distributed ledger technology of blockchain, its decentralized nature, low fees, and cryptographic security have completely transformed the status quo. Complex fiat currency transactions are no longer the sole option for global clients. Blockchain offers a viable and profitable alternative that benefits all parties involved. As previously mentioned, the main issues in the financial sector—slow transactions, high fees, lack of transparency, and privacy—are addressed by blockchain's capabilities, even adding new functionalities.

Despite the fact that blockchain solutions are almost tailor-made for existing financial shortcomings, the technology has not achieved significant popularity. Various factors contribute to this. Transitioning from well-established systems to new ones is challenging, time-consuming, and costly.

Additionally, the cryptocurrency sector has faced setbacks and controversies related to fraud, digital crime, and other questionable activities. While this is not directly related to the underlying technology, the notorious reputation of cryptocurrencies has negatively impacted the entire blockchain industry. Despite skepticism from many companies regarding the implementation of blockchain technology in their IT infrastructure, it is hard to deny that blockchain was indeed created for financial purposes. Its features and utility perfectly complement both local and global financial processes.

With core characteristics like decentralized and tamper-proof information, the AIA public chain injects considerable innovative power into various traditional sectors. The outdated financial operation systems and management practices have shown new vitality and dynamism under the innovation of digital currencies. Nowadays, an increasing number of ambitious individuals are focusing their development and research efforts on the cryptocurrency payment sector. The AIA public chain aims to leverage a more scientific and refined blockchain payment mechanism to establish a global decentralized financial payment aggregation platform, bridging the gap between Web3 and traditional finance. With its high performance, the AIA public chain is committed to creating a one-stop blockchain payment system and cryptocurrency payment channels, providing digital currency payment solutions for the traditional financial industry.

Even traditional financial institutions can benefit greatly from this technology, reducing costs, resources, and time to achieve the same results. Many financial institutions have already started implementing blockchain practices, and today, the blockchain market is dominated by participants from the financial industry. The AIA public chain was born in this context.