What is an iBBT™ Open Banking™ Network?
Core Mission
Blockchain and distributed ledgers have a bright future. As real-time, open-source, and trusted platforms that securely transmit data and value, they can help banks reduce the cost of processing payments and create new products and services that can generate significant new revenue streams.
The biggest key to turning blockchain's potential into reality is a collaborative effort among iBBT™ Open Banking members to create the next generation of fiat-to-crypto convergence networks necessary to support global payments. iBBT™ looks at the bigger picture and works with merchants—and non-banks—to help define the backbone that can underpin a universally accepted consumer/merchant adaptable, ubiquitous global payment system that can transform how merchants and consumers execute transactions.
Key Factors to Adaptation
The iBBT™ distributed network is a critical success factor in our blockchain adoption, but there are others. Another important one is generating internal momentum for blockchain consumer/merchant integration and implementation—an area the existing banking and merchants currently struggle to do. iBBT's™ offer of a unique security methodology is another vital reason consumers and merchants embrace iBBT™'s Open Banking™ blockchain technologies, and understandably so.
Beyond these factors, there is something more fundamental: The need to educate vital organizational stakeholders on blockchain's enormous potential benefits and positive impacts. Finally, we agree with industry experts that successfully applying blockchain to payments will require fostering an uncommon coordination among merchants—vital to generating the positive network effects that make blockchain so compelling. The iBBT Open Banking Network is ready to accept the challenge.
Merchant and emerging financial crypto networks can offer community currency based on iBBT's™ blockchain technology. The advent of smart contracts and new efficiencies in distributed consensus mechanisms can prime equitable economic activity for a much larger segment of the global population without compromising privacy, transactional throughput, or regulatory compliance. Embedding suitable incentive structures in a blockchain marketplace could lead to a new era of trust, digital-asset-based smart economies, and improved human cooperation.
We propose the iBBT™ ("iBBT™ Tokens") as a multi-tiered utility and community currency token in a secure, open banking marketplace system for digital economies. iBBT™ natively supports excellent use cases, including universal borderless payments for consumers and merchants.
The iBBT™ system provides the following:
https://ibbt.io/storage/2020/03/ibbt-note.png
Users: strong privacy and security as part of universal smart identity with KYC and AML compliance, using a single token to update and maintain identity.
Merchants: improve operating margins and revenue, use tokens as a discount or reward tool to drive sales, create a brand identity, and reduce fraud.
The company's vision is to put trust back into banking by Building Tomorrow's Bank, Today. Conflicting views on bank reform have been debated throughout financial history, especially after prolonged periods of crisis. Since the 2010 Dodd-Frank Wall Street Reform Act, near-zero interest rates have continued to prod institutional investors, market traders, and international investment bankers to proceed with business as usual, employing high-risk investments and careless credit expansion similar to the period before 2008. Crypto and blockchain introduce added complexity, increasing systemic risk if unchecked, but also show potential applications in reforming global governance, intermediation in digital economies, and improving capital markets.
iBBT management believes we are the first and one of the few blockchain technology companies in the market to offer a unified (i.e., interoperable) blockchain banking platform that facilitates a stable digital dollar transition. This real-time clearing network features smart compliance and digital asset convergence with the conventional financial system.
In addition, the potential onset of Central Bank Digital Currencies (CBDCs) plays to our platform's timing and core value proposition today. Many Central Bankers like to believe there is a 20 to the 30-year horizon for digital fiat currencies as a foundation for a new financial system. Still, the market forces driving dematerialization, digital lifestyles, and innovation uptake have shown that it is conceivable and indeed possible that the technology for a digital fiat currency will evolve outside the banking system and ultimately be adopted by banks once proven.
iBBT enables access control to a stack of decentralized utilities in a crypto-banking system. This includes smart identity provisions for privacy and compliance. The iBBT also facilitates consumption of certain financial services, including on-net conversion to digital asset purchases/swaps or secure custody in a corresponding Open Banking Marketplace.
Problem & Opportunity
Cryptocurrencies and emerging crypto-asset markets are on a collision course with Governments, policymakers, and financial regulators concerning trust, compliance, and governance. There needs to be more regulatory harmonization across jurisdictions, only some of which have developed clear guidelines. Nevertheless, sensible solutions for blockchain technology can and are being applied to;
fortify banking system integrity, reform, and compliance;
reign in unauthorized uses while supporting banking interoperability of crypto assets;
power the underlying future connected infrastructure(s) for value exchange and transition of e-money to digital sovereign fiat currency in Retail banking
applications, cross-border payments, and Everyday merchant-consumer adoption.
CKh6OlL7KUw
Join our https://chat.whatsapp.com/JPWiBrR4IUR4wHZe2ftV9d
