VirSymCoin
Blockchain-based Multifunctional Banking Services Platform
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CURRENT FINANCIAL SYSTEM FLAWS
Individuals and businesses using the current banking and financial system is hindered by:
- High fees due to multiple intermediaries
- Lengthy transaction time due to centralization
- Territorial limitations as traditional banks are limited by country boundaries
- Currency barriers as banks works only with fiat currencies
CRYPTO AS A SOLUTION
Cryptocurrency arrived almost 10 years ago to address the current financial system’s drawbacks, and achieved the following:
DISTRIBUTED LEDGER TECHNOLOGY
Distributed Ledger Technology (DLT) is simply a decentralized database that is managed by various participants.
As a distributed log of records, there is greater transparency – making fraud and manipulation more difficult – and it is more complicated to hack the system.
A blockchain is one type of DLTs which enables multiple parties to share access to the same data, at virtually the same time, with an unprecedented level of confidence.
Blockchain enables a progression from today’s multiple and sequential data reconciliation models to a much more efficient process in which reconciliation is an integral part of the transactional process.
BLOCKCHAIN IN BANKING
According to a study by Accenture1, the use of blockchain can have the following significant potential cost savings:
1 Banking on Blockchain, A Value Analysis for Investment Banks, Accenture, 2017
MARKET OPPORTUNITY
Though the total market cap for cryptocurrency fell from $470 billion to $180 billion between Q1 of 2018 and 2019, a longer term look shows an encouraging rise of $144b between 2017 and this year.
TRACTION & ACCOMPLISHMENTS
