Bit-Bank
WHAT IS World Bit Bank? Many conditions have to be met before establishing any bank. One of the primary conditions is obtaining a license to handle banking and financial transactions. And, of course, in the era of information technology and the Internet, this includes the development and implementation of technologies which enable to solve tasks set by the project. The project of establishing a cryptocurrency bank involves the purchase of 10 existing banks in order to integrate into the banking and financial world new technologies and cryptocurrencies, in countries such as: USA, Canada, Germany, Switzerland, UK, Japan, India, Australia, Turkey and Brazil. The first bank will be purchased in the EU. The banks will have the necessary licenses as they are already operational. WHAT IS World Bit Bank? The project will kick off based on companies within the EU-registered World Bit Group. The head office will be located in Zug, Switzerland. The team implementing the project consists of banking, IT, marketing and financial experts, as well as lawyers who will establish the business to make a profit and create quality products for the business and its customers. DEVELOPMENT AND IMPLEMENTATION OF THE TECHNOLOGY The World Bit Bank (WBB) project offers a new solution developed from blockchain technology and related to 5G finance, specifically: ● absolute transboundariness; ● cross-platform nature; ● easy usage; ● Instantaneousness of transactions; ● funds always under control of the client. The client’s funds cannot be handled without the client’s approval; ● low or zero transaction charges; ● high security thanks to cryptography; ● API with open source code; ● full transparency of source and movement of funds between accounts; ● authentication; The blockchain transboundariness will be employed in our World Bit Bank ecosystem as a registry for transactions between banks. In a banking system, transactions* between banks, one of them on the instructions and at the expense of the other bank, are always conducted through a central bank. These transactions are carried out using numerous central copies and in a single payment system. In order to minimise the risk for the contractor, each bank must maintain a reserve account for each payment system. Each of our banks is part of the World Bit Bank ecosystem, which will create a register of payments. No reserve account will be required for inter-bank transactions and transactions will not have to be conducted via a central bank and correspondent banks. Contractor funds will be transferred between banks directly. Know your client (KYC) procedure According to the legislation of EU member states, banks are required to check the identity of the client via the KYC procedure. The procedure is carried out at when beginning to work with the client and while working with the client. In some cases this procedure is long and poses several challenges and inconveniences for the client. Through blockchain, we will create a single database of client documents. Client data will be secured on the blockchain and accessible only to banks that are part of World Bit Bank. A World Bit Bank private blockchain will be created for this purpose. Digital documents provided by bank clients will only be accessed by World Bit Bank employees that have undergone pre-identification in the World Bit Bank ecosystem. For instance, a client registers several financial products at once. In that case, the client will have to provide a set of documents for each product to confirm their identity and more, in order to pass the KYC procedure. Blockchain technology will be used to create an “perpetual” file confirming the identify of the client. The client’s bank account, passport, utility account and medical history can be used as another proof – or blocks – for their chain. Money transfers. Money transfers are a very complicated business due to the latest anti-money laundering (AML) initiatives. Our blockchain-based World Bit Bank ecosystem can make things easier through the creation of a register of transactions that cannot be destroyed or altered, thereby providing evidence of where the money came from or where it was transferred. Payments by letter of credit A letter of credit* is intended to provide security to both parties. Payments by letter of credit take several days, but the use of blockchain technology and smart contracts (in the Ethereum blockchain) can speed up and automate this process. Payment by letter of credit rules may be included in smart contracts created by our bank. An account is opened for the buyer and seller with funds on the blockchain, which funds will be used for payments and smart contract deals. Smart contracts are created and used in the blockchain system by our bank, which codes the rules of payment by letter of credit. The buyer, seller and bank can interact with letters of credit based on smart contracts as follows: ● request the terms of contract, ● confirm commodity shipment, ● confirm payment, ● confirm transfer of the commodity by the seller to the shipment company, check confirmation, etc. Money transfer between bank accounts is carried out automatically when the smart contract receives confirmation from the bank and the shipment company. All transactions with smart contracts are signed by a public key and registered in the block chain of our World Bit Bank ecosystem. We will develop and create a network of cryptocurrency terminals for payment and exchange of cryptocurrencies. Identification and storage of digital assets of the client. World Bit Bank will be able to store information, cryptocurrencies or digital assets of clients via the blockchain technology, which will control access, manage identification and serve as a secure event log. World Bit Bank network clients will be able to share information with cryptographic guarantee of its privacy.