ORBIS, Reaching Out to the Unbanked
Year 2017 welcomed thousands of new cryptocurrency projects. Every new blockchain technology and smart contract promises to solve a particular problem, making every project unique and interesting. One of the questions that may arise when a project is introduced is how it will help the society and what will be its role in the cryptocurrency space.
ORBIS is arguably one of the most interesting projects of 2018. The reception it enjoys from the cryptocurrency community is truly amazing. But what does it offer and what makes it deserving of such attention?
Behind ORBIS is a team of dedicated developers, blockchain experts and people with the same mission and a set of relevant, realistic and attainable visions. One of these is to help the people without bank accounts finally enjoy the perks of saving. You’re probably wondering how it is possible. We all know that the banking system isn’t that simple. Every bank operates with the help of a number of financial experts, accountants, auditors etc. Simply put, banking organizations are huge and can be so complicated. Perhaps, this is also what makes banking hard for a number of people.
According to the World Bank’s Global Financial Inclusion database report in 2017, two billion people worldwide still do not have a bank account or access to any financial institution. The World Bank also noted that 20% of unbanked adults receive wages through government transfers in fiat money.
It is believed that digitizing payments can help empower people, especially the unbanked. This is why ORBIS developers came up with the idea of making money transfer easier, safer and faster. ORBIS aims to decentralize the banking concept by making it self-managed through the use of banking technology. This will happen through the use of self-service machines, computer with internet service or smartphones.
One of the most ambitious but very helpful goals ORBIS project is launching branches in every part of the world. The Local Orbis Branches would be powered with special ATM Machines and AI-based virtual assistants, making processes like deposits, withdrawal, payment, money transfers and investment services possible with the simple push of a button.
