Capgemini Fiat-Relay

Yet another use-case.

This fiat-relay contract is a very simple getter/setter contract that relies on technology that isn't there, eg Chainlink.

github.com/bartcant/FiatRelay

LINK $1k EOY

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Fiat-Relay Smart contract is both an Ethereum Smart Contract and a Banking solution that covers one of the critical and immediate needs for the blockchain industry and Ethereum. Namely, to provide a low cost, fast and automated solution for an Ether pay-out of a smart contract execution to a beneficiary on the Ethereum blockchain.

Currently, in Ethereum any value transactions that is managed or is the outcome of a Smart Contracts is based in Ether, the crypto-currency underpinning the Ethereum Blockchain. Other Blockchains are dealing in BTC or other types of crypto currencies. Due to the nature of the blockchain technology Fiat currency can only be obtained after a user converts his or her crypto currency via a Crypto-Exchange (Poloniex, ShapeShift, etc) and instructs this Crypto-Exchange to pay-out the converted fiat amount back to the user's bank account on file. This process requires multiple steps by the user, and could lead up to 5-7 days of processing before the final fiat converted amount is deposited on a traditional bank account.

With the Fiat-Relay solution, a user is no longer required to become a client of an existing Crypto-Exchange. This also removes any manual action from the beneficiary for receiving his/her pay-out amount in fiat currency (USD), provided that all mandatory and required payment information is available to the Fiat-Relay Smart Contract and the Financial Institution providing the payment service.

This Fiat-Relay solution is available initially in its pilot phase to a specific set of Ethereum contract to provide this automated exchange and payment service. In a future phase the service will be available for all Ethereum contracts that are executing logic and have created a pay-out of Ether for a specific Ethereum Account. For a Smart contract to take advantage of this functionality the Smart Contract must be upgraded with additional Solidity Code that defines the additional payment beneficiary information that is required and the Smart-Relay End-point that it is connecting to for the payment service. There could be one or more Smart-Relay end points available for the Smart Contract to connect to as multiple geographical Financial Institution can provide a specific offering connecting to different international and local payment networks

Any Smart Contract that wants to connect and leverage the services for auto-exchange and payment service offering provided by the participating Financial Institutions will be required to pay for the execution of the Fiat-Relay Smart Contract (Ethereum Gas). The Smart Contract will also be required to pay a predefined service fee to the Participating Financial Institution according to the terms of the Service Agreement of the Fiat-Relay Smart Contract.

This is huge because Fortune 500 companies still value fiat over crypto and being able to move money in and out of crypto is a very big thing for their use case of LINK. Keep in mind, this enables them to buy LINK with just about any fiat.

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We already knew this tech was going to happen based on the use cases that Chainlink has to begin with. It's just nice that someone has already made this an actual tool on the network. What this DOES is confirm what we already knew. This is just the beginning.

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Chainlink is love. Chainlink is life.

It is soon, it is soon.

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Below in the blue box around one of their figures documenting the process is where an oracle is needed.

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Help! Dots, I see dots, they are everywhere!

volume has been dying kek. just a pnd.

Linkpool Jonny just said this in discord

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