When Internet emerged, the cost of transferring information and values were drastically cut down due to how efficient it is. It enables one to transfer values from one point to another at a lower cost and hyper speed. But for the Internet, a transfer or transaction can only be said to be finalized only when a central authority happens to be the link to intermediary of the two parties. This is one setback that intent seems to posses, with this particular inefficiencies, block chain technology is the solution. Parties can transfer values directly without any central authority that is why its attributes is being decentralized. The need to operate platforms that confirms a decentralized transfer of values is needed, and that's why Bumo is here to solve such inefficiencies.
Bumo is defined as a trust network that gives free access for transfer and receiving of values between different point. These point are joint or accumulated to formulate a network that entails values. Bumi enables digital and technical tools to become integrated which brings about a con census.
The core characteristics of block chain is the fact that it is decentralized. With this, Bumo is able to have quick access to users or parties file of data concerning transactions or account format. Blockchain has made it so where activities are recorded in a distributed ledger.
This information accessed is used for a smart contract to be completed. Through the amart contract, people can relate directly without a centralized authority.
The energy Used for Mining is very high which cost a lot: this energy can be focused on something else rather than consuming so much power on the blockchain. Bitcoin blockchain make use of 10 times energy Google uses.
High technical knowledge is needed: many people are still lagging behind when it comes to block chain, because of the technicalities involved in blockchain.
Converting physical or aby type of assets into a digitized one is one mechanism of Bumo
Involves smart contract during transfer and receiving of values
High rate of transaction done per second which is about ten thousand transactions.
In conclusion, Bumo has enabled physical assets to become digitized assets which makes the whole system much efficient.
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