Blockchain-Based Cryptobanks and the Future

Blockchain-Based Cryptobanks Appears To Be The Way Of The Future

Most people live by the old saying that money makes the world go round. Even though times may have changed, the sentiment remains the same in today’s modern world. Something that has changed though is the way that we utilize financial systems.
Blockchain-Based Cryptobanks Appears To Be The Way Of The Future
At the core of all technological advancements in the payments, industry lies customer usability. Remember the days when you had to physically go into a bank to deposit money? How about trying to pay someone in another country. Modern Internet banking and initiatives like PayPal have made these processes so much easier for customers.
This begs the question, what’s next? What more can be done to offer even simpler solutions? The answer could lie in Blockchain Technology. Yes, it is the underlying technology for cryptocurrencies, but it’s benefits aren’t just reserved for that industry alone.
Cryptobanks combine blockchain, advancements in artificial intelligence (AI) and access to real-time data to make a decentralized and complete banking solution for everyone, including e-commerce retailers, and the customers that buy from them.
These digital banks can also aid in the global adoption of cryptocurrencies as a viable medium of exchange in everyday life. Transactions can be processed faster, and at a greatly reduced fee compared to traditional banking institutions, thanks in part to the power of blockchain. Gleb Markov, who is the COO and co-founder of the Criterium, a cryptobank, explained:
“Within the blockchain, nobody can rollback a transaction, identify a user or block a wallet. Everything is decentralized, anonymous and permanent, and we think it is a wonderful universe to live in.”
This is in stark contrast to the strict processes, not to mention the paperwork, inherent in established financial institutions, where banks even have the power to suspend your account.
As interest and adoption of virtual currencies grow, so does the need for retailers to keep up with times by providing payment options. Markov continued:
“Stores need to be able to accept not only fiat money but also cryptocurrencies in various forms, i.e.: fiat-crypto, crypto-fiat and crypto-crypto.”
Banks aren’t just there to help you buy things. Starting your own business can be exciting, but also stressful when thinking about your traditional bank giving you the finances to realize your dream. Cryptobanks can solve this issue with tailor-made solutions specific to your business. In addition, these digital banks can provide token-based credit loans as well.
Added customer ease-of-use? Most of these banks have integrated mobile payment methods, such as QR and AndroidPay into there operating systems.
Cryptobanks can also revolutionize the unbanked population. People who do not have access to brick-and-mortar institutions, but who do have access to the Internet, can benefit from digital banks, with many blockchain-based initiatives providing similar solutions already.

Now your take on this argument.

YOU CAN ALSO READ  Bitcoin’s Price could triple in 2018 - Tom Lee

We would also like to hear what you feel about the topic we discussed today. Your feedback is very important to us. Feel free to drop your comments and recommendations. If you have a contrary opinion, you can drop that too.


You can also joint our Facebook Page CRMNigeria for more updates. You can do that by clicking on the link or searching for our page on Facebook.


Action Point.
You need to confirm your subscription by clicking on the link sent to you. You can check the spam folder for it. Add us to your mailing list to receive directly from us.

YOU CAN ALSO READ  Bitcoin’s Roller Coaster Ride Isn’t Over


PS: Click on the link below to sign up for my Online E-Course CRM Training. Make sure you confirm your subscription by clicking on the link sent to you. Thanks.

 15 total views,  1 views today

  1. ICO Law Group

    I do believe cryptocurrencies would one day replace the traditional ones, but I don’t think it will happen soon. Even now, many people are ignorant of blockchains and tend to believe that crypto means risky.

Write a Comment

Your email address will not be published. Required fields are marked *

CommentLuv badge
%d bloggers like this: