Be-Bound Mobile Network Provider and IOV Blockchain Company Partner in Adoption Initiative
Two tech companies from Paris, IOV and Be-Bound, have big ambitions – to make Blockchain and mobile technologies more accessible to vulnerable communities around the world. Their recent partnership is built on this goal, and the plan seems viable at the least.
The partnership between IOV and Be-Bound is strategic considering the resources that either party has to offer. Combined, both companies’ resources will make it possible to achieve a goal that many have termed as ambitious.
For starters, Be-Bound has augmented connectivity technology capable of expanding Internet of Things (IoT) and mobile coverage to about 95% of the world’s population. What’s more, it does this without the need for additional infrastructure, thereby drastically reducing the cost of expansion.
This will prove helpful considering that the communities targeted under this partnership goal are poor and difficult to access.
IOV, on the other hand, will offer its Blockchain simplification technology. Blockchain technology will create a means of store of value for these vulnerable communities, most of which do not have access to bank accounts and other financial institutions.
And, considering that IOV has come up with a way to simplify Blockchain technology, these communities will not have much difficulty learning how to use the system. IOV will be deploying two of its products for this:
- IOV Blockchain Name Service
This is a decentralized registry that stores Blockchain names that are readable by humans.
- IOV Blockchain Communication Protocol
This is an open-source standard for building atomic applications that are swap-enabled. It will grant greater access to peer-to-peer transactions as well as international money transactions for these vulnerable communities.
Evidently, each company has something vital to offer. Blockchain technology is a core part of this partnership as the ultimate goal is to foster trade and economic growth. However, Blockchain technology would be inaccessible without mobile applications, and Be-Bound has an incredible system that will boost coverage in underdeveloped areas.
Fostering Growth And Development
Financial institutions are vital to economic growth and development. They create a store of value and facilitate quick and secure transactions, among other things. Interestingly, most vulnerable communities around the world do not have access to financial services.
Be-Bound and IOV have figured that facilitating access to financial services for vulnerable communities will help alleviate some of their poverty and challenges. Blockchain has already established itself as a universal and secure way to transact – it has, in fact, been considered an alternative to fiat money.
This technology is easily accessible on mobile applications, thus eliminating the need for institutions. These and other conditions make the planned system just right for these vulnerable communities. It will not only foster local trade but also open them up to international opportunities over time.
Blockchain has been touted as the next global financial system, and this idea is viable. IOV and Be-Bound are already exploiting this strength to alleviate poverty among marginalized communities.
Their partnership, albeit still young, is already showing promise and may lead to the birth of a financial system with global utility.