We all heard about BaaS on a blockchain. But how it actually works and how it can change the way we live?
First, we need to understand the technology behind BankEx itself, blockchain.
Amit Zavery, Senior Vice President, Oracle Cloud Platform, once said “Blockchain holds the promise to fundamentally transform how business is done, making business-to-business interactions more secure, transparent, and efficient.”
The blockchain is a secure, foolproof, decentralized ledger, or list, of all transactions across a peer-to-peer network. A blockchain consist of public record stored in a digital “chain” containing blocks of data that record all made transactions. Rather than having one single owner, blockchain records are spread out among all their users. It makes unauthorized transactions and record alteration nearly impossible to do.
This is the foundational technology underlying Bitcoin and other cryptocurrencies, and it has the potential to disrupt a wide variety of business processes especially financial services.
The problem with our current financial system is inefficiency. The slow and inefficient choices seem normal to most people, because we’re getting used to them. A small example, if you pay your bills online on a Friday, the payment may not be completed until the following Monday.
By removing cumbersome and costly processes from the banking and finance, Blockchain streamlines labor and cost-intensive functions across a wide array of financial services like trade processing, clearing and settlement, addressing everything from accounting to anti-money laundering and corporate transparency issues.
Right now almost every country in the world is focused on building their blockchain industry; gold bullion is being purchased and sold on a blockchain platform and governments are considering the technology for combating illegal immigration.
BankEx maximize the benefits of blockchain to create a revolutionary solution, Banking-as-a-Service (BaaS) on Blockchain. BaaS is as platform that lets banks offer innovative financial services through a network of fin-tech partners or developers.
The appearance of blockchain (decentralized recordkeeping) and instant smart contracts allow BankEx to build a platform for B2B2C combination, where end users can execute it quickly and efficiently, without needing to ensure compliance with the legislation of each new country and to develop integration with each new bank. As the platform already contains all necessary APIs, it can provide access to a new player more cheaply and quickly.
BankEx proposed methods for taking real-world assets and putting them on a blockchain, then turn them into Smart Assets. The goal is to achieve the security, speed and ease of transfer of token, combined with real-world assets.
BankEx platform will be responsible for all the solution of the technical and legal issues of connecting various players in the financial market. It will eliminate inefficiency and enable the transformation of the current global financial system.
For more info about BankEx Technology and ICO schedule please visit: www.bankex.org
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