BankNet ICO whitepaper

Introduction: 

Banknet is treading on the path of crafting an Ethereum governed ecosystem which will apply blockchain technologies to three of the most prominent industries – banking, insurance and real estate - noting that they are under the influence of several shortcomings which can be done away with by incorporating innovation. This way Banknet will be tapping into a market filled with upcoming opportunities.

Banking The term “banking” has existed for as long as we can remember. However, the most impactful shortcoming of this industry was that, that it is known for its “classic” methods – which was being used ever since the industry’s inception. Since digitization is on the rise – this industry could not elude utilizing artificial intelligence or innovative technology which is helping other industries boom. 

Since it was time, this industry embraced innovation to alleviate the possibility of human error to occur as well as reduce the amount of paperwork that requires handling. It has been found that every third person in the world is making use of Financial Technology – which is indicative of the fact that this industry will slowly have a grasp on the global scenario, without any doubt. According to the Global FinTech Survey conducted by PwC in the year 2017, FinTech companies are aiming to bring about changes in the market by relying on emerging technologies. Around 50% of the large companies in this industry are aiming to invest in the blockchain. Additionally, the report stated that by the year 2020 – 77% of these companies will be integrating their operations with the blockchain technology. On the other hand, the FinTech Adoption Index 2017 study stated that 50% of the 22000 people – hailing from 20 different countries – use FinTech services to make payments and transfers of the sort while 65% said they will do so in the future. Owing to the data observed so far, it can be safely concluded that digital currency sounds like a safe alternative to make use of. 

Our way of operation in the Banking industry: While the world saw the wave of globalization, it – also – observed an increase in the relations forged amongst the international entities and a digital currency would be accessible by all and can be transferred with ease. This has led to the advent of Banknet’s financial platform which has been integrated with the use of blockchain not only because of how safe it is but also because of the speed and the efficiency with which these transactions occur.

Thus, ensuring that while it renders the traditional services - time is being saved. The operations would be smart contracts driven – which is one of the most interesting elements of the said technology because it would automatically fulfil the obligations that have been stipulated by its user. The decentralized operations of this technology act as an aid for keeping all fraudulent and criminal operations at bay. Financial Services: The year 2018 witnessed cryptocurrencies taking over the globe at the speed of lightening owing to the potential that it holds. 

An incessant number of people flocked towards it in the hope that they would be able to invest in it. People have good reason to do so because cryptocurrencies have a robust design which can allow them to become an applicable currency. As it can be observed, cryptocurrency has a first mover advantage because it is going to bring about a technological transformation in the conventional financial system. With the many opportunities that these digital currencies have been offering, one of them is that they have the ability to be accepted as a commodity. Like gold, the cryptocurrencies have become a prominent player in the commodity market. What makes them even better is that a mechanism to directly purchase them online has been set up which allows the users to deal in them without any hassles. How is Banknet going to operate in this segment? Having assessed the opportunities available in the financial services segment, Banknet has decided to come with two portals which make use of cryptocurrencies and these would include: - Cryptocurrencies exchange: a cryptocurrency exchange allows its users to trade in these digital currencies in exchange for fiat money or other similar cryptocurrencies. Banknet decided to come up with an initiative of the sorts in the first place because it has understood that the cryptocurrency market is available round the clock and will allow individuals to indulge on exchanges without having to interact with an intermediary. 

Thus, Banknet’s cryptocurrencies exchange platform is going to tread on a development plan which is going to involve - a. Future contract trading: Our platform is going to allow users to trade by stipulating future contracts which they decide to agree upon by analyzing the market stability. b. Trading within the whole network: Banknet is going to tie up with several other trading platforms so that the individuals making use of our network can make transactions exceeding the bandwidth of the platform. c. Over-the-Counter: Banknet will also create an intermediary service platform which is going to facilitate individuals with B2C and C2C trading models. d. A new era of trading: Employing blockchain in our functioning, it goes without saying that security, efficiency and stability are the attributes that individuals would be able to benefit from. e. Easy access: Our platform will be accessible on all sorts of operating systems which includes Android, iOS, Mac, windows etc.

BankNet website:https://banknetico.com/