What will be your experience if you had the opportunity of banking on a platform based on blockchain technology, well that is an experience I would definitely want to have owing from the innovations blockchain technology has to offer.
OVERVIEW
Banking involves services rendered by a bank to its customers, services that include deposition and lending of funds, assets management and so on which makes the bank an important factor in money circulation.
In the primitive era, people stored their monies in holes, pots and so on which served as a bank for their monies and precious items but as the wind of civilization blew across the world, Banks were established with the responsibility of acting as a medium for safe keeping of precious items and money.
The banks over the years, have recorded huge success as it has been the only choice for saving, lending, sending and managing financial assets. The banking sector right from its creation as operated a centralized structure dealing with a centralized currency which is Fiat, also it wielded the monopolistic power of providing financial services to the growing populace until the advent of one of the world’s most innovative technology, blockchain.
Blockchain technology provided a medium where financial services can be decentralized with the use of a decentralized currency called crypto currency which has be seen to provide solution to the intransparency, insecurity and centralization of the banking system. With this technology at hand the problems characterized with the banking system can be nipped in the bud.
This vision will be made a reality with Bitbose.
Bitbose seeks to grant users access to a new experience in banking by providing a decentralized structure for banking to cater for the needs of the public through the adoption of blockchain technology and Artificial intelligence.
PROBLEMS ASSOCIATED WITH THE BANKING SECTOR
The banking sector overtime has been attributed with the following problems and they include:
Threat of Security Breaches: banks have been faced with security breaches by hackers who are always working on ways to crack the security wall of these banks. An example is the WannaCry ransom ware Trojan that encrypted all files on an infected system carting away with bitcoins worth $300, banks are open to more of this kind of security breaches from hackers.
Access to Finance: as a result of the centralized structure of the banking sector a large number of the total population still do not have access to financial services owing to the political climate in such areas, socio-economic stratification and so on. In area where banks are present access to financial services is still quite out of reach from the people.
Lagging Interest Rates: the interest on monies offered by these banks to depositors over the years have decreased while the cost of borrowing keeps on increasing which has discouraged people from either saving or borrowing.
SOLUTION
The Bitbose platform using its strategies most especially blockchain will provide the following solutions of which some include:
Transparency: the Bitbose platform adopt blockchain technology and artificial intelligence in providing a transparent and secured environment for banking void of any attempts of security breaches.
Lending Rates: lending rates on the Bitbose banking platform will be determined by the people. This will be achieved using a highly transparent and audited algorithm thereby encouraging its adoption by many. Also with the use of artificial intelligence, Bitbose ensures that only the most credible persons receives loans.
Access to Finance: unlike the traditional banking system, the Bitbose platform operates a decentralized structure giving a wide access to the large population of persons who do not have access to banks. Using Bitbose banking platform one does not require to go to the bank but rather needs his mobile phone or desktop to access this services.
Conclusion
Bitbose seeks to create a decentralized banking environment based on blockchain to provide the populace with efficient and transparent financial services and the transparency and security of this platform will put it on a flight to the moon. You can get involved in this project by being a part of its initial coin offering (ICO) which will be ending soon. Below are some vital links to more information on this project and its ICO:
ESSENTIAL LINKS
Author: Sorento
Bitcointalk profile URL: https://bitcointalk.org/index.php?action=profile;u=1910177
