Internet of Value: Internet 2.0
07 सितम्बर 2020
Internet in its current phase, has revolutionised almost all businesses across geographies. However, the current phase, ‘Internet of Information’ focuses solely on information exchange in the form of documents, images and videos.
Although information moves around the world instantly, a single payment from one country to another is still slow and expensive. In the US, a typical international payment takes 3-5 days to settle, has an error rate of at least 5% and an average cost of $42. Worldwide, there are $180 trillion worth of cross-border payments made every year, with a combined cost of more than $1.7 trillion a year.
With the emergence of blockchain, a new phase of internet called ‘Internet of Value’ has emerged. Internet of Value is underpinned by blockchain, which is the evolutionary technology that supports digital currency. With Internet of Value, a transaction such as a foreign currency payment can happen instantly, just as how people have been sharing information online for decades. Internet of Value can also enable the exchange of any asset that is of value, including stocks, frequent flyer points, securities, intellectual property, music, scientific discoveries etc.
Multiple startups have started working on this front. Fusion is an innovative blockchain solution created to bridge the interoperability gap between different blockchains through cross-chain transactions. It also has the potential to create off-chain transactions as the inevitability of a value-driven economy becomes more pronounced.
Similarly, Wanchain offers a unique solution for overcoming the limitations on cross-chain transactions through mass-market adoption of blockchain technology. It is developing a new distributed financial infrastructure that will connect the world’s digital assets. In order to facilitate the digitization of assets, Wanchain has built an internal private blockchain through which users can build smart contracts for a practical transfer of value.
Currently, there are various blockchain-based platforms which are not compatible with each other. Hence, assets on these platforms can’t be freely exchanged. For the internet of value to become a reality, uniform industry standards must be adopted in order to homogenize the world’s different financial systems.
We believe that this process of standardization can have a transformative impact on businesses in today’s world. This impact can be as instrumental as globalization efforts in 1950s or standardization of web protocols in the 1980s.
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Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Complete Guide on Bank of Baroda B3 Account
No matter which part of the world you live in, you embark on your money management journey with a bank account. For most of us, our Savings Account is the first account wherein we deposit money and begin saving it. But if you wish to open a bank account that is more than a just an ordinary or regular savings account, Bank of Baroda’s B3 Accounts has you covered. Here, we talk about the new-age banking solutions that you can enjoy with the Bank of Baroda digital B3 accounts from the comfort of your home. Keep reading to know all the features and benefits of Bank of Baroda B3 accounts along with the account opening process.
Know how to get FASTag for your vehicle
When driving on a toll road is that you have to stop from time to time to pay the toll. Sometimes the lines are long, and you have to rummage in your wallet/ purse to give exact amounts to the attendant, who more often than not, doesn’t have any change. But that could all be in the past with FASTag.
So what do you need to know about FASTag? Well, it’s a tag affixed to your vehicle’s windscreen, which allows you to zip past a toll booth. The amount is automatically deducted (using Radio Frequency Identification Technology, or RFID for short) from a pre-paid account that you need to fill.
Well, you may have no choice to get FASTag, since the government has mandated that all vehicles will need to have these tags. What’s more, the over 400 toll plazas over the country will no longer accept payments over the counter. So how to get FASTag for my car is what every vehicle owner needs to know right now.
How to get FASTag for cars
Where to buy: You canvisit any of the points of sale (POS) locations like toll plazas or banks like Bank of Baroda.
What documents do I need: You will need the following documents to get FASTag:
Registration certificate (RC) of the vehicle
Your passport-size photograph
KYC documents
What KYC documents do I need: If you are an individual vehicle owner, a valid driving licence should suffice for address and ID proof. You can also use the Aadhaar card, PAN card, voter ID card, and so on.
What charges you need to pay: You have to pay a one-time issuance fee of Rs 100 for the Baroda FASTag, and a refundable security deposit, which depends on vehicle type.
How to access FASTag account: Whenyoupurchase a FASTag card, you will get a username and password for the web portal, which you can use to recharge, make complaints, get details of transactions and so on.
What is the process for toll payment? You have to deposit a certain amount in your FASTag account. Each time you go through a toll point, the amount gets automatically deducted from the amount.
How will I know how much has been deducted? You will get an SMS on your registered mobile phone number each time the FASTag has been used to cross a toll plaza. So you can track every transaction you make.
How to recharge the FASTag account: Recharging the account is a simple process. You can do it online through Debit or Credit Cards, through Internet Banking or other methods like UPI. You can also do it by visiting any of the POS locations.
What is the minimum amount for recharge or top-up: The minimum amount is Rs 100. However, you may want to put more so that you have adequate balance in your account to ensure smooth driving.
What if I don’t have enough balance in my FASTag account? If you don’t have enough balance in your account and pass through a poll plaza, you will be blacklisted. That is, you will not be allowed to pass another time until you pay up the amount.
How to affix FASTag on the car: You will need to affix FASTag on the front windshield. However, your bank will give you instructions on how it’s done.
Can I use FASTag for more than one vehicle: No, you cannot do that. The FASTag is for one specific vehicle only. You will need different FASTags for different cars.
What if I’m charged wrongly for any transaction? If you are charged incorrectly for any transaction, you can complain online using your User ID and password. You can call customer care on 18001034568 at any time of the day or night.
What is the validity period of the FASTag card? The FASTag is valid for five years.
Who is implementing FASTag? FASTag is being implemented by the Indian Highways Management Company Limited (IHMCL) a company incorporated by National Highways Authority of India and National Payment Corporation of India (NPCI).
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