When it comes to saving and exchanging currencies, traditional banks become the primary option over others. We all need bank accounts. It becomes the basic need which should be exerted first.
As of today, we need bank account to receive our monthly salary, to pay for goods and services, to take loans, to save and transfer money. These services are offered almost exclusively by banks.
But when financial crisis strikes, especially the one in 2008, people starting to loose faith in traditional banking systems. During this period it's hard not to think that there is something wrong with the whole financial system. It’s impossible to forget the long list of banks that needed bailouts. Not to mention people who were either in massive debt, or difficulties to find a job.
No matter how much money you put into your bank account, it's never been yours. Your money is being used by the bank who recirculating your dollars back into other business, driven by a desire for profit rather than expectations of social support. e.g loans, credit cards, stocks, etc.
In other words, traditional financial companies like bank match funds between people who currently have more money than they need and people who currently need more money than they have. Or we can say "middleman".
But when blockchain first entered as the supporting tech for financial industry, a peer-to-peer system with no centralized authority, people hope to actually own their money with full transparency. BridgeX Network offers "a truly decentralized" financial framework with high security, flexibility and no middlemen.
BridgeX Network is the answer to end the hegemony of giant corporations in favor of more transparency, efficiency, control and responsiveness. The BridgeX Network is a financial ecosystem framework, built on a proprietory technology core, that bridges the worlds of cryptocurrencies and fiat.
We are not trying to eliminate the banks or other financial companies. BridgeX Network is trying to create a global movement in which banks and traditional financial companies from around the world are joining together to use blockchain technology for a greater social purpose.
BridgeX Network enables the seamless exchange and interoperability between the worlds of cryptocurrency and fiat through the twin engines of blockchain-backed loans and payments.
Instead of using a middlemen, BridgeX core technologies comprise of cutting-edge smart contract that can do an on-chain loan matching service, on-chain loan tracking service and an oracle that collects off-chain data for the loan contracts – and an integrated cash management module providing off-chain solutions for crypto-to-fiat conversions and cross-border payments.
And not only that, BridgeX allow third-party like bank's distributed apps (DApps) to integrate, and offer innovative services to solve real-world financial needs of the network’s international user base. Imagine the possibilities!
Cryptocurrency might be new but has the potential to disrupt the whole financial industry. This is the first time we don't use banks directly but instead using our "fully-controlled" digital currency to pay, make a loan and transfer currency anywhere in the world, in an instant. But this can works only if traditional financial companies participated. We still need them in a better way.
BridgeX has 3 main components:
Especially BridgeX Platform which allowing third party financial services or apps to integrate with the decentralized ecosystem, for example
With their technology, BridgeX Network will unite the crypto community-at-large, the full spectrum of financial services players in the blockchain industry and traditional financial institutions/ services looking to enter and participate in this new world economy.
This is what we called value-based finance, a philosophy to create a sustainable economic, social, and environmental impact.
Learn more about BridgeX Network technology at https://bridgex.network/ and their Bitcointalk thread https://bitcointalk.org/index.php?topic=5024373.0
