What is a Money Streaming (And How Could We All Use It?)
Lerex Technology recently announced the first financial platform in the world to support Money Streaming (see article here).
But what exactly is Money Streaming? And how could we use it?
We are all familiar with the concept of streaming; of downloading audio or video as we listen or watch. From a technical point of view, it is not much different from a traditional download except that, with streaming, the download is not stored for the long term on disk but consumed as it is being downloaded.
Streaming has changed aspects of our lives and forever: including the way we consume music and videos, but this innovation was only possible thanks to technology advances such as increases in internet speeds. As is often the case, technology was an enabler in changing customer habits.
The same type of technology innovation is now available on Lerex’s financial platform, allowing 2 parties to stream money in the same way as you stream audio or video content.
In essence, one of the parties initiates a stream to pull or push money at a given rate – on our platform defined in units of pounds-per-minute. After approval from the second party, that amount is then sent constantly – every millisecond – for a fractional amount of the specified pound-per-minute value.
Each party is in control of the stream which can be stopped at any moment, with the other party receiving a notification when that happens.
How can money streaming be used?
There are many scenarios in which consumers and suppliers could both benefit from this new way of exchanging money. Below are some examples.
Content streaming is the most obvious fit for money streaming. You could pay, literally, as you watch a movie or listen to music. When your streaming starts, your money stream starts. When the user stops listening or watching, the money stream is notified and stops.